Are you looking to purchase a home in Pasco County? Short on funds to close?
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. They already meet all the rehabilitation standards of Pasco County and FHA.
The Neighborhood Stabilization Program (NSP) and Pasco Opportunity Program have received $50 Million from the Department of Housing and Urban Development to help homebuyers purchase foreclosed and abandoned homes in order to stabilize neighborhoods. This program includes down payment assistance and help with closing costs.
You can purchase a Single Family Home, Townhome, Condo or a Villa. The home must be in the targeted areas within Pasco County. The maximum sales price cannot exceed $240,000. You do not have to be a 1st time homebuyer or live in Pasco to utilize the program.
In order to apply for assistance, you must apply through one of the partner financial institutions that have signed agreements with the County. The financial institution will make an initial determination on whether you need and are eligible for the Pasco NSP Funds. If you do, they will reserve funds in your name with the Community Development Division. County staff will also ensure that the home meets the standards of the Pasco County Homebuyer Assistance Program Minimum Housing Standards Checklist. You must also attend a County sponsored Homebuyer class in order to receive assistance, and before you sign a contract to purchase a house.
There is a limit on how much can be lent, depending on your income level and your occupation. The amount of assistance is adjusted for your family size, all family members are included. If you qualify you can receive one of two different types of down payment assistance. 1. Low Income – 50% of Sales Price Deferred for 5 Years at 0% and Closing Costs 2. Moderate Income - $20,000 in Assistance Deferred for 5 Years at 0% and Closing Costs
You may also receive an additional $10,000 in Assistance if you are an essential service employee, which are defined as government, school board, educational, law enforcement, active military and health care employees along with retiree’s on a fixed income.
You do have to put some of your own money into the purchase of the house. They do not differentiate between your down payment, closing costs, or other paid items. The amount that you will have to put down depends on your income level and the sales price of the home. Your Minimum Investment is as follows: 1. Low Income = $500.00 2. Moderate Income = $1,250.00
Please contact me directly @ 727-376-2085 for more information or to assist you in getting started on your new home purchase. Bay to Bay Lending, LLC is a Partner Financial Institution with Pasco County. I can also be reached at jasonhands@baytobaylending.com.
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