HomeTown Heroes Plus
Down Payment Assistance Program
Information Statement

Note: Funds for “HomeTown Heroes Plus” are not available again until about October 2008. For additional information, please contact us at (727) 464-8210

This program is made available in cooperation with, and funded by, local governments. The purpose of the HOMETOWN HEROES PLUS program is to help expand homeownership opportunities for essential employees. It is available to all income eligible full-time employees of selected military service, public service, and health organizations who purchase homes in any of the eligible areas listed below. The program provides financial assistance in the form of interest free, second mortgage loans with repayment deferred for five years.

ELIGIBLE PROPERTIES
Single-family detached houses, townhouses, villas, and condominiums are eligible types of housing. The home must serve as the applicant's primary residence. Rental properties, vacation homes, second homes and mobile homes are not eligible.

Properties located inside the city limits of Clearwater, Largo, St. Petersburg, and Belleair Shore are not eligible for this program

The purchase price for the property cannot exceed $263,250 in Pinellas and Pasco Counties, and $243,000 in Polk County. This program does not displace existing renters; sellers must certify that a renter did not occupy the property at the time of contract signing.

ELIGIBLE APPLICANTS
Applicants must be full time employees of the Pinellas County school system, police, fire, emergency medical service personnel, hospital workers, 911 dispatchers, assisted living facility employees, pharmacy technicians, or active duty/reserve military personnel; holding any position with these organizations. Retirees of these job classes are also eligible.

The chart shows the maximum gross household income for program eligibility. Eligibility is based on household size. Household income is defined as all income, including asset income, from all household members.

LOAN AMOUNT AND TERMS
The maximum loan amount is $25,000. Repayment is deferred for five years. Beginning in year six, the loan is repaid at 0% interest, amortized over a maximum of thirty years. However, all loans will be amortized so that the monthly payment will be at least $25.00. Loan funds can be used to pay closing costs equivalent to three percent (3%) of the purchase price.

In general, the first mortgage lender’s documentation shall be sufficient, however, no assistance will be provided if the mortgage commitment carries excessive fees, adjustable rates, balloon payments, or interest rates that are higher than FHA rates for similar loans.

The loan amount combined with the first mortgage amount cannot exceed 107% of the value of the property. Outstanding balances are usually due and payable if the borrower sells, rents, leases or otherwise vacates the residence.

Loan Administration
Inquiries may be sent to the Housing Finance Authority at 600 Cleveland Street, Suite 800, Clearwater, FL 33755.

Review criteria and processing guidelines are determined and approved by the Housing Finance Authority. It is not practical to list all possible requirements and terms in this abbreviated format. Interested persons who need more information about the program should call the telephone number below.

Our goal is to offer the residents of Pinellas County the highest quality service possible.   We are always interested in any comments about the quality of our services or suggestions for ways to improve them.

Term Sheet