Tampa Real Estate | Tampa Florida Homes Property for Sale MLS | Katrina Madewell

Last night we held another Home Buyer Workshop for our active clients and interested parties. We put these on about once a month for you, and we rotate the area that we have them in to include Tampa, Land O Lakes, Pinellas County North and South - so sometimes Clearwater / Tarpon Spings area.

Last Night Dupree Lakes was kind enough to let us have the workshop at their clubhouse. Chris at Beazer Homes was very welcoming to all of our guests. Many people in our class had questions on how Communities Such as Dupree Lakes and the common amenities worked.

When you live in a community with a lot of extras you can use the common areas such as the Clubhouse, pool, tennis courts, basketball, volley ball, jogging trails etc. These amenities would take the place of a local YMCA or other memership you might pay.

For example, if you wanted to use the Club House, you would simple reserve your time and date and they could even close that area off for a private function. Many people like to have the use of these facilities for things like hosting birthday parties, get togethers, Graduation parties, baby showers, wedding receptions, and many other special occasions. It's nice to know that you have a place large enough to host an event for your famly and friends.

Most of the time these facilites, have a refundable deposit to reserve the space, simply to insure that you will leave the place the same way you found it.

The fee to live in a community that offers all of these extras is less than you might think. Dupree Lakes offers all of their 'extras' for a mere $148 per month. Other nearby communits are as little as $35 per month for everything above and a bit more, some other local Golf communities that include a private golf coarse for HOA and maintenance fees up to $300 per month.

CITY OF TAMPA

DOWN PAYMENT ASSISTANCE PROGRAM

The City of Tampa Housing and Community Development Division (HCD) is the administrator of the City's housing programs. The City offers down payment and closing cost assistance in the form of a Deferred Payment Loan (DPL) to income-qualified homebuyers purchasing a single-family home within the City of Tampa. Please note:

Completion of a City of Tampa approved homebuyer training class is required prior to submitting an application for assistance. HOMEBUYERS CERTIFICATES EXPIRE TWO YEARS FROM DATE ISSUED. The applicant must apply for a first mortgage after executing a real estate purchase contract. The lender will then submit the loan to the City for consideration.

WHAT IS A DEFERRED PAYMENT LOAN (DPL)?

A deferred payment loan is second mortgage with no interest (0%), requiring no monthly payments as long as the property remains your primary residence. The DPL is secured by a mortgage and a promissory note (a second mortgage lien), which defers repayments until a default occurs. This lien remains in effect for thirty years. A default will cause the loan to become due and payable. Default occurs in any of the following situations:

•· Transfer of title

•· Failure to maintain the residence as primary homesteaded property

•· Failure to maintain Fire & Hazard Insurance

•· Failure to pay Property Taxes

•· Default on first mortgage

WHO IS ELIGIBLE? (all of the following must be met)

•1. Applicant who has not owned a home during the past three years.

•2. Applicant who has been approved for primary financing by a lender.

•3. The annual percentage rate of the primary financing cannot exceed the FHA 30-year fixed rate by more than 2%, including all fees and charges associated with that lender's financing.

•4. Applicant's debt ratios shall be at or below 35% (PITI ¸ monthly income) and 47% ([PITI + monthly debt] ¸ monthly income).

•5. Applicant's gross income must be at or below the following annual income limits (80% median income) according to household size as determined by HUD, or (120% median income) according to household size as determined by SHIP.

AMOUNT OF ASSISTANCE AVAILABLE

Income at or below 80%	Income over 80% up to 120%
Up to a maximum of $60,000.00	Up to a maximum of 20% of the Purchase Price

The actual amount of down payment and closing cost assistance provided by HCD will depend upon a financial analysis of each individual household. Not all buyers will qualify for the maximum amount of assistance. Funding for the Down Payment Assistance Program is through the HOME Program, an entitlement grant from the federal government and through the State of Florida State Housing Initiatives Partnership (SHIP) program. All income limits and project cost limits are set by HOME or SHIP Program Regulations.

INCOME LIMITS

FEDERAL (HUD) 80% of Area Median Income/ STATE (SHIP) 120% of Area Median Income:

Federal State Federal State

1 PERSON	$31,650 $47,520	5 PERSONS	$48,800 $73,200
2 PERSONS	$36,150 $54,240	6 PERSONS	$52,450 $78,600
3 PERSONS	$40,700 $61,080	7 PERSONS	$56,050 $84,120
4 PERSONS	$45,200 $67,800	8 PERSONS	$59,650 $89,520

WHICH HOMES ARE ELIGIBLE? (all of the following must be met):

•1. Homes must be single-family, including town homes and condominiums, within the City of Tampa limits. (Mobile homes are not eligible.)

•2. Home must become applicant's homestead.

•3. Home must be one of the following:

•· Vacant for no less than 60 days prior to execution of sales contract.

•· Owner-occupied

•· New construction

•4. Maximum purchase price of a home must be at or below $226,000.00.

•5. A property appraisal must be done. The purchase price cannot exceed appraised value.

•6. Existing homes will require a Housing Quality Standards (HQS) inspection (selected and paid for by the buyer or the seller) utilizing approved HQS inspection format. Escrow for repairs to be completed after closing must be approved in writing by HCD. Any home built prior to 1979 will require a testing for Lead-Based Paint (LBP). The inspector must be an EPA certified LBP inspector. For a list of inspectors, check the Yellow Pages under Lead Inspector or Environmental Consultants and confirm their EPA license. Any lead paint abatement must be completed by an EPA certified LBP abatement contractor and must be completed prior to closing. Abatement must be performed by an EPA certified LBP contractor under "Safe Work Practices" to do stabilization. Clearance documentation must be sent to HCD.

