Dreaming of buying your first home in Tampa? With a lively job market, high number of home buyers, and warm weather all year round, Tampa has become 2022's top housing market in the nation. However, this means that the competition will be tougher and property prices will be higher as well.
For most people, buying a house is a top goal. But with the changes in the economy, achieving homeownership has become a bit of a challenge. Thankfully, there are Tampa first-time home buyer programs available.
In this article, we're going to discuss mortgage programs for first-time buyers in Tampa and where to get help with the application.
The City of Tampa offers a down payment assistance loan to those who are purchasing a home within the city limits of Tampa. This program provides a maximum award of $14,999 to help eligible home buyers get into homeownership. Because of its 0% interest rate and 0% monthly payment, this home loan assistance program is also known as "second silent".
Take note that not all borrowers will receive the maximum award. The amount you'll get will depend on what you need.
Here are the main features of the City of Tampa mortgage assistance program:
The Dare to Own the Dream or DARE program is another down payment assistance loan provided by the City of Tampa for homebuyers within the city limits of Tampa. Just like the mortgage assistance program mentioned above, DARE is also a "silent second" with a 0% rate and 0% monthly payment. The primary difference between these two programs is that DARE provides a maximum award of $40,000 and, thus, requires a bit higher qualifications.
Here are the highlights of Tampa's Dare to Own the Dream program:
The East Tampa Community Reinvestment Act (CRA) offers down payment assistance loans to East Tampa renters who want to buy a home within East Tampa. This "silent second" mortgage program provides a maximum award of $50,000 to eligible first-time home buyers.
Here are some of the highlights included in the East Tampa CRA Down Payment Assistance Program:
The Home Sweet Home program offers first-time home buyers a second mortgage of up to $10,000. This deferred loan can be used to cover down payment and/or closing costs when you purchase a house within Hillsborough County.
Although the Home Sweet Home program has 0% interest and no monthly payments, it is never forgiven. This means that you'll have to repay the loan if the property is refinanced, sold, foreclosed, or no longer the borrower's primary residence.
Here are some of the requirements to qualify for the Home Sweet Home program:
If you're getting a loan through the Housing Finance Authority of Hillsborough County, you might be qualified for a mortgage credit certificate (MCC).
The MCC is not down payment assistance. Instead, it helps first-time home buyers qualify for a home loan by reducing their federal tax liability. With Hillsborough County's MCC program, the borrower can take up to 50% of their annual mortgage interest payments as a tax credit (maximum $2,000) on their federal income tax return. The borrower can also continue to receive the tax credit as long as they occupy the property as their primary residence.
The MCC program can be combined with the other closing costs and down payment assistance programs mentioned above. However, it has strict eligibility requirements which involve limits on the income, mortgage size, and the price of your desired property.
If you're a first-time home buyer who's planning to purchase a home in Tampa, and you're also considering taking advantage of the programs above, then Ebenezer Mortgage Solutions is here to help you.
Ebenezer Mortgage Solutions is a mortgage broker in Tampa with the knowledge and experience to help you achieve your dream of homeownership by guiding you through the home buying process. We work with a wide network of mortgage lenders, giving you access to the best deals and offers in town. And with our expertise, we can assist you in taking advantage of the different first-time buyer programs that are available for you.
Connect with us by calling (813) 284 - 4027 today.