Through Homebuyer Assistance Program, financial assistance is provided to buy a home in Pasco County. However, mobile and manufactured homes are not included in this program. A person can buy condominiums and townhomes as well. Pasco County consists of six cities, and individuals can purchase a house anywhere they want. Price should not exceed $240,000.00 as that’s the maximum home price in the program.
People who earn less than 120% of Median Income in the Tampa Bay Area are also eligible for the assistance program. The County funds assistance would be determined by how much you can pay and how much amount the financial institution is willing to offer you as a loan.
It is the responsibility of buyers to put down a specific percentage when they are purchasing a home in Pasco County. If you belong to a Very Low Income Buyers, you should be contributing at least $500.00 whereas if you’re a Low Income Buyers, you’re required to put down $1,250.00. If you belong to moderate income buyers’ group, you need to contribute $1,500.00.
There are a few pre-purchase requirements you need to take to carry out an official purchase. Pre-purchase requirements include appraisals, home inspections, and earnest money deposits, etc. They will be incorporated into your home contribution.
There is a possibility that every income level may or may not get funding to purchase a home in Pasco County. You’re required to contact Community Development office to confirm funding availability for you.
The loan rate for the funds offered by Pasco County would be 0%. To assist other people in the homebuyer assistance program, repayment of such funds will be relatively flexible as your family requirements and your financial condition will be taken into consideration as to how you can pay your loan. It will depend upon your financial standing that will decide how you’re going to pay. You will be offered two options i.e. either you can return your loan on a monthly basis or you will start your payments in 5 years. However, if you financial standing changes in between these periods regarding your employment, income and household disposition, etc., you’re required to consult the county to get a reduced or deferred payment action. It is important to note that if you’re unable to pay your loan back and are not willing to cooperate with the County administration, the County will take appropriate action to resolve the matter.
Maximum Income Levels (March 2016)
Income Level |
-50% AMI |
-80% AMI |
-120% AMI |
1 |
$20,750 |
$33,150 |
$49,800 |
2 |
$23,700 |
$37,950 |
$56,880 |
3 |
$26,650 |
$42,650 |
$63,960 |
4 |
$29,600 |
$47,550 |
$71,040 |
5 |
$32,000 |
$51,550 |
$76,800 |
6 |
$34,350 |
$54,950 |
$82,440 |
Pasco Opportunity Program (POP)
The Pasco Opportunity Program (POP) refers to a joint program between Pasco County and different not-for-profit organizations. It is the responsibility of these not-for-profit organizations to buy homes and carry out thorough home repairing so that they may be sold to buyers eventually. Such homes are best when it comes to maintenance and energy efficiency.
As that of Homebuyer Assistance Program, The Pasco Opportunity Program (POP) also has similar requirements. It is the responsibility of buyers to put down a specific percentage when they are purchasing a home in Pasco County. If you belong to a Very Low Income Buyers, you should be contributing at least $500.00 whereas if you’re a Low Income Buyers, you’re required to put down $1,250.00. If you belong to moderate income buyers’ group, you need to contribute $1,500.00. In addition to this, there are a few pre-purchase requirements you need to take to carry out an official purchase. Pre-purchase requirements include appraisals, home inspections, and earnest money deposits, etc. They will be incorporated into your home contribution.
Jose Mejia, P.A.
Licensed Real Estate Broker
C. 727.271.6900
E. Jose.Mejia@Newhomeprograms.com
W. www.firsttimehomebuyer.solutions
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