Think you can't afford a new home on your own? Think again.
The City of Tampa has a Down Payment Assistance Program that could be just what you need to start living the American dream.
The City of Tampa Housing and Community Development Division administrates this program, which offers down payment and closing cost assistance in the form or a deferred payment loan (DPL). The DPL is a second mortgage with a 30-year term. If ownership is maintained for the full term of the loan, then the second mortgage with the City of Tampa is a gift and never needs to be repaid.
What Are The Requirements?
- You cannot have owned a home within the last three years.
- Household income must be at or below 80% median income according to household size determined by the Department of Housing and Urban Development or 120% of median income as determined by the State of Florida Housing Initiates Program (SHIP).
- You must attend a 25-hour mandatory FTHB Education class. (See below)
- Must be able to qualify for a first mortgage loan.
- It must be a single-family home (including townhomes and condominiums) with the City of Tampa that has not been vacant for more than 60 days, is owner occupied, or newly constructed.
- You must put down a minimum of $500, which can be satisfied by earnest money deposit and/or cash at closing.
- Maximum purchase price can't exceed $226,000
- The annual percentage rate of the primary loan cannot exceed the FHA 30-year fixed rate by more than 2%, including all fees and charges associated with that lender's financing.
At GreenHeights Homes, we partner with Solitas House for Homebuyer education.
Solitas is one of the leading providers of housing education and counseling for low- to moderate-income homebuyers. Solitas Staff is certified by Neighborwork America to teach pre-and post-home buyer education classes in Spanish and English that cover home ownership opportunities, credit awareness, money management, workforce preparedness, mortgage products, and down payment assistance.
View the 2009 Solitas Class Schedule here
Register for Solitas' Homebuyer Education Classes here (Microsoft Word) - (PDF Version here)
- Download the Word Document,
- Type in the info on your computer,
- Save the file
- Email it to catbyrd@greenheightshomes.com
For more information, contact Solitas House toll free 1-877-623-5362, or at 813-425-4847. Registration can be faxed to 1-866-472-4906, emailed to admin@solitashouse.com or mailed to 1703 N. Tampa Street, Suite 6, Tampa, FL 33607.
First-Time Homebuyers Can Now Get An $8,000 Tax Credit From The Purchase Of A Single-Family Home, Townhome, Or Condominium
The American Recovery & Reinvestment Act of 2009 amended the previous $7,500 tax credit, giving first-time homebuyers a powerful incentive to start living the American dream right now! Part of the bill includes an $8,000 first-time home buyer tax credit that buyers who purchase a residence on or after January 1, 2009 and before December 1, 2009 can claim on their 2009 income tax returns.
The best news? This credit does not require repayment. Should you have an outstanding tax liability, the money you owe in taxes will be deducted from the $8,000 and the remaining amount can be used for anything you might need, such as paying off a debt or decorating your new home.
To learn more, visit www.federalhousingtaxcredit.com.
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