Tampa Down Payment Assistance

Are you looking to purchase a home in the City of Tampa and need assistance with your down payment and closing costs? You can purchase your first home with as little as 1% of the purchase price.

The City of Tampa offers a mortgage in the form of a Deferred Payment Loan to income-qualified homebuyers purchasing a single-family home within the City of Tampa.

Homebuyers Must attend a homebuyer seminar. The applicant must apply for a first mortgage after executing a real estate purchase contract. The lender will then submit the loan to the City for consideration.

A deferred payment loan is second mortgage with no interest (0%), requiring no monthly payments as long as the property remains your primary residence. The deferred loan is secured by a promissory note (second mortgage lien), which defers repayment until a default occurs.

If you have never owned a home, have not owned a home in the last three years, or are a veteran, you may qualify for down payment assistance.

There is a limit on how much can be lent to you, depending on your income level and your household size.

The amount of assistance is adjusted for your family size, all family members are included. Income levels cannot exceed program income limits.

If you qualify you can receive one of the following types of down payment assistance

* Very Low Income - Up to a Maximum of $40,000 in Down Payment Assistance

* Low to Moderate Income - Up to 20% of the Purchase Price with a Maximum of $25,000 in Down Payment Assistance

The actual amount of mortgage assistance provided by City of Tampa will depend upon a financial analysis of each individual household. Not all buyers will qualify for the maximum amount of assistance.

Single-Family Detached Housing, including Townhomes and Villas are eligible types of housing within the City of Tampa limits. Homes with in ground swimming pools are not eligible.
Home Must become applicant's Primary Residence. Rental Properties, Second Homes and Mobile Homes are Not Eligible for Assistance. Maximum purchase price of a home must be at or below $165,000.00.

The amount of down payment to be provided from your own funds is 1% of the purchase price which goes towards the down payment and closing costs.

This requirement can be satisfied by the down payment on the purchae contract or at closing. No credit is given against this requirement for expenses such as home inspection and appraisal fees.


Please click on my personal website for more information http://www.mortgagestampa.org or contact me directly @ 813-385-1109 to obtain additional information or to assist you in getting started on your home purchase.

Jason R Hands
ResMac Mortgage
5811 Memorial Highway Suite 206
Tampa, FL 33615
813-463-0283 - Direct
813-385-1109 - Cell
866-216-6322 - Fax
jason@res-mac.com
http://www.mortgagestampa.org
NMLS Originator ID: 214834 FL # LO562

Stated Income Loan Program, FHA, VA, USDA, Conventional, "Home Path", "HUD Homes","My Community" and Hard Money Financing Options Available