Julian B. Lane Aerial Photo

"Dare to Own the Dream" (DARE)

Couple smiling, holding keys together, likely new homeowners.
Dare to Own the Dream graphic with house outline and star.

Housing and Community Development Division

"Dare to Own the Dream" Homeownership Program

Dare to Own the Dream Flyer

The City of Tampa offers down payment assistance loans to income-eligible home buyers of property within the City limits of Tampa. 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. The program provides up to $50,000.00 to assist income-eligible first-time homebuyers to achieve the dream of homeownership.

The Program Helping Everyday Tampa Families Finally Own a Home

Here are the basic highlights of the City-Wide “Dare to Own the Dream” Homeownership Program:

  • Potential buyer must begin process with one of the three 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.
     

  • Up to $50,000.00 toward the purchase of the home: 

    (Effective 11/15/24)

    • 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
       
  • Fully forgivable after 20 years, assuming still owner occupied.
     
  • 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.
     
  • Purchase price up to $450,000.00 (if you qualify for primary financing)
     
  • Minimum of $2,000 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.
     
  • A full independent Home Inspection by the Buyer & a Pass HQS Inspection by the City are required before closing.


FEDERAL HUD AND STATE INCOME LIMITS as of 4/15/2024
 

The City of Tampa’s Housing and Community Development Division (HCD), 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)
 

Real Estate Education and
Community Housing, Inc.
(R.E.A.C.H)
4006 S. MacDill Ave.
Tampa, FL 33611
(813) 397-6208
 

Solita’s House, Inc.
1029 E. Hillsborough Ave.
Tampa, FL 33604
(813) 425-4847
 

Tampa Bay Neighborhood Housing Services
608 N. Garden Avenue
Clearwater, FL 33755
(727) 405-1313 option #3
 

Dare to Own the Dream Flyer

Approved Lender List Updated 11/26/25

Approved Realtor List Updated 11/26/25