HomeTown Heroes
Information Statement

This program is made available through the Pinellas County Board of County Commissioners and is implemented through a contract with various community based processing agencies. The purpose of the HOMETOWN HEROES 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, cooperatives, and condominiums are eligible types of housing. Rental and income-producing properties are not eligible. The home must serve as the applicant's primary residence; vacation homes and second homes are not eligible.

Properties located inside the city limits of Clearwater, Largo, St. Petersburg, and Belleair Shore are not eligible for this program. Please contact those cities for information about programs they may offer.

The purchase price for the property cannot exceed $190,000. This program does not displace existing renters; sellers must certify that a renter did not occupy the property at the time of contract signing. Unless the property is a newly constructed home, applicants must obtain a home inspection to identify problems that may result in additional costs in the near future. The cost of the inspection may be included in the loan.

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 determined by household size. The household cannot earn more than the amount shown. Household income includes all income from all household members including employment income, interest income, social security, dividends, pensions, alimony, and child support. For convenience, the chart shows maximum incomes as hourly, monthly, and yearly amounts.

LOAN AMOUNT AND TERMS
The maximum loan amount is $20,000. Repayment is deferred for five years. Beginning in year six, the loan is repaid at 0% interest, amortized over a maximum of twenty years. However, all loans will be amortized so that the monthly payment will be at least $25.00. Although this is primarily a down payment assistance program, loan funds can be used to pay closing costs equivalent to three percent (3%) of the purchase price. Applicants must contribute a minimum of two percent (2%) of the purchase price; half of that amount may be gift funds.

Applicants must qualify for a first mortgage, demonstrating the ability to meet standard underwriting and lending guidelines. In general, the first mortgage lender’s documentation shall be sufficient to meet criteria for assistance under this program. However, no assistance will be provided if the applicant’s first mortgage commitment carries excessive fees, adjustable rates, balloon payments, or interest rates that are higher than FHA rates for similar loans.

The County's loan amount combined with the first mortgage amount cannot exceed 105% of the value of the property. Down payment assistance loans are not assumable. Outstanding balances are usually due and payable if the borrower sells, rents, leases or otherwise vacates the residence. However, the Department will work with subsequent buyers to determine if they qualify to assume the mortgage.

Loan Administration
This program is administered through non-profit processing agencies that are under contract to the County. To apply, contact one of the processing agencies listed below or Apply on-line Now!

Clearwater Neighborhood Housing Services (727) 442-4155
Local Community Housing Corporation (727) 937-4411
Meridian Community Services Group (727) 865-9610
Tampa Bay Community Development Corporation (727) 442-7075

All loan payments are sent to SunTrust Mortgage, Inc., the servicing agent for Pinellas County Community Development loans. All loan payments are due on the first day of each month. There is a 5% late fee for any payment that is over 15 days late.

Review criteria and processing guidelines are determined by Processing Agencies and approved by Pinellas County Community Development. 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.

Pinellas County Community Development
600 Cleveland Street, Suite 800
Clearwater, Florida 33755
Phone (727) 464-8210   Fax (727) 464-8254

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.