CITY OF TAMPA
DARE TO OWN THE DREAM HOMEOWNERSHIP PROGRAM (DARE) & COMMUNITY HERO PROGRAM (CHP)

The City of Tampa offers down payment assistance loans to income eligible buyers of property within the City limits of Tampa. The liens are meant to be in second position behind primary financing from an institutional lender (non-private) and are typically known as a “silent second” because of the 0% rate and $0 monthly payment. The DPL can remain “silent” as long as the property continues to be the owner’s primary residence and owner occupied.

PRE-QUALIFY

See if you qualify for the DARE Program. The quiz will be downloaded to your computer.

DARE PROGRAM INFORMATION

PLEASE REVIEW BEFORE SIGNING UP.

  • Potential buyer must begin process with one of three approved Housing Counseling agencies and MUST NOT be under contract before receiving a reservation number.
  • The Counseling agency will provide education, complete application with client and collect documentation.
  • Fully forgivable after 5 years, assuming still owner occupied.
  • Income calculated based on HOUSEHOLD income, not just the loan applicant. View 2019 Income Chart..
  • Home inspection by the buyer and HQS Inspection by the City are required before closing.
  • Applicants below 80% AMI
    • Max award is $30K (flat amount, no more “up to”)
    • Due and payable when the first mortgage is satisfied or property is sold (whichever comes first)
  • Applicants above 80% AMI – 140%
    • Max award is $15K in assistance (flat amount, no more “up to”)
    • Due and payable when the first mortgage is satisfied or property is sold (whichever comes first)
  • Debt ratios of 31/45%. Minimum Credit Score of 600.
  • Maximum purchase price is $226,926.
  • Total of $2000 investment from the borrower with a minimum of $1000 from borrower’s own verifiable funds. The additional $1000 may include POC’s (appraisal, inspections, etc…)
  • Loan types are flexible – Includes fixed and fully amortized products: FHA/VA, Conventional, Affordable Housing Products, ARM loans are not allowed.
  • A full, independent Home Inspection by the Buyer & ab HQS Inspection by the city are required before closing
  • Please contact the City of Tampa Housing and Community Development or you can email us for the most current list
  • You must use an Approved Lender in order to utilize these funds
  • Any applications dated prior to June 15, 2019, will fall under the previous guidelines
  • Any applications dated June 15, 2019, or after, will fall under the new guidelines

*Not All Buyers Will Qualify For The Max Award; Depends On Need. Program guidelines can change without notice. Make sure you maintain contact with your housing counselor.

COMMUNITY HEROES PROGAM

PLEASE REVIEW BEFORE SIGNING UP.

ADDITIONAL INFORMATION

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