Tampa Down Payment Assistance Programs

By far a rocky market, Tampa Bay real estate buyers are increasing finding that they need to cough up larger down payments if they need to realize their American Dream of buying a home. If you are a first time home buyer, who is stressed about coming up with the necessary down payment amount for that elusive home in Tampa, then take solace in the fact that there are Tampa down payment assistance programs available for home buyers like you.

If you want to buy your first property and don’t have the fund to fully satisfy the down payment requirement then you’ll have to consider if any of the available down payment assistance programs will prove to the right option or not.

Currently, there are two types of down payment assistance programs available for first time home buyers who are interested in buying a home in Tampa or any other area of Florida. The first one is an assistance program that is offered by non-profit agencies and programs. Then there are down payment assistance programs that are sponsored by the federal government as well as state government.

As per these down payment assistance programs, the seller has to agree to give a small amount of the total sales proceeds towards your down payment at the time of deal closing. While Fed and state laws prohibit sellers from paying money directly to buyers, these assistance agencies offers ways to achieve this legally.

When a seller enrolls in a Tampa down payment assistance program, they need to be fully aware of the fact that this means a reduction in total amount that they will receive from the sale. Nevertheless, the seller also realizes that without such down payment assistance programs, their house may stay on the market for a considerable period of time.

If you don’t get a seller who is willing to participate in such a program, you may also consider state bond and grant programs. Perhaps, these programs can offer you the ideal solution for your down payment crisis!