Tampa First Time Home Buyer

Real Estate Agent with The NOW Team at RE/MAX BK3313308


Tampa First Time Home Buyer

buying a home in tampa with no money down first time home buyer

First Time Home Buyer

How to Buy a Home in Tampa With Little or No Money Down

Buying a home in the Tampa area with little to no money down is what we’d like to call “music to a home buyers ears” right?  GET STARTED

Did you know a First Time Home Buyer is a person who hasn’t owned a home in 3 years?

Here is how to buy a home in tampa with little to no money down

The biggest hurdle that the majority of home buyers usually struggle with is coming up with the down payment. The conventional lending way requires a huge down payment from buyers and can at times be as much as 25% of the purchase price. With conventional lending, the buyer is responsible for the closing costs that will typically be in the range of about 3% of the selling price making it tough for first time homebuyers to qualify due to the simple fact that most people buying their first home can’t come up with the huge down payment and the closing costs needed. Thankfully, today, there are first time home buyers programs in place that require as low as 3% down to qualify and in certain situations, the first time home buyer grant will allow for 100% financing.  GET STARTED

These loans can be much harder for the mortgage lenders making the “conventional lending” methods the most preferred by any lender or mortgage broker. It’s important that when you are working with a lender, they enjoy the process of helping first time buyers become first time homeowners! Picking the right lender is a tough decision and it’s best to interview a minimum of 3 lenders before making your decision. If you need a list of lenders who specialize in first time home buyers programs we are happy to provide a list of reputable Tampa area representatives.

Here are some of the options available to Tampa area first time home buyers, who are ready to buy that first home, but may not have the cash needed for closing costs or down payment.

First time home buyer fha loans

FHA Loans

The FHA program was created in response to the rash of foreclosures and defaults that happened in the 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable for people with less than stellar credit or a low down payment. These loans do require a down payment, but the requirement is much less than conventional lending.

FHA loans are typically easier to qualify for and also allow the money used for closing costs and down payment to be "gifted" to you by a family member, friend and in some cases even a charitable organization. FHA Loans make up the majority of first time home loans. GET STARTED

tampa first time home buyer ship assistance

SHIP Assistance

The State Housing Initiatives Partnership program (SHIP), is a Florida program that provides funds to local governments as an incentive to create affordable housing and is designed to help first time home buyers achieve their goal of home ownership. Each of Florida’s 67 counties receives a selected amount of funding every year, which is then distributed to qualified applicants on a first come first serve basis. These programs can provide as much as $25,000 towards the purchase of a home or closing costs related to buying a home. This program is an interest free loan that does not require payments to be made. This loan is satisfied when a) the home is sold b) the home loan is paid off c) the home is no longer your permanent or primary residence.

The SHIP Assistance program requires that you have your financing in place before requesting assistance. There are certain criteria that must be met by the borrower in order to qualify. Be sure to talk to your real estate professional and mortgage lender to see if this is a match for your situation. This program is great for first time home buyers. GET STARTED

usda financing for tampa first time home buyer

USDA Financing

USDA Home Loans are one of the last $0 money down options available to first time home buyers. Through this program, first time home buyers have access to low rates, easy eligibility requirements and 100% financing! USDA loans are guaranteed by the United States Department of Agriculture. In recent years, changes made to the USDA 100% financing program made this program available to so many more first time home buyers. 

This program is an excellent option for those home buyers wanting to buy, but just don’t have the cash needed for the required down payments that other lending practices require. This program offers a true, 100% home loan option and requires no down payment - ZERO DOWN! There are restrictions that apply be sure to ask your agent and lender for details. GET STARTED

Stabilization programs for Tampa first time home buyers

Neighborhood Stabilization Program

The Neighborhood Stabilization Program was created by the federal government in response to the rising foreclosure rates and the amount of abandoned properties affecting the entire country. The state of Florida has allocated a portion of these funds to be used in home buying programs in the form of down payment assistance to buyers looking to purchase a home in the state of Florida.

This program offers a maximum of $35,000 and the county covers the closing costs. This program isn’t limited to just first time home buyers. This is a great program for anyone hoping to buy a home. There are certain restrictions on areas and homes. Talk to your agent and lender for help and details. GET STARTED

First time home buyer specialized loans for tampa

Specialized Loans

(Community Development Loans)

Teachers, firefighters, law enforcement or military personnel looking to buy your first home may qualify for some excellent local programs. These special loans offer discounted rates, lower down payments, lower closing fees, and in some cases 100% financing - NO MONEY DOWN!

These special loans are usually easier to qualify for compared to conventional loans. These loans allow for lower income and lower credit scores. Making them popular for first time home buyers with bad credit.  The requirements will vary per program type. Talk to your real estate professional and lender for more details. GET STARTED

Begin the first time home buying process here

Now that you know of these great options that allow you to buy a home with little to zero money down it’s time we speak so we can get you on the path to homeownership. GET STARTED

Our services to you as a first time home buyer are completely FREE!

  • The first thing we will help you do is get pre-qualified. We will work with a lender of your choice to get your first time loan approved. This process is quick and we can usually have an answer within 24 hours.
  • After we have your pre-qualification, we will go to work looking for the PERFECT HOME for you and your family.

To get started, please call 813-260-4663. We are looking forward to meeting and helping you become a homeowner! GET STARTED


Posted by

Barrett Henry, SRS , MRP, e-PRO®

RE/MAX Bay to Bay

The NOW Team @ RE/MAX Realty Unlimited 

1001 S MacDill Ave, Tampa, FL 33629

Cell / Text: (813)444-5927



Comments (0)