- Maximum Household Income (Updated 4/2018)
- Calculate Income
- First Mortgage
- Assistance For Me
- Inspection Requirements
- Borrower Requirements
- Title Company Requirements
Tampa Bay CDC is a HUD-approved non-profit organization whose mission is to promote homeownership opportunities for low to moderate income households in the Tampa Bay area. If you are looking to purchase a home in Pinellas County or within the City limits of Clearwater, Largo, and St. Petersburg, and you meet the income and eligibility criteria, we may have funds available to assist you with your down payment and/or closing costs.
TAMPA BAY CDC DOES NOT PROCESS ASSISTANCE LOANS FOR PASCO COUNTY, HILLSBOROUGH COUNTY, THE CITY OF ST. PETERSBURG OR THE UNINCORPORATED PART OF PINELLAS COUNTY.
If you are purchasing in these other areas, please contact the following for information on their programs:
- Pasco County – (727) 834-3445
- Hillsborough County – Down Payment Assistance Website
- Pinellas County Unincorporated – (727) 464-8210
What Assistance is Available to me?
Levels of Assistance
Tampa Bay CDC’s loan amount (as shown below) will be reduced at closing if the borrower is receiving any cash back. CASH BACK AT CLOSING IS NOT PERMITTED by Tampa Bay CDC and it’s funding sources – under no circumstances!!
- City of Largo (Tax Code “LA”): Less than 50% MFI = up to $35,000 /50.01% – 80% MFI – up to $25,000
- City of Clearwater (Tax Code “CW”): Less than 80% MFI = $20,000
- City of Largo: These loans are interest-free. For a 20 year period no payment is required as long as the property stays with the original borrower or until the property is sold, rented or the home is used for collateral. If the first mortgage is paid off, refinanced (with cash out to the borrower) or assumed then the assistance loan is due. At the end of the 20 year period, the city of Largo will work on a repayment plan with borrower.
- City of Clearwater: No payments for the first 5 years. After 5 years, the loan must be repaid over a period of 20 years. Maximum payment is $83.33
What is the Maximum Household Income?
INCOME LIMITS FOR 2018
|Maximum for under 80% AMI|
How Does Tampa Bay CDC Calculate Income?
What is included in income?
It means the total current annual gross income (before taxes and withholding) of the purchaser and ALL adult members (who are 17 or older) residing or intending to permanently reside in the household. This includes spouse, fiancé, parent, relative, adult child, roommate, friend, etc.
Non Occupant Co-Signer Requirements: If a non-occupant co-signer will be used, their income is NOT included in the household income for eligibility for down payment assistance. The co-signer must complete a form which certifies that they will not reside in the property and that they will not contribute income to the household. PLEASE NOTE: Per state guidelines, NON-OCCUPANT CO-SIGNERS CANNOT TAKE TITLE TO THE PROPERTY OR BE LISTED ON THE TITLE OR WARRANTY DEED.
THE CALCULATION OF ANNUAL HOUSEHOLD INCOME BY TAMPA BAY CDC WILL DIFFER FROM THE CALCULATION OF INCOME BY THE FIRST MORTGAGE LENDER.
Tampa Bay CDC DOES NOT look at prior earnings. INCOME IS BASED ON CURRENT EARNING LEVELS WHICH ARE ANNUALIZED AND PROJECTED FORWARD FOR THE NEXT TWELVE MONTHS.
INCOME MUST BE VERIFIED IN WRITING by an employment verification form that Tampa Bay CDC will send to all employers. Annual income will be calculated using current earnings unless the employment verification form shows that a raise will be received within the next 12 months. In these cases, annual income will be calculated at the level expected after the raise is received.
TAMPA BAY CDC IS REQUIRED TO CONSIDER ALL SOURCES OF INCOME FROM ALL ADULTS WHO WILL RESIDE IN THE PROPERTY (REGARDLESS OF WHETHER THE LENDER IS USING THE INCOME TO QUALIFY YOU FOR THE FIRST MORTGAGE).
This includes, but is not limited to the following:
- The gross amount of wages from full and/or part-time employment.
- Overtime pay, bonuses, commissions, tips, shift differential, etc.
- The full amount received from Social Security, pensions, disability benefits, VA benefits, annuities, retirement income, trust income, death benefits, etc. (Please note that non taxable income is not “grossed up.”)
- Unemployment compensation, worker’s compensation or severance pay.
- Net income from the operation of a business.
- Child support or alimony payments. The only time child support or alimony payments are not included in income is if the borrower can provide proof that it has not been received (i.e., court printout) AND proof that they have taken action with the State’s Child Support Enforcement Department to collect the support.
- Any other type of income (i.e., dividend income, asset income, rental income, etc.)
- Assets and anticipated interest and dividend income from assets (if the buyer has more than $5,000 in assets, we must take .06% of that figure and add that to annual income.
City of Largo (Tax code LA): The Borrower must be a first time home buyer who has not owned a principal residence within the past 3 years.
