Dare to Own the Dream
Lisa Wolff McIntyre is an approved real estate agent for the City of Tampa’s Dare to Own the Dream program, which provides funds toward the purchase of a home to eligible first-time homebuyers, especially as rent is skyrocketing. The maximum cost of the home an eligible buyer can purchase under this program increased in 2022 from $240k to $300k.
The City of Tampa’s Housing & Community Development Division (HCD) provides homebuyer education, counseling services and up to $40k in funds for down payment and closing costs to first-time homebuyers on properties located within Tampa city limits.
The loan is in second position to primary financing from a mortgage lender and is known as a “silent second” because of the 0% rate and $0 monthly payment. This Deferred Payment Loan (DPL) will remain silent as long as the property remains the buyer’s primary residence and is owner-occupied.
PROGRAM HIGHLIGHTS
Buyer must begin process with one of three approved housing counseling agencies.
Buyer cannot be under contract before receiving reservation number.
Counseling agency will collect documentation and complete application with buyer.
Buyer must use services of loan officer and real estate agent from approved lender and realtor lists.
Buyer receives up to $40k toward purchase of home.
Loan is fully forgivable after 10 years assuming the home remains owner-occupied.
Income eligibility based on income of the entire household, not just applicant.
Household income must be below 140% of Area Median Income (see chart below).
Required minimum credit score is 600. Debt ratio should be under 36% but buyer may still be eligible if under 43%.
Purchase price cannot exceed $300k.
Minimum investment of $2k required from borrower with at least $1k being verifiable funds from buyer. Additional $1k buyer investment may include funds paid outside of closing (appraisal, inspection, etc.)
Loan types can include FHA, VA, conventional and affordable housing products. ARM loans not allowed.
Independent inspection arranged by buyer and Housing Quality Standards (HQS) inspection performed by city both required.
INCOME QUALIFICATION BASED ON AREA MEDIAN INCOME (AMI)
If income is 0-50%, buyer is eligible for $40k
If income is 50.01%-80%, buyer is eligible for $30k
If income is 80.01%-120%, buyer is eligible for $20k
If income is 120.01%-140%, buyer is eligible for $15k
APPROVED HOUSING AGENCIES
HEA
9215 N Florida Ave
Tampa FL 33612
813-932-4663
REACH
4006 S MacDill Ave
Tampa FL 33611
813-397-6208
Solita’s House
3101 E 7th Ave
Tampa FL 33605
813-425-4847
