First-time homebuyers are having a hard time finding a spot with low inventory here in the Tampa Bay area and soaring sale prices.
It’s good to know there’s help in your quest, especially with that daunting down payment.
Detra Smith O’Bryant is director of operations with Real Estate Education and Community Housing (R.E.A.C.H.), and says the city continues to improve its help for home buyers as the market changes.
"The city of Tampa specifically has the Dare to own the dream program, DARE in short, that program effective this year, just increased its assistance to $40,000 and that will cover your down payment and closing costs," O'Bryant said.
It comes with a second lien on the home for 10 years and is dependent upon household income and credit. If the home is in east Tampa, the East Tampa CRA offers up to $50,000 dollars in down payment assistance, fully forgivable after seven years.
Rising home prices have also increased assistance in Largo and St. Pete for first-time buyers.
On top of those down payment programs, Realtors Care Foundation grants up to $7,500 to first-time buyers.
Tom Scaglione is the foundation's board president; he explains, "there's no payback, there's no second lien on their property."
The grant services six counties in the Tampa Bay region: Hillsborough, Pasco, Pinellas, Hernando, Polk and Manatee. It covers what buyers are short to qualify for their mortgage.
Scaglione says, "72 hours prior to their closing date, we take a look at their closing statement and if they're short up to $7,500 dollars, we will grant them that much as a gift."
You’ll need to qualify for a loan and meet income limits to be eligible.
Experts agree it’s important to act now and apply for help as you begin planning for the major purchase. You can find more information and the applications here: