Hey there! Navigating the world of homeownership can be a bit overwhelming, especially when it comes to finding the right assistance programs. If you’re eyeing a home in Tarpon Springs, Florida, it’s essential to know about the available down payment assistance options to make your dream a reality.

Program Name

Pinellas County Down Payment Assistance Program

Source of Funding

Pinellas County Government

Eligibility Criteria

• Income Limits: For an individual, the annual income should be less than $53,500. For a family of four, the limit is $76,400.
• Primary Residence: The home must be your main place of residence.
• Asset Limits: Liquid assets should not exceed $50,000.
• Purchase Price Cap: The property’s purchase price must be $349,525 or less.
• Location: The property should be located in unincorporated Pinellas County or within an eligible service area. Note: St. Petersburg, Clearwater, and Largo have their own programs.

Benefits

• Financial Assistance: Eligible homebuyers can receive up to $75,000 in the form of an interest-free, deferred loan.
• Forgiveness Terms: For low-income households (51-80% AMI), the loan is fully forgiven after 30 years, provided the property remains the primary residence.

Potential Drawbacks

• Program Status: As of October 11, 2024, the program is no longer accepting applications. It’s uncertain when or if it will reopen.
• Property Restrictions: Not all areas within Pinellas County are eligible. Specifically, properties in St. Petersburg, Clearwater, and Largo are excluded from this county program.

Application Process

1. Homebuyer Education: Complete an 8-hour homeownership class approved by the U.S. Department of Housing & Urban Development (HUD).
2. Lender Engagement: Work with an approved lender who will submit the application on your behalf.
3. Property Selection: Ensure the chosen property meets all eligibility criteria, including location and price limits.

Program Type

Down Payment Assistance

Availability

The program was active until October 11, 2024. Current availability is uncertain.

More Information

For more details, visit the Pinellas County Down Payment Assistance Program page:
Pinellas County Website.

Alternative Option

If you’re considering other avenues, the Florida Hometown Heroes Housing Program is worth exploring. This state-wide initiative provides down payment and closing cost assistance to first-time, income-qualified homebuyers, especially those serving their communities.

• Eligible full-time workforce members employed by a Florida-based employer can receive up to 5% of the first mortgage loan amount (maximum of $35,000) in assistance.

Learn more at: Florida Housing Website

Remember, while these programs can significantly ease the financial burden of purchasing a home, it’s crucial to stay updated on their current status and availability. Engaging with local housing authorities or approved lenders can provide the most accurate and timely information.