Frequently Asked Questions (FAQs)

1. What is the HFA?
2. How Can the HFA help me buy a home?
3. Do I have to be a First Time Homebuyer to use this program?
4. What is a Target Area?
5. Do I have to take an education class?
6. How do I apply for the First Time Homebuyers Program?
7. Can I purchase a condominium with the First Time Homebuyer Program?
8. Can I refinance my home using the First Time Homebuyer Program?
9. Are County funds used to fund the First Time Homebuyers Program?
10. How Can I find out about other housing programs offered by Pinellas County?

 

 

1. What is the HFA?
   

   The HFA is the Housing Finance Authority of Pinellas County (the HFA) an agency that helps families and individuals in Pinellas county purchase their first home. The HFA's mission is simple: to assure that financing for affordable housing remains available to the residents of Pinellas County. The organization was created by the Board of County Commissioners in 1982 and has issued over $1 Billion in bonds. The HFA has also provided funding for the development of affordable multi-family housing for residents who desire rental opportunities.

   
   
2. How Can the HFA help me buy a home?

   HFA's First Time Homebuyer program makes homeownership attainable and affordable. (1) Free homebuyer education classes can help you learn more about the exciting and awesome responsibility of owning a home. (2) A participating lender can discuss which program is most suitable for your particular situation. They can also give you a pre-approval so you will know how much mortgage you can afford. (3) HFA's affordable mortgage rates will help income eligible persons qualify for a loan.
   
   

3. Do I have to be a First Time Homebuyer to use this program?

   Yes, you must be a first time homebuyer, which means that you or your spouse cannot have owned a home in the last three (3) years, or are a Veteran, and you must live in the home. Also, there are income and purchase price limits that must be met.

4. What is a Target Area?

   Target Areas are census tracts that meet federal guidelines for economically distressed areas. New homes and newly renovated homes have often resulted in the revitalization of these areas.

    

   There are advantages of buying in a target area. (1) You do not have to be a First Time Homebuyer and (2) income and purchase price limits are higher, making this an affordable option for persons who may not meet income limits for other homebuyer programs.

5. Do I have to take an education class?

   Yes, Homebuyer education classes are required. The HFA encourages all First Time Homebuyers to take advantage of these FREE classes . These classes will answer many questions that you have about the home buying process. What do realtors do for you, what services do they provide? Which type of mortgage is right for your situation? What does it mean to pre-qualify for a mortgage? What are the major expenses you should plan on once you are a homeowner? These classes will also provide you with information to maintain your home and avoid losing it to foreclosure.

6. How do I apply for the First Time Homebuyers Program?

   Call (727) 464-8210 to be referred to one of our approved participating lenders. Your lender will qualify you for the program and take you through the entire home buying process.

7. Can I purchase a condominium with the First Time Homebuyer Program?

   Yes, condominiums are acceptable.

8. Can I refinance my home using the First Time Homebuyer Program?

   No, the program is for first time homebuyers only.

9. Are County funds used to fund the First Time Homebuyers Program?

   No. The First Time Homebuyer Program is funded through the issuance of bonds.

10. How Can I find out about other housing programs offered by Pinellas County?

    For more information on purchasing or renovating your home contact the Pinellas County Community Development Department at (727) 464-8210.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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