What is the Manatee County HFA Home Ownership Program? | $15,000 in Assistance

Are you curious about how the Manatee County HFA Home Ownership Program can help you buy your first home?

This article breaks down everything you need to know about the program, including the $15,000 in assistance it offers for down payments and closing costs.

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Keep reading to learn how this program works, who qualifies, and how it can make homeownership more affordable for you.

An Overview of Manatee County HFA Down Payment Assistance

The Manatee County HFA Home Ownership Program is designed to assist first-time homebuyers with the financial challenges of purchasing a home.

It provides a 30-year fixed-rate mortgage alongside up to $15,000 in down payment and closing cost assistance through a 0% deferred second mortgage.

Qualified buyers may also receive a Mortgage Credit Certificate, allowing them to claim 20% of their annual mortgage interest as a tax credit.

The program has specific eligibility criteria, including income limits and credit score requirements, and supports the purchase of various property types in Manatee County.

By reducing upfront costs and offering ongoing tax benefits, the program helps make homeownership more affordable.

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Program Benefits

• Up to $15,000 in down payment and closing cost assistance.
• 30-year fixed-rate mortgage with affordable terms.
• 0% interest second mortgage, deferred for 30 years.
• Mortgage Credit Certificate offering annual tax savings.
• Supports various home types in Manatee County, including single-family homes, condos, and townhomes.

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Requirements for Eligibility

• Must be a first-time homebuyer (or qualified veteran).
• Minimum FICO score of 640 required.
• Income limit up to $145,500, depending on household size.
• Must meet standard credit and loan eligibility criteria.
• Home must be in Manatee County and used as a primary residence.

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Purchase Price Limits 

The Manatee County HFA Home Ownership Program sets specific purchase price limits to ensure affordability for eligible homebuyers.

• Non-Targeted Areas: $561,333
• Targeted Areas: $686,073

For non-targeted areas, the maximum purchase price is $561,333, while targeted areas allow up to $686,073.

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Mortgage Credit Certificate (MCC)

The Manatee County HFA Program offers a Mortgage Credit Certificate (MCC) to qualified borrowers, providing a tax credit equal to 20% of their annual mortgage interest.

The remaining 80% of the interest remains deductible.

This benefit is available for the life of the loan, as long as the borrower owns the home and maintains the first mortgage.

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Frequently Asked Questions (FAQs) 

1. Can I combine the down payment assistance with other grants or programs?
Yes, you may be able to combine the Manatee County HFA assistance with other local or state programs, provided the guidelines of both programs allow it. Check with your lender for compatibility.

2. Is there a penalty for paying off the second mortgage early?
No, there is no prepayment penalty for paying off the 0% deferred second mortgage before the 30-year term ends.

3. What happens if I refinance my first mortgage?
If you refinance, the $15,000 second mortgage becomes due and payable at that time.

4. Can I use the program to purchase an investment property or vacation home?
No, the property must be used as your primary residence to qualify for this program.

5. Are there any fees associated with the program?
Lenders may charge up to a 1.0% origination fee, but no discount points are allowed. Be sure to ask your lender for a breakdown of any additional costs.

6. What is the process for obtaining an MCC?
The lender will handle the application for the Mortgage Credit Certificate as part of your loan process. Ensure you inform your lender that you’re interested in receiving the MCC.

7. What types of properties are eligible?
Eligible properties include new or existing single-family homes, condos, townhomes, or Planned Unit Developments (PUDs) located within Manatee County.

8. Can I apply for the program if I’ve owned a home before?
If you’re a qualified veteran, the first-time homebuyer requirement is waived. Otherwise, you must not have had ownership interest in a primary residence in the past three years.

9. How long does it take to close on a loan with this program?
Closing times vary depending on the lender, but the process is generally similar to traditional mortgage timelines. Be sure to start early, as funds are available on a first-come, first-served basis.

10. What happens if I no longer live in the home?
If the home is sold, rented, or ceases to be your primary residence, the second mortgage becomes due in full.

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Next Steps

Start by checking your eligibility for the $15,000 Manatee County Down Payment and Closing Cost Assistance Program. Confirm that you meet the basic requirements, including income limits and credit score criteria, and that the program is available for your desired property.

Once eligible, connect with a participating lender who will guide you through the application process, verify your qualifications, and help you secure the assistance.

After your loan is approved and any required steps, such as a homebuyer education course, are completed, the assistance will be applied at closing to reduce your upfront costs.

Take the first step today by confirming your eligibility!

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