Pasco County Down Payment Assistance Program Information
Want to know more? Call Amy for more information at (727) 421 4797.
Pasco County offers assistance of up to $70,000 in interest free loans. Some qualify for a 5 year deferment. Tampa Bay CDC offers assistance of up to $15,000.
Click here http://floridarealestateadvisors.com/hap%20statement.pdf to see the income guidelines for the Down Payment Assistance Program. The income limits do vary by program, so please call for more information.
If you are ready to get started you can begin by registering with the Tampa Bay CDC. Click here to download the application. Please print the form and submit the form to the Tampa Bay CDC as stated on the application. There is a $15 fee per person. The Tampa Bay Community Development Corporation (CDC) is a HUD-approved non-profit organization whose mission is to promote homeownership opportunities to low and moderate income households in the Tampa Bay, Florida area.
You will also need to attend a Home Buyer Seminar and receive a certificate. The classes are free; please call (800) 741-7040 OPTION 4 to make a reservation. Classes are also available directly from the Tampa Bay CDC in Clearwater, please click here http://www.tampabaycdc.org/homeownership/seminars.htm#seminar to see the schedule, location and sign up info.
What is Tampa Bay CDC?Tampa Bay Community Development Corporation (CDC) is a HUD-approved non-profit organization whose mission is to promote homeownership opportunities to low and moderate income households in the Tampa Bay, Florida area.
Is this for first time home buyers only?
No. Anyone who meets the income requirements and plans on using it as their personal home are the only requirements.
What exactly is a POP and a NSP home?
POP stands for "Pasco Opportunity Property" and NSP stands for "Neighborhood Stabilization Program". POP and NSP homes are owned by not for profit agencies that work in conjunction with Pasco County to rehab blighted properties throughout the county and sell them to low to moderate income families with buyer assistance funds.
What are buyer assistance funds?
Depending upon your family's TOTAL household income, you could qualify for either $20,000 or UP TO 50% of the total purchase depending upon that income. WOW!!!!
Is this program for first-time home buyers only?
No - If you meet the income requirements and will live in the home (your primary residence), this program is for you.
How do I get started?
Call us at 727-421 4797. We are here to walk you through the Home Buying process.
How do I know if I qualify for a Home Loan?
Just give us a call, and we will put you in touch with a lender approved by Pasco County for this program.
How much do I need to earn to purchase a POP or NSP home and what are the income limits?
Income Limits vary from program to program. Take a look at the chart below.
INCOME GUIDELINES AS OF MARCH 19, 2009
1 2 3 4 5 6
LOW/ Hourly $9.95 $11.39 $12.81 $14.23 $15.36 $16.51
INCOME Monthly $1725.00 $1975.00 $2220.83 $2466.67 $2662.50 $2862.50
Annual $20700 $23700 $26650 $29600 $31950 $34350
MOD/ Hourly $23.88 $27.33 $30.75 $34.15 $36.87 $39.62
MIDDLE Monthly $4140 $4737.50 $5329.17 $5920.00 $6390.00 $6866.67
INCOME Annual $49680 $56850 $63950 $71040 $76680 $82400
CALL FOR MORE DETAILS!!
How much money do I need for a downpayment?
Depending on which bracket you fall into - your cash required will be either $500 or $1250.
Do I have to use a specific Bank or Mortgage Broker to purchase a Tampa Bay CDC home?
We recommend using an Approved Lender who knows the specifics of TampaBay CDC purchase requirements.
What if I don’t qualify now? What are my options?
Once enrolled in the HomeBuyers Club, they will guide you step by step to help you correct any problems so you can purchase a home at a later date.
Do I need to take Home Buyer classes?
Yes - Your initial counseling session is with Tampa Bay CDC's Home Buyers Club. You are then required to attend a Home Buyers seminar either at Tampa Bay CDC or with Consumer Credit Counseling Services in Pasco County. Ask us for details.
Can I use any Realtor?
Yes - As long as they are on Pasco County's approved Realtor list. Also, before you tie yourself to a Realtor, be sure that they have knowledge of and experience in this program. That is for your own well being.
