
The Tampa CRA offers down payment assistance forgivable loans to eligible homebuyers who purchase a home within the Tampa CRA boundary. The loan is in the second position behind primary financing from a mortgage lender and is typically known as a “silent second” because of the 0% rate and $0 monthly payment. The Deferred Payment Loan (DPL) can remain "silent" as long as the property continues to be the owner's primary residence and owner-occupied.
Highlights of the Homeownership Program:
- Up to $50,000 toward the purchase of the home. Fully forgivable after twenty years, assuming still owner-occupied and completion of post-purchase education.
- Potential buyer must begin process with one of the four approved Housing Counseling agencies and MUST NOT be under contract before receiving a reservation number. The Counseling agency will provide education, complete application with client and collect documentation (See attached list of approved agencies).
- Potential buyer must utilize the services of a Loan Officer and Real Estate Agent (if applicable), who is reflected on the City’s current Approved Lender List and current Approved Realtor List.
- Income calculated based on HOUSEHOLD income, not just the loan applicant.
- Household income must be at or below 140% Area Median Income (AMI).
- Debt/Back-end ratio cannot exceed 50%. No front ratio minimum/maximum. Mid-Credit Score of 600.
- No maximum purchase price
- Minimum of $1,000 investment from the borrower with at least $1,000 from borrower’s own verifiable funds. The additional $1,000 may include POC’s (appraisal, inspections, etc.)
- Loan types are flexible – Includes fixed and fully amortized products: FHA, VA and Conventional Affordable Housing Products allowed; ARM loans are not allowed.
- All independent home inspection by the buyer and pass HQS Inspection by the City of Tampa are required before closing.
As of November 15, 2024:
0-50% AMI Not Eligible
50.01%-80% AMI $50,000.00
80.01%-120% AMI $40,000.00
120.01%-140% AMI $30,000.00
The City of Tampa’s Community Redevelopment Program (CRA), through its Housing Counseling Agency partners, will provide Homebuyer Education classes (English and Spanish), Homebuyer Counseling services and down payment & closing cost assistance funds for qualified homebuyers. To participate, contact any of the following housing counseling agencies to begin the process:
Participating Housing Counseling Agencies:
Housing & Education Alliance
9215 N. Florida Ave., Ste. 104
Tampa, FL 33612
(813) 932-HOME (4663)
Website
Real Estate Education and Community Housing, Inc.
(R.E.A.C.H)
4006 S. MacDill Ave.
Tampa, FL 33611
(813) 397-6208
Website
Solita’s House, Inc.
1029 E. Hillsborough Ave.
Tampa, FL 33604
(813) 425-4847
Website
Tampa Bay Neighborhood Housing Services
608 N. Garden Avenue
Clearwater, FL 33755
(727) 405-2787
Website
Approved Lendor Lists
Approved Lender List Updated 01/22/2024
Approved Realtors List 01/22/25
Income Limits
Federal HUD and State Income Limits as of 04/15/2024