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Housing Finance Authority (HFA) of Pinellas County – 2020A Home Key Bond Program (Multi-County) – Targeted Areas

Special Alert

Program limited to homes in targeted census tract areas.

Maximum Purchase Price

$427,198

Contact Info:

http://www.pinellascounty.org/hfa 26750 US Hwy 19 N #110, Clearwater, FL 33761 727-223-6419

Limitations

Retail, Wholesale

Credit Score Requirements

Minimum Credit Score: 660

Deferred Payments?

Accepted First Mortgage Type:

Freddie Mac HFA Advantage, FHA 203(b), VA, USDA / RD

Homeowners Education Class:

Required

Is Forgivable?

Location:

3 Counties: Pasco, Pinellas, Polk Program is limited to homes in certain census tracts. Pasco County- 0304.10, 0305.01, 0308.00, 0310.09, 0314.08, 0318.07, 0324.02, 0326.01, 0330.09, 0330.12 Pinellas County- 0205.00, 0208.00, 0216.00, 0245.01, 0246.02, 0247.03, 0255.05, 0262.00, 0268.18 Polk County- 0112.04, 0114.00, 0117.04, 0120.02, 0123.05, 0131.03, 0133.00, 0134.00, 0136.00, 0139.01, 0141.04, 00143.01, 0154.05, 0158.01, 0164.00

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2022 guidelines Freddie Mac/FHA/VA/USDA – 115+ AMI Underwriters should remember that CALCULATION OF PROGRAM (COMPLIANCE) INCOME IS DIFFERENT THAN CALCULATION OF INCOME FOR CREDIT PURPOSES. The Bond program requires that underwriters consider the income of borrowers and their spouses (regardless of their address) and all household members 18 years of age or older(related or unrelated). See program guidelines for Compliance Income Calculation requirements: https://www.ehousingplus.com/available-programs/florida/pinellas/

Maximum Assistance

Education Requirements Info:

Borrowers who have owned homes in the last three years are exempt from the homebuyer education classes. All other Borrowers who have not been homeowners in the last three years are not exempt even if purchasing in targeted areas or using the Veteran’s Exception. They must attend homebuyer education from an educational provider approved by the Issuer. The Issuer prefers that education be taken as early in the homebuyer process as possible to maximize the benefit to the borrowers. A Homebuyer Education Certification is acceptable for a period of one year from issuance. Lender provided homebuyer education is unacceptable as is over the phone education.

Eligible Property Types:

Single Family Detached Condo Townhome/PUD Modular Home

Income By Household Size:

HH1-2HH3-8 $98,520$114,940 *Income limits as of 05/01/2023

Qualifying Ratios:

Housing Ratio: — Total DTI: Up To 50% The program maximum DTI ratio is 45% for all loan products with 660 – 679 FICO. The program maximum DTI ratio is 50% for all loan products with a 680+ FICO.
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