I've been told that "POP" and "NSP" homes are remodeled and rehabbed. Is this correct?
Yes - Every "POP" and "NSP" home goes through stringent inspections as outlined by the Department of Housing and Urban Development(HUD). The rehabbing and remodeling work is then done under the guidance of Pasco County with licensed contractors who are on the Approved List with Pasco County.
Can I have my own home inspection completed on the the property before buying it?
Yes - We recommend that you have a home inspection prior to purchasing any home.
Is there a seminar available to get more information?
Yes - You must attend a County-approved HomeOwnership Seminar prior to closing. A copy of the Certificate must be provided to CDC.
How long does this process take?
From application to closing - about 60 days.
Call or email us. We are here to help.
About Good Neighbor Next Door
Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.
Good Neighbor Eligible Participants
The U.S. Department of Housing and Urban Development (HUD) wants to make American communities stronger and to build a safer nation. The Good Neighbor Next Door (GNND) program helps make this goal a reality by encouraging law enforcement officers, pre-K through 12th grade teachers and firefighters/emergency medical technicians to become homeowners in revitalization areas.
Who Can Participate?
You may participate in the Good Neighbor Next Door program as a law enforcement officer if you are employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government, or an Indian tribal government; and, in carrying out such full-time employment, you are sworn to uphold, and make arrests for violations of, federal, state, tribal, county, township, or municipal laws.
You may participate in the Good Neighbor Next Door program as a Teacher if you are employed as a full-time teacher by a state-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12. In addition, the public or private school where you are employed as a teacher must serve students from the area where the home you are purchasing is located in the normal course of business.
Firefighter/Emergency Medical Technicians
You may participate in the Good Neighbor Next Door program as a Firefighter/Emergency Medical Technician if you are employed full-time as a firefighter or emergency medical technician by a fire department or emergency medical services responder unit of the federal government, a state, unit of general local government, or an Indian tribal government serving the area where the home is located.
Good Neighbor Next Door Frequently Asked Questions
Question: What Is the Good Neighbor Next Door (GNND) Sales Program?
Answer: HUD wants to strengthen America's communities. The Good Neighbor Next Door Program offers HUD owned single family (one-unit) homes to eligible participants at a 50% discount.
Question: Am I Eligible for the GNND Sales Program?
Answer: Law enforcement officers, teachers and firefighters/emergency medical technicians and who meet all other requirements of the program are eligible to purchase an available home.
Question: How Much of a Discount Can I Get on a HUD Home?
Answer: You can get a 50 percent discount off the HUD appraised value. For example, if HUD lists a home at $100,000, you can buy it for $50,000 provided, you occupy the home as your personal residence for the required occupancy period. If you qualify for any FHA-insured mortgage program, your downpayment is only $100 and you may finance closing costs.
Question: What Kind of Mortgage Financing Do I Need?
Answer: You may use FHA, VA, or conventional mortgages, or cash. HUD requires you to sign a Second Mortgage and Note on the discounted amount (which is $50,000 in the example above). No interest or payments are required on this "silent second" mortgage if you live in the home for the entire 36 month occupancy period. You may be required to pay a pro-rata portion of the discount to HUD should you fail to fulfill the three year occupancy requirement.
Question: What is the Occupancy Period?
You must live in the home as your sole residence for a full 36 months. The purpose of the program is to strengthen communities by encouraging employed, professional law enforcement officers, teachers and firefighters/emergency medical technicians to live in the community. You will have 30, 90 or 180 days to move into the home you purchase, depending on HUD's determination of the condition of the home and the level of repairs that may be required, if any. The 30th, 90th or 180th day is the start date for the occupancy period. Your are released from all obligations under this program at the end of the 36th month following the start date. HUD views the occupancy obligation seriously and vigorously pursues violators to the fullest extent of the law.
Question: What Is an FHA Rehabilitation Mortgage and How Can It Help Me Buy a HUD Home?
