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Financing Options

This is a fantastic time for first time homebuyers to buy a new InTown Home. Financially qualified first time homebuyers can own a new InTown Home in West Tampa for as low as $877 month based upon the mortgage rates in effect as of January 15, 2010. This includes the mortgage payment, taxes AND insurance. Plus, you only need to put down $1,650. That means you can own a new energy efficient home for less than you pay in rent. You will also get the benefit of low utility bills, new tax deductions and home equity in a part of town that has a great future. Here are the qualification requirements to receive down payment assistance:

You cannot have owned a home in the last three years;
If your family income limits are lower than 80% of area median income, you can qualify for up to $40,000 in down payment assistance. Here are the income limits to qualify for this level of assistance:

Family of 1 Maximum household income of $33,150
Family of 2 Maximum household income of $37,900
Family of 3 Maximum household income of $42,600
Family of 4 Maximum household income of $47,350

If your family income limits are between 80% and 120% of area median income, you can qualify for 20% of the purchase price up to a maximum of $25,000 in down payment assistance. Here are the income limits to qualify for this level of assistance.

Family of 1 Maximum household income of $46,680
Family of 2 Maximum household income of $56,880
Family of 3 Maximum household income of $63,960
Family of 4 Maximum household income of $71,040

You need to have good credit, which typically means that each wage earned must have a credit score of 650 or higher.
Your total debt to income ratio must be less than 47% and your mortgage debt to income ration must be less than 35%.

If you meet this conditions, you will likely qualify for a zero payment, zero interest down payment loan from the City of Tampa. This loan only needs to be paid back when you sell your home.

If you don’t qualify for this program, InTown Home has a variety of market rate loan programs available through local and national lenders including FHA secured fixed and variable interest rate loans.