What is the Pinellas County HFA First-Time Homebuyer Program? | Up to $12,000 in Aid

Buying your first home in Pinellas, Pasco, or Polk Counties just got easier with the HFA First-Time Homebuyer Program.

This initiative offers up to $12,000 in financial aid to help with down payment and closing costs, making homeownership more accessible.

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Discover how this program works and if you qualify for this opportunity.

What is the Pinellas County HFA First-Time Homebuyer Program?

The Pinellas County HFA First-Time Homebuyer Program is designed to help eligible residents achieve homeownership with financial support.

It offers up to $12,000 in down payment and closing cost assistance through a deferred second mortgage.

Pinellas County provides up to $12,000 in assistance, while Pasco and Polk Counties offer up to $8,000.

Qualified applicants must meet income and credit score requirements and complete a Homebuyer Education class.

The program is available for FHA, VA, RD, and Freddie Mac loans with competitive interest rates.

By partnering with approved lenders and realtors, this program provides a streamlined path to owning a home in Pinellas County.

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Program Benefits

The Pinellas County HFA First-Time Homebuyer Program offers a range of benefits to make homeownership more accessible and affordable for eligible buyers.

• Up to $12,000 in Financial Assistance: Provides funds for down payment and closing costs through a deferred second mortgage.
• Competitive Interest Rates: Offers low rates for FHA, VA, RD, and Freddie Mac loans.
• No Monthly Payments on Assistance: The second mortgage is deferred with 0% interest, repayable only upon selling, refinancing, or vacating the property as a primary residence.
• Homebuyer Education: Mandatory classes help buyers understand the homebuying process and avoid costly mistakes.
• Flexible Eligibility: Open to first-time homebuyers, veterans, or those who haven’t owned a home in the last three years.
• Targeted Area Incentives: Higher purchase price limits and income thresholds in designated areas.
• Access to Approved Lenders: Streamlined support from lenders familiar with the program requirements.

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Requirements for Eligibility

To qualify for the Pinellas County HFA First-Time Homebuyer Program, applicants must meet the following requirements:

• First-Time Buyer Status: Applicants must be first-time homebuyers, veterans, or individuals who haven’t owned a home in the past three years.
• Minimum Credit Score: A credit score of at least 660 is required.
• Income Limits: Household income must fall within the program’s specified limits for target and non-target areas.
• Primary Residence: The purchased home must be used as the buyer’s primary residence for the duration of the loan.
• Homebuyer Education: Completion of an approved Homebuyer Education class is mandatory.
• Approved Lender: Applicants must work with a lender from the program’s Approved Lender List.
• Maximum Purchase Price: The home must fall within the program’s maximum purchase price limits based on the area.

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Income Limits and Purchase Price Limits

To qualify for the Pinellas County HFA First-Time Homebuyer Program, your household income must fall within these limits:

Pinellas & Pasco Counties

• 1-2 family members: Up to $95,500 in non-target areas; $114,600 in target areas.
• 3+ family members: Up to $109,825 in non-target areas; $133,700 in target areas.
• Maximum home price: $510,939 (non-target) or $624,481 (target).

Polk County

• 1-2 family members: Up to $91,680 in non-target areas; $106,320 in target areas.
• 3+ family members: Up to $106,960 in non-target areas; $124,040 in target areas.
• Maximum home price: $510,989 (non-target) or $624,481 (target).

Check if your income qualifies to take the first step toward homeownership!

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Frequently Asked Questions

If you're considering the Pinellas County HFA First-Time Homebuyer Program, here are answers to some additional questions that may help you navigate the process:

1. Can I combine this program with other assistance programs?
   Yes, you may be able to combine this program with other local or state homebuyer assistance programs, depending on eligibility requirements.

2. Is the assistance available for newly built homes?
   Yes, the program applies to both newly built and existing homes as long as they meet the purchase price limits and are used as your primary residence.

3. What happens if I need to refinance my mortgage?
   If you refinance, the second mortgage assistance will need to be repaid.

4. Do mobile or manufactured homes qualify for this program?
   No, mobile and manufactured homes are not eligible; the home must be a single-family residence, townhome, or approved condo.

5. How long does it take to complete the process?
   The timeline depends on your lender, but it typically takes 30-60 days from pre-approval to closing.

6. Can I qualify if I have student loans?
   Yes, you can qualify as long as your total debt-to-income ratio meets the program's lender guidelines.

7. What happens if my income changes after I qualify?
   Income changes after pre-approval typically do not affect your loan, but it’s essential to stay in communication with your lender.

8. Are there any restrictions on the location of the home?
   Yes, the home must be located in Pinellas, Pasco, or Polk Counties and meet the target or non-target area guidelines.

9. Is there a deadline to apply for the program?
   The program operates on a first-come, first-served basis, so funding availability may vary.

10. What happens if I move out of the home?
    If you move out or rent the home, the second mortgage assistance must be repaid immediately.

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Next Steps

Start by checking your eligibility for the Pinellas County HFA First-Time Homebuyer 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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