Answer: The FHA 203(k) mortgage program helps homebuyers buy a home and have enough money to rehabilitate or repair it. Repairs must cost more than $5,000. The cost of the repairs and the mortgage are combined into a single monthly payment. Consider FHA’s 203(b) program if needed repairs are under $5,000. FHA also has a new Streamlined 203(k) program which may be useful.
Discuss these financing options with your lender!
Question: Can I Sell the GNND Home after 3-years and Keep the Profit?
Answer: Yes. After you live in the GNND home 3 years, you can sell the home and keep any equity and/or appreciation.
Question: Do I Have to Use a Real Estate Broker or Agent to Buy a GNND Home?
Question: Do I Have to Be a First Time Homebuyer to Take Advantage of the Program?
Answer: No. However, you may not own any other residential real property at the time you submit your offer to purchase a home and for one year previous to that date. For example, if you submit an offer to purchase a home on August 1, 2007, you may not have owned a home during the period from July 31, 2006.
Question: Where Are These Homes Located?
Answer: The HUD homes are located in designated Revitalization Areas. There are hundreds of Revitalization Areas located in the United States.
Question: Does HUD Provide a Home Warranty?
Answer: No. All GNND homes are sold "as is," without any kind of warranty.
Question: Can I Buy Multiple Unit Properties (E.g., Duplexes, Triplexes, Etc.) through the Officer Next Door Program?
Answer: No. You can only buy single unit homes, townhouses, and condominiums through the GNND Program.
Question: Do I Have to Pay Earnest Money or Other Deposits in Order to Submit a Contract for a GNND Home?
Answer: Yes. The amount of the earnest money deposit required is an amount equal to one percent of the list price, but no less than $500 and no more than $2,000. HUD considers all offers to be a commitment to purchase a home if you are awarded the sale. Therefore, please carefully consider your offer and be aware of HUD's policy on earnest money as stated here: If an offer is accepted, the earnest money deposit will be credited to the purchaser at closing. If the offer is rejected, the earnest money deposit will be returned. Earnest money deposits are subject to total forfeiture for failure of the participant to close a sale.
Question: Can I Bargain with HUD on the Price of a GNND Property?
Answer: No. You must offer the exact HUD list price when bidding on any GNND property. Then you get a 50 percent discount off of that list price.
Question: What if I Leave the employment, that made me eligible, for Any Reason, during the Mandatory 3-year Residency Period?
Answer: Nothing happens, but you must continue to live in the home for the full 36-month mandatory occupancy period. If you move out of the GNND home, you will have to repay HUD on a prorated schedule. In addition, you must certify that it is your good faith intention to remain employed as a law enforcement officer, teacher or firefighter/emergency medical technician for one year beginning with your purchase. Do no attempt to participate in the program if you know in advance that you will not be employed as required for at least one year.
Question: Some Agencies Have Other Homebuying Programs. Can the GNND Program Work in Conjunction with These?
Answer: Yes, as long as you can meet all the GNND program rules while participating in these other programs.
Question: What Happens if a Participant Fails to Honor the 3-year Occupancy Requirement?
Answer: HUD can demand repayment of the discounted amount on a prorated basis. That means you would have to repay 1/36th of the discount you received for each month that you did not occupy the home. HUD also may initiate administrative sanctions including, but not limited to, barring the officer from participating in any HUD/FHA programs, as well as other federal programs. In any case of fraud or abuse, HUD will refer the case to HUD's Office of the Inspector General for investigation and possible criminal prosecution. HUD may also notify the officer's employing agency. Criminal prosecution and conviction for fraud and abuse concerning the GNND Program can result in a fine of up to $250,000 and/or two years in federal prison.
Question: How Does HUD Enforce the 3-year Residency Requirement?
Answer: The participant must certify he or she is living in the GNND home as a sole residence at the time of purchase and each year after that. HUD can conduct spot checks to make sure the GNND home is your sole residence at any time during the 3-year period. You also must sign a note and mortgage for the discount amount. HUD may foreclose this mortgage if you do not comply with the 36-month occupancy requirement.