A home is a major investment that requires extensive financial planning. One aspect of the home-buying process is making a down payment. With down payment assistance programs, homebuyers don’t need to make a down payment of 20% of the home purchase price to buy a home. These assistance options can make purchasing a home financially attainable for many people in Tampa.
If you’re a potential homebuyer in Tampa, understanding the down payment assistance options that are available to you can help you cover the cost of a new home. Read on to learn more!
Down Payment Assistance Programs
There are thousands of down payment assistance programs throughout the United States. These programs help homebuyers afford a down payment on the property through grants and low-interest loans.
Down Payment Assistance Programs in Tampa, Florida
This continuously funded program is available to homebuyers in Hillsborough County. Down payment assistance is available from this program as a 30-year deferred, 0% second mortgage. The amount of the mortgage is up to $10,000, and it must be used for the down payment and closing costs. This program is only available to first-time home buyers.
The City of Tampa provides the “Dare to Own the Dream” Homeownership Program as part of the city’s Housing and Community Development Division. This program provides down payment assistance loans to income-eligible homebuyers purchasing a property within Tampa’s city limits. Only first-time homebuyers are eligible, and up to $30,000 of assistance is provided. These are second mortgages with a 0% rate and a $0 monthly payment.
Teacher Next Door is a national home buying program available in Tampa Bay and the surrounding areas. This program provides down payment assistance and grants to public service professionals in Tampa Bay, including nurses, healthcare employees, law enforcement, firefighters, EMTs, first responders, members of the military, and government employees. Down payment assistance up to $10,681 is available, as well as grants up to $4,170.
At 360 Realty in Tampa, our experienced team can help you purchase a home on a budget. Contact us today to get started.