Pasco County Neighborhood Stabilization Program for Eligible Buyers
Pasco County has received $55 million from the Department of Housing and 
Urban Development to help home buyers purchase foreclosed and abandoned homes in order to stabilize neighborhoods. This program is for home buyers, not investors.
Pasco County is using these funds to assist homebuyers with their downpayment and closing costs so they can get into a safe, decent and standard home.
Who is eligible for this program? Applicants who make less than 120% of the median income for the Tampa Bay area may apply for assistance. This is adjusted for family size. Your lender will be able to help you determine eligibility.
You do not have to be a first-time home buyer to participate in this program, nor be a current Pasco County resident. You must attend a County-sponsored Homebuyer class in order to receive assistance, and before you sign a contract to buy a house.
Pasco Opportunity Program
The Pasco Opportunity Program (POP) is a partnership between Pasco County and several not-for-profit agencies. These agencies buy homes, have them repaired, and make them available for sale. The houses have been fully rehabilitated, modernized and have been made energy efficient. Please contact these agencies directly for the homes and programs they offer:
-
Habitat for Humanity for East and Central Pasco 352-567-144
-
Keystone Challenge Fund 863-682-1025
-
Tampa Bay CDC 727-442-7075
- West Pasco Habitat 352-458-4625
- Workforce Housing Ventures 1-800-537-9371
How Do You Apply for Funds?
In order to apply for assistance, you must apply through one of the partner financial institutions that have signed agreements with the County. Your Realtor© will be able to direct you to one of those. Lenders must agree to certain requirements of the NSP. You do not apply through the County for these funds.
How Much Can You Borrow?
The amount of County funds that are available depends on how much you are quallified
for by you lender. The County homebuyer assistance cannot be more than 50% of the sales price. Prospective homebuyers at the Low Income (below 50% median income) level cannot purchase a house with an original contract price of more than $100,000.
You Will Have to Put Some Money of Your Own Into the Purchase
You do have to put some of your own money into the purchase of the house. The program does not differentiate between your down payment, closing costs, or other pre-paid items. The amount that you will have to put down depends on your income level and the sales price of the house:
|
Income Level |
Minimum Investment |
|
Low Income |
$500 |
|
Moderate/Middle Income |
$1,250 |
And You Will Have to Pay These Funds Back
The funds that come from Pasco County will be in the form of a 0% interest loan. They will have to be paid back to the County. The funds that are paid back will help other families buy homes in the future. The term of the payback is variable depending on your ability to pay. You will have a term of up to 30 years to pay off your loan. If Pasco County determines that you cannot afford to pay back the loan immediately, the loan will be deferred for five years. At the end of that time you will start making payments.
There are many refinements and adjustments for the obtaining the funds. The best thing I can recommend if you want to know more about them is to call
Robert at Trinity Mortgage 727-512-3544.
tell him Toni said to call.
Re/Max New Dimensions
727-237-0083 or 727-359-9518
email: HomesbyToni@gmail.com
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Pasco County Neighborhood Stabilization Program for Eligible Buyers
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