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City of Largo (Sold On Largo) Down Payment and Purchase Assistance Program

Special Alert

RSVP by 6/1/2023 for HOPE EXPO held on 6/10/2023 for potential homebuyers. Attendance is required to receive a Homeownership Counseling Certificate and qualify for certain down payment assistance programs. To learn more and register, visit http://HOPEEXPO.org. (sponsored by City of Largo)

Maximum Purchase Price

$349,525

Contact Info:

https://www.largo.com/services/residents/housing_assistance/resources.php 201 Highland Ave N , Largo, FL 33770 727-587-6700

Limitations

Buyer must be a first-time home buyer (have not owned a home in the past 3 years); or lost primary home to a natural disaster and want to purchase a home (even if owned home less than 3 years ago); or Is fleeing from domestic violence and want to purchase a home (even if owned home less than 3 years ago). Max purchase price for existing homes is $278,000 and for new construction is $349,525.

Credit Score Requirements

Based on 1st mortgage requirements.

Deferred Payments?

Yes, for 20 years

Accepted First Mortgage Type:

Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA, USDA / RD

Homeowners Education Class:

Required

Is Forgivable?

These loans are interest-free. For a 20 year period no payment is required as long as the property stays with the original borrower or until the property is sold, rented or the home is used for collateral. If the first mortgage is paid off, refinanced (with cash out to the borrower) or assumed then the assistance loan is due. At the end of the 20 year period,the City will evaluate if the client can make payments or if loan needs to be re-deferred for additional 10 years.

Location:

Largo Home must be located in Largo City Limits (household does not have to currently live in City limits).

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2022 140% AMI guidelines Must count income from ALL household members 18 years and older. HOME funds serve 80% AMI and below. SHIP funds serve 81% – 140% AMI. NOTE: Our program model will reflect the highest income category of 140% AMI (Pinellas County).

Maximum Assistance

$55,700 Assistance Amounts vary based on income category of applicants: Up to $55,700 for households below 80% median income Up to $40,000 for households with income between 81-120% median income (NO FUNDING) Up to $15,000 for households with income between 121-140% median income (Limited funding)

Education Requirements Info:

Applicants for the Sold-on-Largo program must complete an Homebuyer Education class, Financial Fitness class and a one-on-one housing counseling session for eligibility for the program. The City contracts with two agencies to provide these classes/counseling: Visit the links below for more information: Homebuyer Classes Suncoast Housing Connections: https://suncoasthousingconnections.org/ National Foundation for Debt Management: https://largohousing.org/ Budgeting / Credit Counseling One-on-One counseling is available through Suncoast Housing Connections and National Foundation for Debt Management to help prepare you for home ownership. Homebuyer education certificates from other HUD-approved housing counseling agencies will be accepted. Please visit the HUD Housing Counseling website to find other approved agencies: https://hudgov-answers.force.com/housingcounseling/s/

Eligible Property Types:

Single Family Detached Condo Townhome/PUD

Income By Household Size:

HH1HH2HH3HH4HH5HH6HH7HH8 $80,500$91,980$103,460$114,940$124,180$133,420$142,660$151,760 *Income limits as of 05/26/2023

Qualifying Ratios:

Housing Ratio: Between 25% and 35% Total DTI: Up To 45% A household must have a PITI ratio no less than 25% and no greater than 35%. A household’s DTI ratio cannot exceed 45% to be considered affordable and eligible for assistance (regardless of whether or not the lender has approved the file with higher ratios).
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