7 Important Things About Tampa First Time Home Buyers Need to Know
So you’re toying with the idea of buying your first home in Tampa, Florida. Have you done your research on whether it’s a good place to settle down as a first time homebuyer? Well, if you haven’t, you’ve come to the right place. In this article, we’ll cover 10 most important info you need to know before you make Tampa your home.
1. It’s the Ideal Residential Choice for Young People
Tampa is a lively city that promises a great stay for people of all ages but especially so for young folks. The city has made it to several well-known lists and has been ranked as the 5th most popular American city, based on where people want to live, according to a 2009 Pew Research Center study. In 2004, the NYU newspaper Washington Square News ranked Tampa as a top city for “twenty-somethings.” More recently, it was featured in the Forbes’ The 10 Best Cities for Young Entrepreneurs where it grabbed the 2nd spot.
2. Tampa Offers the Best of Florida Yet is Less Touristy
Florida brings to mind the sunny weather, gorgeous beaches…and a barrage of tourists all round the year. For a homeowner, living right in the middle of a busy tourist spot can often be annoying, to say the least. Fortunately, Tampa has all of Florida’s natural advantages – warmth, the sea, and the sand – minus the hustle.
3. Tampa Has a Broad Range of Employment Opportunities
Tampa an ideal location for first time homebuyers, who are often in the initial stages of their career and financially weaker than experienced home buyers. Not only to get their home loans approved but also to be able to shoulder the debts, first time home buyers need to have a steady employment. Tampa has plenty of opportunities in this department. In fact many Tampa-based companies were included in ‘Fortune’s 100 Best Companies to Work For in 2015.’ The overall employment and economic scenario of the state is also quite positive. Take a look:
- Unemployment Rate: 7.1%
- Job growth in past 1 year: -4.87%
- Project job growth next 10 years: 23.16%
- Median income of household: $47,820
4. Tampa Boasts of Excellent ‘Quality of Life’
Besides beaches and sports, Tampa exudes a rich and exciting culture — throbbing with events, plenty of recreation options, and diverse culinary scene. There are also many history museums, cultural festivals, and performing arts venues and theaters. Add to this Tampa’s vibrant nightlife, and you have everything you need to have a fulfilling lifestyle.
5. There’s Access to Good Education
If you’re about to move in with your kids, Tampa makes for a good choice in terms of education. Schools in Tampa fall under the School District of Hillsborough County (SDHC) — the eighth largest school district in the country. And thankfully, there are a number of good options for higher education too.
6. Tampa has its Fair Share of Safe Neighborhoods
Tampa, like most mid-to-large cities, experiences crime in certain areas, while it also has a lot of safe neighborhoods. Though it has a crime rate of 65 on the scale of 1-100, it’s possible to live in a very safe neighborhood on a budget. Working with the right brokerage firm is the secret to landing some of the best deals available in the market. Our home buying experts in Tampa can help you grab the best deals within your budget.
7. Tampa Offers Lucrative Home Buyers Down Payment Assistance Programs
In Tampa, there are three government-run down payment assistance programs for first time home buyers:
Florida Assist Program
These are 0% interest, non-amortizing second mortgage loans, which do not require any monthly payments. The loan is to be repaid if you sell /cease to occupy the home, transfer ownership, satisfy or refinance the first mortgage. Aimed at people with incomes at or below 80% of the Area Median Income (AMI), Florida Assist Loan provides up to $10,000 to cover the down payment and closing costs.
The Homeownership Assistance for Moderate Income (HAMI)
This loan program allows borrowers with moderate incomes to qualify for down payment and closing cost assistance. With up to $5,000 assistance with down payment and closing costs, HAMI is for you if your income exceeds the limits for the Florida Assist Loan, but is within the Maximum Annual Income Limits for the First Time Homebuyer Program.
State Housing Initiatives Partnership (SHIP) Program
With a down payment assistance that can go up to $60,000, SHIP is the most popular and in-demand loan option, but is often difficult to get due to limited funds. To qualify for these loans, your total household income should be 120% and less than the AMI, while you also have to meet other requirements.
To know more about these loan assistance programs for first time home buyers or to discuss which of these options might be right for you, get in touch with us today!
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