Down Payment Assistance in Tampa Bay
I believe so strongly in down payment assistance as being a vehicle to get renters into home ownership. Being a teacher in Tampa Bay for first time home buyers over the years, I have stressed home ownership as being a way to get ahead in life. You and I know that renting is throwing away money.
I think back to just last January, when I held some classes at my office for first time home buyers. People mentioned that prices were going up. Now here we are a year later and 10% increases in home prices from 2017 are typical. In addition to home value appreciation, the pundits predict interest rate increases. We have been hearing this for a while, but when it happens, it will be more expensive for new home owners to buy a home. Now really is a great time to buy. 
Several of the local lenders can help locate and secure down payment assistance for first time home buyers. The usual guidelines include having no home ownership in the last 3 years, as well as a good 2 year job history and credit. Down payment assistance over the last several years in Tampa Bay has ranged from $7,500 to $15,000. Since the parameters change from time to time, get with a local company with Loan Officers experienced in this, such As Guild Mortgage. We are a broker lender, 7th largest lender in the US.
Annual household income restrictions also apply. Note that no multi-family properties are eligible for this (such as a duplex or triplex), and condos are very restrictive. A typical down payment assistance (DPA) plan would require that the amount of the assistance is secured to the property as a 2nd mortgage (or lien).
For more information, call me for a no obligation consultation or search the internet to educate yourself more on down payment assistance.
Richard Smith
Guild Mortgage
(727) 410-5451
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