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Pinellas County Community Development Down Payment Assistance Program

Special Alert

Program limited to unincorporated areas.

Maximum Purchase Price

$349,525

Contact Info:

http://www.pinellascounty.org/community/homebuyers.htm 440 Court Street, Clearwater, FL 33756 727-464-8210

Limitations

Applications must be submitted by the lender. THE BORROWER MAY NOT APPLY DIRECTLY FOR THIS PROGRAM. Applications should be submitted to the Community Development Division through the Neighborly Software portal. Any loan proceeds remaining in excess of $100 must be applied as a principal-reduction to the new loan balance. Fixed rate, first mortgages with an interest rate that is no more than 1.5% above the “average prime offer rate” reported by the Federal Financial Institutions Examinations Council (http://www.ffiec.gov). After closing there are financial resources of at least 1 times the total monthly housing expenses, including principal, interest, taxes, insurance, and any association fees.

Credit Score Requirements

Pinellas County does not require a minimum credit score. Based on 1st mortgage requirements.

Deferred Payments?

No

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

Homeowners Education Class:

Required

Is Forgivable?

No forgiveness

Location:

1 County: Pinellas Property must be located in unincorporated Pinellas County.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2022 80% AMI guidelines Applicants must have an annual income at or below 80% of Area Median Income (AMI). All household income of persons 18 years & older, who will reside in the property, must be included.

Maximum Assistance

$50,000 The maximum loan amount is up to $50,000.00 (cost associated with program requirements will be included in this amount to include but not limit to recording fees, doc stamps, inspection cost.). $50,000 for income 50% – 80% AMI. $25,000 for income up to 120% AMI.

Education Requirements Info:

Homebuyers are required to attend an 8-hour HUD-approved Homebuyer Education Workshop and a one-on-one Financial Fitness session. A certificate of completion will be required for both, prior to closing. Certificate of Completion is valid for twelve (12) months. The following agencies may offer such courses: • Bright Community Trust, Inc……………………………………………………..Phone: 727-475-1366 • Catholic Charities of St. Petersburg…………………………………………..Phone: 727 893-1313 x161 • Clearwater Neighborhood Housing Services, Inc. ………………………Phone: 727-442-4155 • Consumer Credit and Budget Counseling………………………………….Phone: 866-395-5769 • St. Petersburg Neighborhood Housing Services…………………………Phone: 727-821-6897 For a list of HUD-approved pre-purchase and post-purchase (financial fitness) workshops, please visit: HUD Housing Counseling Services: https://hudgov-answers.force.com/housingcounseling/s/

Eligible Property Types:

Single Family Detached Condo Townhome/PUD

Income By Household Size:

HH1HH2HH3HH4HH5HH6HH7HH8 $46,000$52,600$59,150$65,700$71,000$76,250$81,500$86,750 *Income limits as of 05/08/2023

Qualifying Ratios:

Determined by first mortgage product or lender.
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