Pasco County Down Payment Assistance Program

On a $315,000 townhome in Wesley Chapel, an FHA buyer needs 3.5% down, or $11,025. That price fits under Pasco's $330,000 cap, though Wesley Chapel's median home price of about $420,000 means many listings will not. A low income household of four earning under $91,750 could receive up to $50,000 from the County and must contribute at least $1,250 of its own money.

Estimated closing costs in Wesley Chapel run $8,500 to $12,500. Added to the $11,025 down payment, the buyer needs roughly $19,525 to $23,525 at closing. The County's maximum award is large enough to cover that full amount, leaving the buyer's $1,250 minimum contribution as the main out-of-pocket cost. Confirm the final award with your lender before you count on it.

On this $315,000 purchase, the County award alone covers the full $19,525 to $23,525 cash need, so a second program adds little. Florida Housing's FL Assist, up to $10,000 at 0% deferred, matters only where the County award runs short. It requires a Florida Housing first mortgage, is not forgiven, and layering it with a County SHIP loan needs approval from both agencies.

Pasco County's loan is a SHIP-funded second mortgage, so any added help must come through your first mortgage lender. Florida Housing offers FL Assist, up to $10,000 at 0% deferred on FHA, VA, USDA and conventional loans. It also offers HFA Preferred PLUS and HFA Advantage PLUS, a forgivable 3%, 4% or 5% of the loan on conventional first mortgages. Both require a Florida Housing first mortgage and a 640 credit score.

Florida Housing's homebuyer page does not say whether its assistance can sit alongside a county SHIP loan, and Pasco's page does not address layering either. Treat any combination as unconfirmed until both agencies sign off. Ask Pasco County Community Development at 727-834-3447, and ask Florida Housing at 850-488-4197, before you count on more than one second mortgage at closing.

You can also lower cash to close by asking the seller to pay part of your closing costs, up to the cap your first mortgage type allows. On a $315,000 Wesley Chapel townhome with $8,500 to $12,500 in estimated closing costs, a seller credit can cover a large share. Gift funds from family can cover the rest. The County still requires your own minimum contribution of $500 or $1,250.

The biggest advantage is size. Up to $65,000 for very low income buyers and $50,000 for low income buyers dwarfs Florida Housing's $10,000 FL Assist. The loan carries 0% interest, needs no monthly payment and is fully forgiven after 30 years in the home. Buyers only need to bring $500 or $1,250 of their own money. Condos and townhomes qualify, and a SHIP-eligible heir who moves in can assume the loan. The required homebuyer class through Suncoast Housing Connections is offered across the County and in Spanish.

The biggest limitation is the $330,000 price cap in a county where Wesley Chapel's median sits near $420,000, so most buyers will be shopping condos, townhomes and older homes. The 80% AMI ceiling also rules out moderate earners, who no longer have a tier in this program. Selling, renting or moving out before year 30 makes the full balance due. Flood-zone, sinkhole and manufactured homes are excluded. Buyers over the limits should look at Florida Housing's HFA Preferred PLUS or the Florida Hometown Heroes program.