east tampa cra down payment assistance program€¦ · $15,000 to assist income eligible first time...
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EAST TAMPA CRADOWN PAYMENT ASSISTANCE PROGRAM
The East Tampa CRA offers down payment assistance forgivable loans to current East Tampa residents that are renting and would like to purchase a home within the East Tampa CRA footprint/boundary.
The loan will be behind primary financing from a mortgage lender and is typically referred as a “silent” mortgage 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 $15,000 to assist income eligible first time homebuyers to achieve the dream of homeownership.
Program Highlights:
• Potential buyer must participate in and complete the East Tampa CRA Homebuyer Club program.
• $15,000 Max award toward the purchase of the home.
• Fully Forgivable after 7 yrs., assuming still owner-occupied and completion of post-purchase education.
• Income calculated based on HOUSEHOLD income, not just the loan applicant.
• Household income must be at or below 140% Area Median Income (AMI).
• Mid-Credit Score of 600.
• Minimum of $1,000 investment from the borrower.
• Loan types allowed are: 203K, FHA, VA and Conventional Affordable Housing Products. ARM (adjustable rate mortgage) loans are not allowed.
• A full independent Home Inspection by the Buyer & an HQS Inspection by the City are required before closing.
Register for Homebuyer Club at etcrafasttrack.eventbrite.com
1 Person 2 Persons 3 Persons 4 Persons 5 Persons 6 Persons 7 Persons 8 Persons140% AMI $65,660 $75,040 $84,420 $93,660 $101,220 $108,780 $116,200 $123,760120% AMI $56,280 $64,320 $72,360 $80,280 $86,760 $93,240 $99,600 $106,08080% AMI $37,450 $42,800 $48,150 $53,500 $57,800 $62,100 $66,350 $70,650
FEDERAL HUD AND STATE INCOME LIMITS 2019
East Tampa CRA Homebuyer Club Program Class Schedules
FASTTRACK
Participants must attend and participate in ALL workshops for program eligibility.This is a series of workshops.
Jackson Heights NFL YET Center3310 E. Lake Avenue
Tampa, FL 33610
8AM - 5PM
Saturday, December 7, 2019Saturday, December 28, 2019Saturday, January 11, 2020Saturday, January 25, 2020Saturday, February 8, 2020
Saturday, February 22, 2020