
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
ELIGIBILITY CRITERIA* –
* 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.
INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s) listed on the 1003 Loan Application only,
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
ELIGIBILITY CRITERIA* –
* 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.
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.