What's New 
NSP Property List for Sale
The Tampa Housing Authority has become a Neighborhood Stabilization Program (NSP) Housing Partner with the City of Tampa and Hillsborough County. Recovered foreclosures located in the NSP Target Areas are now for sale to homebuyers making at or below 120% of the Area Median Income.
Low Down Payments and Down Payment Assistance in the form of a 0% and $0 monthly payment second mortgage deferred payment loan will be awarded to eligible homebuyers.
| NSP PROGRAM ELIGIBILITY HIGHLIGHTS | |
|---|---|
| Income | All members of the Household (“#HH”) must be included and the Total Household Income (“THI”) which cannot exceed 120% of the Area Median Income. The following are the household size income limits for Hillsborough County effective 5/14/2010. |
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| NSP Target Areas | Hillsborough County - USF, Orient Park, a combination of Clair Mel/Palm River/Progress Village, Town n’ Country and part of Plant City City of Tampa - Sulphur Springs, USF, North Tampa, Old West Tampa, Terrace Park, Temple Crest, Rivergrove, Woodland Terrace, NE Community, Lowery Park Central, Riverbend, NE MacFarlane and Live Oaks Square. |
| Purchase Price | To be determined based on acquisition costs plus rehab but not to exceed approved Lender’s appraised value. |
| Credit | Fair to Good credit and all collections, liens and judgments must be paid off with a six month history of on-time payments thereafter. However, compensating factors such as a good rental history, long time on the job, savings, low loan-to-value etc. may help |
| Financing | 1st Mtg: Must be eligible for an FHA, VA or Conventional Loan from an approved lending Institution. 2ndMtg: Deferred payment loan (DPL) funds are lent at a 0% interest rate and $0 monthly payment. |
Down Payment |
City of Tampa- 1% of the purchase price and up to 2% if under the 25% minimum housing ratio (See HBA below) Hillsborough County - $500-50%AMI or below; $1,000 – 80%AMI or below and lesser of $2,000 or 2% of Purchase Price-120%AMI or below. |
| Home Buyer Assistance (HBA) |
Not all borrowers will qualify for the maximum amount of HBA. The amount of assistance provided can only be enough to bring the borrower’s housing expense ratio to within 25%-31% of the borrower’s monthly income if needed to meet the total maximum monthly debt ratio of 41-45% and be no more than 50% of the purchase price. If the housing expense ratio is below 25%, HBA may be available in order to obtain the maximum fi rst mortgage allowed by the participating lender. |
NSP Properties
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