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Suncoast Pasco News

Few Takers For Down Payment Help

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By Carl  Orth | The Suncoast News

Published: June 18, 2008

NEW PORT RICHEY -- For the first time in almost two years, Pasco County has roughly $500,000 in money from the State Housing Initiatives Partnership program, according to George Romagnoli, the county's community development manager.

So far, however, people haven't been rushing to get the financial assistance, Romagnoli says. The SHIP money is supposed help low-income people buy homes.

Through June 23, Pasco residents can reserve money to apply toward the down payment on a home, Romagnoli reports. After June 23, the money will be disbursed on a first-come, first-served basis until it runs out.

The amount of SHIP help available usually is between $5,000 and $10,000, Romagnoli says.

"Credit is tight," however, Romagnoli says, which is one reason home sales slowed in the first place.

At one point, some banks were demanding as much as 20 percent down to qualify for a home loan, he says.

The situation, though, seems to be changing. "There was a surge last month of scheduled sales" of homes, Romagnoli notes. Banks have "regrouped and now are charging ahead," he speculates.

In addition, some people probably don't know they could be eligible for the SHIP down payment help because the money hasn't been available for the better part of two years, Romagnoli says.

The glut of foreclosures of area homes during the housing market collapse in recent years affected the Pasco community development division, too. That decreased funds available for down payment help, Romagnoli says.

For information call the Pasco County community development division at 727-834-3445.

Carl Orth can be reached at 727-815-1068 or corth@suncoastnews.com.

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