Hey there! I know that buying your first home can feel like a daunting journey, but there are programs designed to make it more attainable. Let’s talk about the City of Largo’s Homeownership Assistance Program, which could be a great resource for you.

Program Details

• Program Name: City of Largo Homeownership Assistance Program
• Source of Funding: This program is funded by the City of Largo, Florida, through its Housing Division.

Eligibility Criteria

• First-Time Homebuyer: You must not have owned a home in the past three years.
• Income Limits: Your household income should meet the program’s guidelines, which are based on the area’s median income.
• Property Location: The home you’re purchasing must be within the Largo city limits.
• Homebuyer Education: Completion of a HUD-approved homebuyer education course is required.

Benefits

• Down Payment Assistance: The program offers a 0% interest deferred loan to help cover down payment and closing costs.
• Loan Terms: The loan is deferred, meaning you don’t have to make monthly payments, and it becomes due upon sale, transfer, or refinancing of the property.

Potential Drawbacks

• Primary Residence Requirement: The property must be your primary residence; renting it out could violate the loan terms.
• Repayment Conditions: If you sell or refinance the home, the deferred loan becomes due in full.

Application Process

1. Pre-Approval: Contact a participating lender to get pre-approved for a mortgage.
2. Homebuyer Education: Complete a HUD-approved homebuyer education course.
3. Application Submission: Work with your lender to submit the Homeownership Assistance Program application to the City of Largo’s Housing Division.
4. Property Selection and Inspection: Find a qualifying home and have it inspected to ensure it meets program standards.
5. Closing: Upon approval, proceed with the home purchase, incorporating the assistance into your financing.

This program is a fantastic opportunity for eligible first-time homebuyers looking to plant roots in Largo. By providing financial assistance and educational resources, it aims to make the dream of homeownership more accessible.

Geographic Availability

This program is available exclusively within the city limits of Largo, Florida.

Sources

• City of Largo Downpayment Assistance Program
• Down Payment Assistance Increased – City of Largo