MINIMUM DOWN PAYMENT:

The amount of down payment to be provided from buyer's own funds is $500.00. This requirement can be satisfied by the earnest money deposit and/or cash at closing. No credit is given against this requirement for expenses such as home inspection and lender application and appraisal fees.

APPROVED HOMEBUYER EDUCATION CLASSES:

Ask me about our Home buyer workshop class (813) 235-9889 Katrina Madewell*

*Note: some agencies provide homebuyer education as part of a complete homebuyer assistance program, which includes more than homebuyer education.

Homebuyer Education Certificates from online and self-study courses will not be accepted after May 30, 2008

HOUSING & COMMUNITY DEVELOPMENT DIVISION

APPLICANT'S DOCUMENT CHECKLIST

DOWN PAYMENT ASSISTANCE PROGRAM

Completion of a City of Tampa approved homebuyer training class is required prior to submitting an application for assistance. HOMEBUYERS CERTIFICATES EXPIRE TWO YEARS FROM DATE ISSUED. If an applicant has executed a real estate purchase contract, they must apply for a first mortgage. The lender will then submit the loan to the City for consideration. Please note: Your lender may require different and/or additional documents not listed on the following checklist:

•1. Completed HCD Application for Housing Assistance requires the following information:

•· Name, social security number, date of birth, marital status, and years of schooling for applicant and co-applicant (if any)

•· Current address (including landlord addresses) for the past two (2) years

•· Complete list of all household members and their relationship to applicant residing in the new residence

•· Name and address of each employer for the past two (2) years (for all employed household members)

•· All other sources of income for all household members (e.g. child support, social security, pensions, retirement)

•· Names, account numbers, and account balances of all bank accounts, CDs, stocks, bonds, insurance, etc. (Also include any real property you own)

•2. Authorization form signed by all household members receiving income.

•3. Proof of number of household members: One or more of the following (as applicable) may be required to provide additional information on household size as needed:

•· Birth certificate(s) on which the parent/applicant's name is listed

•· School record(s) which provide the parent/applicant's name and address

•· Court-ordered letter(s) of guardianship

•· Divorce decree

•· Letter(s) of adoption.

•· Social security card(s)

•4. Last two (2) pay stubs for all employed household members. If self-employed, copy of most recent income tax return and a copy of an annual profit and loss statement for the business that projects income for the next 12 months.

•5. Child support documentation for each applicable child (such as divorce decree and recent statements, etc.)

•6. Recent SSI, Social Security, Disability, Pension, documents for each applicable recipient

•7. Copy of executed sales contract (with name of title company)

•8. Last six (6) bank statements for each account in the household (including children/dependents)

•9. Name, address and telephone number of the lender with whom you are working

•10. Appraisal (when available from lender)

•11. Housing Quality Standards (HQS) inspection report (if an existing home)

•12. Lead Based Paint clearance (if home is built prior to 1978)

•13. If you do not submit all required documents within ten days of your application, it will be considered incomplete and will be rejected.

Today I previwed a several homes with a client in the Wesley Chapel, Land O Lakes, Lutz, and other Nearby Pasco & Hillsborough County Homes.

Debbie is a Fixer Upper at a real Bargin:

Emory has a TON of land and needs some updating (but at a good price):

Shore is a fabulous lake community where you can launch your boat in a private community large lake with NO Deed Restrictions, HOA fees, or CDD fees.

If you have not been to Busch gardens in Tampa yet to check out the New JUNGALA, you have to go check it out.

We saw a monkey swinging around it was the coolest thing ! Adults and Kids alike can play here:

A 3-story family climbing area lets you explore up and down through the tree canopy on rope bridges to explore the different layers of jungle life. A "vibrant village" also awaits, featuring amazing stiltwalkers in elaborate tribal wear representing birds, frogs and even the trees themselves.

Tree-Top Trails - With climbing nets, bridges, crawl tubes and a multi-level maze for bigger kids, this fun-filled structure allows even the youngest explorer to interact with the jungle. And, of course, there's a way to get wet. The children's play area surprises you with bursts of water from the ground for a bit of jungle refreshment.

Busch Gardens Sunset, a Perfect Ending, to a Perfect Day....

As a Tampa buyers agent, last week I had two celebrations in the same day, both with first time home buyers, both very exciting celebrations!

My camera was not doing so well that day or I would have had a video testimony on here for you!

Why should you use a buyer's agent?   Not only will someone like me help you find your perfect home, in a community that feels perfect for you, but we will also help negotiate the best deal getting you in there!  

One of my clients purchased a home in Dupree's lakes, and with my negotiating skills, we were able to get her an extra 2% in seller / builder paid buyer closing costs, as well as an extra $7,000.00 in builder upgrades, on a premium lot - for just the base price of the home!

For this particular client, by utilizing my buyer's agent service and combined with my knowledge of the general area and the negotiating skills, we estimate that we saved her approximately $13,598 .00!

what's the best part about the whole thing? 

She did not pay a dime for my services!

That's right, we make our money when we bring our clients to the builder / seller / even lender in many cases this day and age (short sales).  

Where can you go and get:

1. Stellar service combined with
2. Expert knowledge
3. Top notch negotiating skills
4. Someone that has taken the time to really understand your family's specific goals, needs, dreams and desires
5. Someone that will really hone-in on exactly what you've said that you REALLY wanted
6. That has a true passion and dedication for what they do? 

. . . at no cost to you?    Right here with me, that's where! 

If you are looking for someone that offers more than just the average transaction (what I call nothing more - nothing less), than you should contact me at 813-235-9889, for what we call an experience of a lifetime.  You won't be disappointed, you have my guarantee. 

 -  Katrina Madewell

Tampa Relocation Specialist