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Loan Assumptions/Modifications

Loan assumptions

The City of Tampa Loan Assumption program is designed to help the homeowners and/or requestor(s) to cure the default by providing them the option to sell the property to an income qualified buyer who can assume the loan.  Mortgage assumptions  allow a family member or income eligible household to assume the loan of a borrower who has passed away, has relocated, is in a nursing home and/or unable to maintain the mortgage. 

The determination of eligibility to assume the Deferred Payment Loan (DPL) is based on household income and family size per source of funding of the existing mortgage. 

The following will be required:

  • Mortgage Assistance application. 
  • Homeowner written request for the assumption.
  • 60 days of household income, all income sources.
  • 60 days of bank statements.
  • If applicable, death certificate of the borrower and probate documents.
  • Proof of current homeowner’s insurance.
  • Taxes be current or brought current.

Upon review of the application(s), a determination is made to see if the requestor(s) can assume the mortgage with or without payments. For information on loan assumption please contact April Espinosa, Housing Portfolio Specialist at (813) 274-8459.

Loan modifications

Modifications are determined on a case by case basis.  For information on loan modifications please contact April Espinosa, Housing Portfolio Specialist at (813) 274-8459.