Polk County
Housing Finance Authority of Pinellas County AND Housing Finance Authority of Polk County HomeKey First-Time Buyer Program
ELIGIBLE AREAS – Polk 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 $8,000. Must be used for down payment and closing cost. 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 – The income of all household members must be used to determine program eligibility
FHA, USDA-RD, VA,and Freddie Mac Loans :
1 - 2 person household: $99,874 (Non-Targeted Areas) $114,360 (Targeted Areas)
3 or more person household $114,855 (Non-Targeted Areas) $133,420 (Targeted Areas)
Freddie Mac with income 80% AMI Loans:
All household sizes $66,640
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf.
$544,232 (Non-Targeted Areas) $665,173 (Targeted Areas)
WHAT IS A NON-TARGETED AREA AND TARGETED AREA?
A majority of Polk 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 Polk 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 - For FHA, VA, RD loans: minimum FICO credit score of 660; for Freddie Mac HFA Advantage buyers: minimum FICO credit score of 640
ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - For FHA, VA, RD loans: minimum FICO credit score of 660; for Freddie Mac HFA Advantage buyers: minimum FICO credit score of 640
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