Tampa Bay Homes and Land

Team Sumberg with Keller Williams Realty would like to share the long awaited guidelines for the bridge loans offered by the The City of Tampa and the State of Florida to help you become a homeowner. For a very short period, funds are available to help you take advantage of a special federal income tax refund for first-time homebuyers utilizing the $8000 tax credit.

Who is eligible for this program?

You must be a first-time homebuyer to participate in this program. The homebuyer cannot have owned a house in the last three years. 

The maximum anticipated annual income for a household must not exceed 120% of the Area Median Income (AMI).  See chart below.  Household income includes all income from all household members including employment income, interest income, Social Security, dividends, pensions, alimony and child support. Your income will be verified, and you cannot earn more than what is listed below.

Before you sign a purchase contract you must receive a certificate of completion from a City-approved homebuyer education provider in order to receive assistance. 

Contact Team Sumberg for a list of approved education providers.

What kind of home can I buy?

Any type of home is eligible for this program, including single-family homes, condominiums, and villas. These homes can be new or existing.  Mobile homes and manufactured homes are not eligible under this program. The maximum sales price cannot exceed $208,000.

How do I apply for assistance?

In order to apply for assistance, you must apply through a private-sector financial institution.  Lenders must agree to certain requirements of the program, and  sub-prime loans are not allowed.  A lender that is not a City-approved lender must contact  Housing and Community Development to become approved. When you apply for a mortgage loan at one of these financial institutions, they will make an initial determination on whether you are eligible for funds. If you are, the lender will reserve funds in your name with the Housing and Community Development Division. You do not apply through the City for these funds.

You must act quickly – this program expires November 30, 2009.

How much money can I borrow?

You cannot borrow more than what the Internal Revenue Service allows. Currently, that is $8,000 or 10% of the purchase price, whichever is less. If there is any money due to the IRS or if you are subject to any garnishments, you are not eligible for this program.

Do I have to put any of my own money into the purchase?

Yes, you do have to put some of your own money into the purchase of the house. We do not differentiate between your down payment, closing costs, or other pre-paid items. The amount required is 1% of the purchase price.  Your lender may require a higher cash down payment.

Do I have to pay these funds back?

Yes, one of the reasons that The City of Tampa was provided these funds by the State of Florida is that the State wants to assist as many homebuyers in the purchase of a home as possible. They want the money paid-back quickly in order to help other homebuyers. The loan is due and payable before April 15, 2010. Funds will be secured by a mortgage lien against the property. No interest will be charged if you repay the funds before April 15, 2010. If you do not repay the funds before April 15, 2010, you will be required to pay the loan back with interest. Payments will be deferred for the first 36 months, and the balance will be amortized for 36 months after the payment deferral period. The interest rate will match the interest rate of your purchase money first mortgage.

For Further information contact Team Sumberg 866-323-3981(toll free)