Pinellas County
Housing Finance Authority of Pinellas County
HomeKey First-Time Buyer Program
ELIGIBLE AREAS – Pinellas County
ELIGIBILITY CRITERIA* –
- Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
- Buyers must live in the property as their principal residence and the property may never be rented.
DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% second mortgage, up to $12,000 in Pinellas County and up to $8,000 in Pasco County and Polk County. The assistance may be used for down payment and closing costs. The second mortgage is never forgiven and must be paid when the first mortgage is repaid, sale, short-sale, foreclosure or if the borrower ceases to live in the property.
INCOME LIMIT CRITERIA – Program qualifying income considers the income of borrowers and their spouses (regardless of spouse’s occupancy of the primary residence and whether or not a party to the loan) AND all household members 18 years of age or older (related or unrelated).
FHA, USDA-RD, VA,and Freddie Mac Loans :
1 - 2 person household: $95,500 (Non-Targeted Areas) $114,600 (Targeted Areas)
3 or more person household $109,825 (Non-Targeted Areas) $133,700 (Targeted Areas)
Freddie Mac with income 80% AMI Loans:
All household sizes $73,600
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf.
$510,939 (Non-Targeted Areas) $624,481 (Targeted Areas)
WHAT IS A NON-TARGETED AREA AND TARGETED AREA?
A majority of Pinellas County is considered a non-target area.However, there are targeted areas identified by HUD (by specific census tract number) as areas of economic distress or have low loan origination. When you purchase a home in a Targeted Area you do not need to be a first-time buyer, some of the income limits are higher and the purchase price limit is higher. To view a list of a HUD approved Targeted Area census tracts in Pinellas County and maps, click on this link.
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 - Minimum FICO credit score of 660.
ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - Minimum FICO credit score of 660.
WHAT'S THE NEXT STEP?
If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
Approved Lender List