City of Clearwater (Tax code CW): The borrower is not required to be a first time home buyer to qualify for assistance, but they cannot own a property at the time of closing. In addition, if the borrower has received assistance from the City within the past 5 years, they are ineligible to receive assistance.
There is no minimum contribution requirement for the down payment programs in the City of Largo and the City of Clearwater. Those two programs will accept the same contribution amount as the Lender, and it can come from any source that is acceptable to the Lender (i.e. from Assistance, from a gift, etc) If the Lender is not requiring the Borrower to contribute any funds, that is acceptable to Largo and Clearwater. However, the City of St Petersburg requires that 1% of the sales price come from the Borrowers own funds.
The property being purchased must be located within the city limits of Clearwater (tax code CW) or the city limits of Largo (tax code LA).
To verify the tax code/jurisdiction of a property, call the Property Appraiser’s Office at (727) 464-3207 or visit their website at: http://www.pcpao.org/.
Maximum Sales Price
Please note: Appraised value cannot be less than sales price.
|Jurisdiction||Existing Home||Newly Built Home|
|City of Clearwater (Tax code “CW”)||$190,000||$228,000
|City of Largo (Tax Code “LA”) ||$190,000||$190,000|
Eligible Property Types
- Single family residences
Ineligible Property Types
2-4 family homes, rental properties, co-ops, manufactured and mobile homes, and properties built prior to 1978 that have peeling or chipping paint are ineligible under this program. If the property being purchased is occupied by a tenant who will be displaced so the loan can close, Tampa Bay CDC is unable to provide assistance. If the property is located within the city limits of Largo, it cannot be located in a flood zone.
All properties must meet Section 8 Housing Quality Standards (HQS). A Section 8 Safety/Code inspection is required by the City of Clearwater and the City of Largo to verify that the property meets applicable safety/code requirements. The Cities pay for these inspections which are ordered by Tampa Bay CDC and conducted by a City approved inspector. The City of St. Petersburg requires that the homeowner obtain a home inspection and provide the report to Tampa Bay CDC for review by the city.
If any of the Section 8 Standards are not met, these must be completed/corrected and reinspected prior to closing. The power and water must be on for the inspections.
PLEASE NOTE: THIS CITY/COUNTY CODE INSPECTION DOES NOT REPLACE THE NEED FOR A HOME INSPECTION! You are highly encouraged to hire your own inspector to perform a detailed home inspection. If you choose to do so, this will be at your expense.
For homes built prior to 1978, the City/County will order a lead paint inspection. There is no charge to you for this inspection.
Newly Built Properties
Certificates of Occupancy must be provided in lieu of the Inspection Report.
What Type of First Mortgage must I Obtain?
ALL BORROWERS MUST OBTAIN A 30-YEAR FIXED RATE MORTGAGE. Tampa Bay CDC is prohibited from assisting borrowers who are obtaining first mortgages which are:
- Adjustable Rate Mortgages
- Based on “stated” or “undocumented”
- Loans with prepayment penalties
- Financed by the Owner/Seller
- Above-market rates or have high fees (i.e., B/C Loans).
- No Escrows – no taxes and insurance are being collected
- Non-arms length. It is unacceptable for the same individual to be the Realtor, Seller and/or Lender. In this case, assistance funds will not be provided.
- Negative amortization loans
- Interest Only
How Can Tampa Bay CDC Help Me Get Down Payment Assistance in Clearwater, Largo and St. Petersburg?
- Your hand written signature is required on the Authorization form and all other forms/affidavits requiring signatures.
- Call the Tampa Bay CDC office at (727) 442-7075. You can request an application package to be mailed to you. When you have completed the application in full:
- (a) mail it to: Tampa Bay CDC 2139 N.E. Coachman Road, Suite 1 Clearwater, FL 33765
- (b) You can fax the application to (727) 451-3323
- (c) upload the application through our website
Homebuyer Education Class
You must attend a HUD-approved home buyer education class prior to closing. A copy of the certificate must be provided to Tampa Bay CDC.
PLEASE NOTE: The online home buying course that is offered through E-Home America is accepted by some assistance programs in Pinellas County. If you are interested in taking this online course, call our office before you do to verify which assistance programs will accept it. The website is http://ehomeamerica.org/tbcdc.
THE CERTIFICATE RECEIVED AT THE WORKSHOP IS NOT AN APPROVAL FOR DOWNPAYMENT ASSISTANCE OR FINANCING.
All borrowers must still complete an application and meet the applicable County, City, or State eligibility criteria.
For a schedule of Tampa Bay CDC’s 2019 Home Buyer Education classes click here.
CITY OF LARGO- BUDGETING CLASS REQUIRED: For Borrowers who are purchasing a property within the city limits of Largo, a Budgeting Workshop is also required. The Buyer must register for the Budgeting Program prior to closing by calling (727) 461-0618 and this Budgeting Program must be completed as soon as possible, buy no later than six months after closing. If not completed within that timeframe, the Assistance Loan will be immediately due and payable.