Polk County

POLK COUNTY

First-time buyers in Polk County have 2 great options! Please choose one of the options listed below.

Option #1
Housing Finance Authority of Pinellas County AND Housing Finance Authority of Polk County
HomeKey First-Time Buyer Program

ELIGIBLE AREAS – Polk County

ELIGIBILITY CRITERIA* –

1. Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US.
   Buyers must live in the property they purchase as their principal residence.
   All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
   Buyers must occupy the property purchased within 60 days of closing.
   Buyers must live in the property as their principal residence and the property may never be rented.

   * See loan officer for additional information

   DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% second mortgage, up to $7,500. Must be used for down payment and closing cost. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.
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   INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s) listed on the 1003 Loan Application only,

   1. 1 – 2 person household $70,800

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   2. 3 or more person household $82,600

   MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer’s behalf.
   $255,573
   HOMEBUYER EDUCATION – First-Time Homebuyers must complete a Program-approved pre-purchase homebuyer education course. Please speak with a participating lender for details.

   ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.

   CREDIT SCORE – FICO mid score must be 660 or higher.

   DTI – ,/The maximum debt-to-income (DTI) ratio is 45%.

   Option #2
   Pinellas First with HHF DPA Program (Multi-county program that includes Polk County)
   ​First-Time Buyer Program

   ELIGIBLE AREAS –Polk County

   ELIGIBILITY CRITERIA* –

   1. Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US.
   2. Buyers must live in the property they purchase as their principal residence.
   3. All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
   4. Buyers must occupy the property purchased within 60 days of closing.
   5. Buyers must live in the property as their principal residence and the property may never be rented.

   * See loan officer for additional information

   DOWN PAYMENT ASSISTANCE –5 year forgivable, 0.00% second mortgage, up to $15,000. Must be used for down payment and closing cost. The second mortgage is forgiven 20% each year and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property. After the fifth year the second mortgage is completely forgiven.
   ​
   INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.

   1. 1 – 2 person household $59,000

   ​

   2. 3 or more person household $67,850

   MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer’s behalf.
   $253,809

   HOMEBUYER EDUCATION – First-Time Homebuyers must complete a Program-approved pre-purchase homebuyer education course. Please speak with a participating lender for details.

   ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.

   CREDIT SCORE – FICO mid score must be 660 or higher.

   DTI – The maximum debt-to-income (DTI) ratio is 45%.

   CO-SIGNERS – Not allowable in this program.