Downpayment Assistance Programs for Pinellas County.

LEVELS OF ASSISTANCE: *

* CDC's loan amount (as shown below) will be reduced at closing if the Borrower is
receiving any cash back. CASH BACK AT CLOSING IS NOT PERMITTED BY CDC'S FUNDING SOURCES - under any circumstances.

a)   Unincorporated Pinellas:   $ 10,000 (Level A - Less than 50% MFI)
                                                $ 10,000 (Level B - 50.01% - 80% MFI)

     Hometown Heroes:    $ 20,000 (Less than 80% MFI only)

       (Hometown Heroes are defined as any individual who is employed by a Police
            Department, Fire Department, Hospital or Public School Board)

b)   Sold on Largo/City of Largo:  (After October 1, 2008) **

                       $ 35,000 (Level A - Less than 50% MFI)
                       $ 25,000 (Level B - 50.01% - 80% MFI)
                       $ 10,000 (Level C - 80.01% - 120% MFI) - Target areas only

** At the present time, The City of Largo has used all its funding for the current fiscal year. New funding will become available after October 1, 2008.  Please visit the Hot Off the Press Page in case funding becomes available sooner.

c)   City of Clearwater:                  Level A (Less than 50% MFI) - Minimum of $10,000 ***
                                                     Level B (50.01% - 80% MFI) - Minimum of $9,000 ***

Effective 7/08, the City of Clearwater has released $100,000 for Borrowers with incomes between 80.01% and 120% MFI. These properties must be in target areas. Please contact CDC for further information.

*** The amount of Assistance from the City of Clearwater depends on the following factors:

   a)    The Borrower's level of income (Level A or B as noted below)
   b)    Whether the property is or is not located in a Target Area
   c)    Whether the property has had safety/code upgrades or repairs in the past 12 months.
          Cosmetic repairs (new carpet, paint, etc.) are not qualified. Repairs to plumbing,
          electrical, roof, etc. are considered to be eligible.
   d)    If the property is existing or newly-built

INCOME LIMITS: NEW FOR 2008 !!!

MINIMUM INCOME: $18,000 ($1,500 per month)

MAXIMUM INCOME: * MFI - Median Family Income

Level A

Level B

(50% MFI) *

(80% MFI)

1 Person

$19,800

$31,650

2 People

$22,600

$36,150

3 People

$25,450

$40,700

4 People

$28,250

$45,200

5 People

$30,500

$48,800

6 People

$32,750

$52,450

7 People

$35,050

$56,050

8 People

$37,300

$59,650

INTEREST RATE:Interest Free

REPAYMENT TERMS:

a) Unincorporated Pinellas: No payments for the first 5 years. After 5 years,
the loan begins to be repaid for a period of up to 10 years. Maximum payment is $83.33.

b) Sold on Largo/City of Largo: Assitance loans are due when the property is sold or rented,
or when the Mortgage is paid, refinanced or assumed.

c) City of Clearwater: Assistance loans are due when the property is sold or rented, or
when the Mortgage is paid, refinanced, or assumed. Effective 1/1/06, the City of
Clearwater has adopted a SHARED EQUITY PROVISION in their Mortgage. If the
Borrower sells their home in the first 7 years, a portion of the net profit may have to be
shared with the City of Clearwater. The amount to be shared depends on the year of the
sale:

     Through the end of the 2nd year:    75% of net appreciation
     Year 3 to the end of the 5th year:   50% of net appreciation
     Year 6:   30% of net appreciation
     Year 7:   10% of net appreciation

To read all the requirements of the City's Shared Equity Program, visit the Forms and Brochures Page to download the Shared Equity Disclosure.

PROPERTY LOCATION: The property being purchased can be located ANYWHERE IN PINELLAS COUNTY, EXCEPT within the City limits of ST. PETERSBURG.

(To verify the jurisdiction of a property, call the Property Appraiser's Office at (727) 464-3207 or visit their website at: http://pao.co.pinellas.fl.us)

TARGET AREAS:

City of Clearwater: CLICK HERE FOR TARGET AREA MAPS

Unincorporated Pinellas County: CLICK HERE FOR TARGET AREA MAPS

MAXIMUM SALES PRICE:
         (Please note: Appraised value cannot be less than Sales Price)

a)   City of Clearwater: $180,000 (New or Existing Property)
b)   City of Largo: $190,000 (New or Existing Property)
c)   Urban Pinellas County: $190,000 (New or Existing property)

ELIGIBLE PROPERTY TYPES: Single-family residences, condominiums, or townhouses.

INELIGIBLE PROPERTY TYPES: 2-4 family, rental properties, co-ops, manufactured and mobile homes are ineligible under this program. If the property is located within the City limits of Largo, it cannot be located in a Flood Zone.

BORROWER REQUIREMENTS:

a) City of Largo/Sold on Largo:The Borrower must be a First-Time Homebuyer who has not
owned a property in the past three (3) years.

b) Unincorporated Pinellas County: The Borrower is not required to be a First-Time
Homebuyer. It is preferred that the Borrower not own property at the time of application.
If the Buyer does own a property, CDC must verify that this property will be sold or
rented (with a copy of either the lease or closing statement), and that the new property
being purchased will be the Buyer's primary residence. If the Buyer will be leasing a
property, the full amount of monthly rent must be included in Annual Household Income.

If the Borrower has previously received Downpayment Assistance from Pinellas
County, they are ineligible to receive assistance again.

c) City of Clearwater:The Borrower is not required to be a First-Time Homebuyer to qualify
for Assistance, but they cannot own a property at the time of application. In addition, if
the Borrower has received Assistance from the City within the past 5 years, they
are ineligible to receive assistance.

BORROWER CONTRIBUTION:

a)   City of Largo/Sold on Largo: The City will require the same contribution amount as the
First Mortgage Lender, and it can come from any source that is acceptable to the Lender
(i.e. Assistance, from a gift, from the Seller, etc)

b)   Unincorporated Pinellas: A 2% contribution must be made. 1% of the contribution can
come from gift funds and the other 1% must come from the Borrower's own funds. If no gift funds are being used, the Borrower must contribute the full 2% from their own funds.

c)   City of Clearwater: The Borrower must contribute 2% of the sales price towards the
loan. This must be from their own funds and cannot be from a gift or costs paid by the
Seller.

HOMEOWNERSHIP SEMINAR: You must attend a County-approved HomeOwnership Seminar prior to closing. A copy of the Certificate must be provided to CDC. PLEASE NOTE: ON-LINE COURSES OR TELEPHONIC COURSES ARE NOT ACCEPTABLE. If the Certificate is over 18 months old, the Borrower must attend another Workshop.

PLEASE NOTE: THE CERTIFICATE RECEIVED AT THE WORKSHOP IS NOT AN APPROVAL FOR DOWNPAYMENT ASSISTANCE OR FINANCING. All Borrowers must still complete an application and meet the applicable County, City or State eligiblity criteria.

For a schedule of these Programs, click here

TITLE COMPANY REQUIREMENTS:

The TITLE COMPANY MUST BE LOCATED IN PINELLAS, PASCO OR HILLSBOROUGH COUNTY. Due to funding issues, CDC cannot provide assistance if the Title Company is located out of the area or out of the State.