Hillsborough County | Tampa Florida: Down Payment and Closing Cost Assistance for your Home Loan

By
Mortgage and Lending with Your Tampa Bay Mortgage Source

MoneyHillsborough County Florida and the City of Tampa, both offer down payment and closing cost assistance programs for first time home buyers

In determining the maximum amount of funds available to a buyer, the Hillsborough County non-profit determines what a borrower can comfortable put down versus what the lender requires.  For the City of Tampa, the program is very similar with available assistance as high as $60,000. 

Here is a general overview of the requirements for qualifying for the programs:

1.  Borrower's and family must earn below 120% of the Area Median Income

2.  Applicants must be eligible for an FHA, VA or conventional loan, with a rate no higher than one (1) point above the "Fannie Mae 60-day rate" or more than 2% above the FHA 30-year fixed rate

3.  To be eligible applicants must have not owned a home in the past three years

4.  Applicants debt ratios must be withing program guidelines

5.  Applicants must complete the required home buyer education course

For many first time buyers, the down payment assistance programs offered through our local Tampa housing authorities can make a renter into a homeowner. 

If you are looking to purchase a home in Tampa Bay and are interested in what down payment assistance programs you may qualify for, contact your Tampa Florida Mortgage Professional, Leah Ross.

~More Articles on Down Payment Assistance Available at My Tampa Mortgage Blog

Comments (18)

Thomas Weiss
Thomas R. Weiss - West Palm Beach, FL

Hey Leah,

I think in today's market, people can really use these assistance programs if they qualify, it's not a bad idea to look at....

Nice to see you again:0)

Tom Weiss

Jul 06, 2007 07:04 AM
Cyndee Haydon
Charles Rutenberg Realty - Clearwater, FL
727-710-8035 Clearwater, Beach Short Sales Luxury Condos &Homes

Leah - very helpful information - what I think is even more important is that first time home buyers really need someone who's honest and working HARD for their best interests - and I can attest that you always do both.

I encourage those considering any mortgage in the Tampa Bay area to call you - because they can trust you to do a great job for them.

I know just this week you worked like crazy for a couple who had a foreclosure 2 years ago that is back on track and after other banks couldn't help them you kept working until you found a way to get them into a home - you truly make DREAMS come true!!!

Anyone can write about local mortgage programs - you're one of the few I've seen actually make them happen!!!!    

Jul 06, 2007 07:32 AM
Robert Schwabe
EXP Realty - Orange Park, FL
Orange Park Real Estate

Leah,

It's great to see that Hillsborough County has a down payment assistances program.  Our county also offers several programs. It's great to see that you know what programs are out there to help you buyers purchase a home. Keep up the good work.

Jul 06, 2007 08:42 AM
Teresita "Terry" Pollard
Exit Realty Excel - Riverview, FL
Hi Leah,  It is a great program but a lot of people do not want to be bothered with attending the class that is required.  I have recommended it to several of my buyers, but they do not want to deal with the hassles that comes with it.
Jul 06, 2007 10:25 AM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Leah... this is a good post for your area. Haven't seen you around lately. Hope all is well.

                                                                                                          jeff belonger

Jul 06, 2007 11:00 AM
Jack Haydon
Charles Rutenberg Realty - Clearwater Beach, FL
Clearwater Beach Condos - Real Estate Homes for Sale

Leah,

Great post! You have a lot of experience with first time home-buyers, so anyone thinking about buying their first home should definitely call you.

Jack

Jul 06, 2007 02:32 PM
Susie Roscoe
Signature Realty Associates - Brandon, FL
Real Estate Specialist | Brandon, FL
Leah - Excellent Information for a "First Time Homebuyer!"  Your wisdom of the market and programs along with your work ethics can place (just about) anyone in a home!!  Thank You for sharing "more" of your knowledge with the rest of us!
Jul 07, 2007 12:40 AM
Matthew J Blum - (retired from the business)
Palm Beach Gardens, FL
Great Post Leah,  We have something like that here but problem  that I have run into in south florida is the problem about the rate.. Most people who really need the $$ don't have the credit to qualify for the rate to get the money..  But if you qualify it is an awesome program
Jul 07, 2007 01:22 AM
Leah Ross
Your Tampa Bay Mortgage Source - Tampa, FL
Tampa, Florida Mortgage
Tom - Agreed!  Many first time home buyers need some help with the costs, so they can save their money for future expenses.  This is a great option for local Tampa buyers
Jul 09, 2007 12:12 PM
Leah Ross
Your Tampa Bay Mortgage Source - Tampa, FL
Tampa, Florida Mortgage
Cyndee ~ Thank you so much for your comments!  It is hard work guiding buyers through the process of acquiring down payment assistance.  But, it is completely worth it when they are in their homes and feel comfortable because they haven't drained their savings accounts. 
Jul 09, 2007 12:14 PM
Leah Ross
Your Tampa Bay Mortgage Source - Tampa, FL
Tampa, Florida Mortgage
Terry ~ Great news!  Buyers can take the classes online.  A few hours of time for up to $60,000...it sounds like a fair trade to me!
Jul 09, 2007 12:15 PM
Leah Ross
Your Tampa Bay Mortgage Source - Tampa, FL
Tampa, Florida Mortgage

Jeff ~ Good to be back!  Thanks for the comment!

Jack ~ I am a trained pro with first time buyers.  I understand the fear and stress of buying your first home...I am happy to guide buyer through it!

Susie ~ Thanks for the comment!  I am happy to share what I know to consumers.  Anytime someone offers free money, I think we should all jump on board!

Matt ~  Luckily, most of the time, our buyers can qualify for a loan program if they qualify for assistance.  Our DPA guidelines are pretty strict on ratios, that limits some borrowers, but protects them in the long run.  I have found FHA to be a good option for borrowers with lower credit or no credit scores.

Jul 09, 2007 12:18 PM
Ashley Drake Gephart
Drake Intel Group - Albuquerque, NM
Leah great information for first time homebuyers in Tampa. What a great way for a renter to get into a home.
Jul 09, 2007 12:56 PM
Leah Ross
Your Tampa Bay Mortgage Source - Tampa, FL
Tampa, Florida Mortgage
Ashley ~ it is a great program for renter to get out of the rent roll!  Thanks for the comment!
Jul 09, 2007 01:20 PM
Thesa Chambers
Fred Real Estate Group - Bend, OR
Principal Broker - Licensed in Oregon
Leah - what great inforamtion - just a thought - send this post to Realtors (R) in your area - I bet some of those newbies may not know about these programs :o)
Jul 09, 2007 07:42 PM
Anonymous
Don
Where is this money coming from? How much money is earmarked for this program? All I have been hearing about city and county money is we are going to cut police, fire/rescue, and other important critical services due to the small decrease in our property tax. If you listen to the talking heads, it sounds like we are financially doomed. Strange that we have a chunk of money set aside for a "handout" program. Hmmm. 
Jul 24, 2007 02:45 AM
#16
David Hayes
Buyers Account, LLC - Boynton Beach, FL
Since you are looking at down payment assistance programs be sure to check out www.BuyersAccount.Com where home buyers earn the money for their down payment when they need it.   NOW!
It works with anyone independent of their credit or job history and is fully legal and RESPA compliant.
Sep 24, 2007 02:57 PM
Anonymous
Jane

What credit score is required?  What about people with bad credit who need a second chance?

Sep 09, 2008 12:19 PM
#18