2011A Single Family MRB Program
| PROGRAM FUNDS | $20,000,000 |
| ELIGIBLE AREAS | Pinellas, Pasco and Polk Counties. |
| ELIGIBILITY CRITERIA | - First-time Homebuyers – All Borrower(s) & Spouses(occupant or non-occupant) - Must be able to permanently reside in the U.S. - Principal residence - Borrower(s) must occupy property within 60 days of closing - IRS filed returns for past 3 yrs – all borrower(s) & spouses |
| ELIGIBLE LOAN TYPES | FHA, VA, USDA-RD, Fannie Conventional |
| AVAILABLE DOWN PAYMENT ASSISTANCE | Second mortgage loan options are available for Pinellas, Polk and Pasco. Pinellas offers two options, depending on the household income. Must be used for down payment and closing cost. Cash Back is not allowed. |
| INCOME LIMIT CRITERIA | Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older. Pinellas & Pasco: - 1-2 person HHLD max = $71,280 - 3+ person HHLD max = $83,160 Polk: - 1-2 person HHLD max = $63,240 - 3+ person HHLD max = $73,780 |
| HOME ACQUISITION LIMITS | Pinellas & Pasco: Non-Target: $263,250 Targeted: $321,750 Polk: Non-Target: $243,945 Targeted: $298,155 |
| HOME BUYER EDUCATION | Required for ALL named on the Warranty Deed. Must be HUD approved. Please onfirm on HUD’s Homebuyer Education Providers. |
| FICO SCORE REQUIREMENT | Mid score must be 640 or higher |
| CO-SIGNERS | Cosigners are permitted for FHA/VA loans. Cannot be named on the Warranty Deed. |
| LOAN TIME LINE REQUIREMENTS | There are 60 days from the day the loan is reserved, until all exceptions are cleared on the loan. |
| LENDER PARTICIPATION | Click here. |
| FORMS AND DOCUMENTATION | View Forms and Documentation. |
| OTHER | For additional information, please See Program Guidelines. |
Current Rates
- 4.00% - FHA, VA, USDA-RD (RHS)
- 4.225% - Fannie Conventional
- No origination or discount
- Term: 30 Year Amortizing
DPA – Based on HH Income
- Pinellas – has two options depending on household income
– Upto $5,000 DPA/closing costs, 0%, Deferred until sold (lower incomes for hhld)
– Upto $5,000 DPA/closing costs, 4.50% rate, Repayable over 30 years - Pasco- 30 Year, 4.50% rate amortizing mortgage loan for DPA/closing costs up to 5,000
- Polk – 30 Year, 4.50% rate amortizing mortgage loan for DPA/closing costs up to 5,000
Program Updates
- Please be advised that on Thursday, May 3rd, the interest rate for the HFA of Pinellas County Home Key First Mortgage will be increased to 4.00% for Government loans and 4.225% for Conventional.
This change will be effective for all NEW reservations May 3rd and after.
As a reminder, the program was extended to September 30, 2012.
Extensions will be subject to a fee.
Lender F.A.Q.
I am a lender and I have questions. Who can I contact?
If you have any questions, please refer to the Compliance Contact Directory.
Homebuyer F.A.Q.
I am interested in pre-qualifying for the First Time Homebuyer Program, Where can I do so?
Call (727) 464-8210 to be referred to one of our approved participating lenders. Your lender will qualify you for the program and take you through the entire home buying process.
What is the HFA?
The HFA is the Housing Finance Authority of Pinellas County (the HFA) an agency that helps families and individuals in Pinellas county purchase their first home. The HFA’s mission is simple: to assure that financing for affordable housing remains available to the residents of Pinellas County. The organization was created by the Board of County Commissioners in 1982 and has issued over $1 Billion in bonds. The HFA has also provided funding for the development of affordable multi-family housing for residents who desire rental opportunities.
How Can the HFA help me buy a home?
HFA’s First Time Homebuyer program makes homeownership attainable and affordable. (1) Free homebuyer education classes can help you learn more about the exciting and awesome responsibility of owning a home. (2) A participating lender can discuss which program is most suitable for your particular situation. They can also give you a pre-approval so you will know how much mortgage you can afford. (3) HFA’s affordable mortgage rates will help income eligible persons qualify for a loan.
Do I have to be a First Time Homebuyer to use this program?
Yes, you must be a first time homebuyer, which means that you or your spouse cannot have owned a home in the last three (3) years, or are a Veteran, and you must live in the home. Also, there are income and purchase price limits that must be met.
What is a Target Area?
Target Areas are census tracts that meet federal guidelines for economically distressed areas. New homes and newly renovated homes have often resulted in the revitalization of these areas. There are advantages of buying in a target area. (1) You do not have to be a First Time Homebuyer and (2) income and purchase price limits are higher, making this an affordable option for persons who may not meet income limits for other homebuyer programs.
Can I purchase a condominium with the First Time Homebuyer Program?
Yes, condominiums are acceptable.
Can I refinance my home using the First Time Homebuyer Program?
No, the program is for first time homebuyers only.
How Can I find out about other housing programs offered by Pinellas County?
For more information on purchasing or renovating your home contact the Pinellas County Community Development Department at (727) 464-8210.
Are County funds used to fund the First Time Homebuyers Program?
No. The First Time Homebuyer Program is funded through the issuance of bonds.
Please check back soon for system training updates.
To register for Pinellas Pinellas County HFA Flex Training, please click here. For additional information on Lender Flex Training, please visit our Flex Training F.A.Q.
Note: Flex Training is available only on Tuesdays between 7 AM – Midnight in all time zones.
