| Purpose: |
The purpose of the Down Payment Assistance Program is to provide qualified first-time homebuyers a 0% interest loan to assist with purchasing a home. |
| Type of Loan: |
0% interest, deferred loan (second or third lien) |
| Assistance Amount: |
Up to $15,000 of assistance for households earning up to *120% of the area median income. This program is only available for eligible borrowers who are receiving a Home Key first mortgage.
*Households over 80% of the area median income must purchase a property within a target area. |
| Repayment: |
The second/third mortgage is a non-interest bearing loan with no monthly payments for five years. Repayment terms, following the five-year deferral period, range from two to twenty years depending upon the amount of the loan. |
| Income Guidelines: |
Household income must fall within income limits which are based on family size. |
| Location: |
This program is available in all areas of Pinellas County. |
| Property: |
New or existing single family home, primary residence (town homes and condos acceptable) Manufactured housing acceptable (permanent foundation & must contain a Department of Community Affairs (DCA) seal. |
| Sales Price: |
Not to exceed $240,158 |
| Community
Development | Housing Finance Authority