Fulfilling the Dream of Homeownership in Tampa Bay

When home prices and mortgage rates are both on the rise, owning a home can feel like an elusive goal for people of low to moderate income. But what first-time homebuyers don’t often realize is that resources are often available that can make the real estate market less intimidating. With the help of a community lending officer, Ralph Jackson of East Tampa, Florida, took advantage of some of those resources – and as a result was able, at the age of 61, to purchase his first home.

A lifelong resident of East Tampa, Jackson had long assumed that owning a home was not within his reach. Then, in 2019, he walked past a sign advertising a first-time homebuyer program offered through a housing nonprofit and a local homebuilder. Jackson thought it couldn’t hurt to see whether he qualified. He not only met the criteria – he also found out about opportunities for financial help that could help get him to his goal.

The journey wasn’t without its hurdles. Almost as soon as the process began, the pandemic brought things to a standstill – but not before Jackson connected with Patti Bonner, a community lending officer at Bank of America in Tampa. She became his steady guide, eventually introducing him to a Bank of America Connect-to-Own partner, Solita’s House, a community development organization that provides homeownership education and counseling.

“He was a man who wouldn’t give up,” says Bonner. “Even though there were lots of setbacks because of COVID, he hung in there. He would call every other day – and he did everything that was asked of him.” At Solita’s House, Jackson took homebuyer education classes. “I didn’t know a lot about things like equity,” says Jackson, “and Ms. Bonner was teaching me about the whole process.”

“I take my customers through this process in steps,” says Bonner. “If you inundate people with too much information at once, they get overwhelmed. In the most basic terms, I explain to them, ‘You pay, you stay — you don’t, you won’t.’”

Part of the process, in Jackson’s case, was understanding what help he was entitled to. It turned out to be significant. He ultimately qualified for $30,000 in down-payment assistance from the City of Tampa, another $30,000 toward his down payment from the East Tampa Community Reinvestment Act, and over $15,000 in assistance from Bank of America – in all, more than $75,000 in grants, incentives and other financial concessions.

“I couldn’t believe it when I received the first grant and then another,” says Jackson. “I never thought I could get that kind of money to help me buy a house.” And because Jackson took budgeting so seriously, he was able to set aside more than $19,000 while the home-buying process unfolded, so that he had a savings cushion by the time he closed on his newly built home in March 2022.

Even with the kind of assistance Jackson received, the path to becoming a homeowner can still be challenging, Bonner notes. In addition to navigating home prices and interest rates, potential buyers need to meet certain income and debt requirements, and they should be mindful of the potential for things like rising property taxes and steeper insurance premiums. Still, adds Bonner, “Mr. Jackson is a prime example that this process works.”

The challenges and opportunities that the Tampa homebuying environment presents will require some careful planning for those looking to buy. Several online resources can guide homebuyers through the mortgage process from start to finish and prevent any delays in the process, whether it’s checking the status of your loan or submitting required documentation electronically. Putting down a larger downpayment can lower your mortgage rate and will also showcase to the seller that you’re in a good financial position – which will make your offer stronger. Finally, take time to improve your credit score, research lender options, and understand what you can comfortably afford before jumping in.

Bonner offered one last piece of advice, “While buying a home today may require a bit more patience and persistence, making sure to prepare for what’s ahead, going in with the right mindset and taking advantage of the resources available to you can put you well on the path to your next home.”