First Time Homebuyers in Pinellas County
First time homebuyers in Pinellas County have an incredible opportunity to receive a no-risk $15,000 grant from the county to help toward the closing cost and down payment of a new home.
If you are looking to buy your first home in Pinellas County, our team at Remax By the Bay partners with mortgage lenders who help first time homebuyers apply for the First Time Homebuyer Program offered by the county. There is no fee to participate in the program. You can read more about how the program works below. If you have any questions, please do not hesitate to contact our team.
How does the First Time Homebuyer Program in Pinellas County work?
To participate in the First Time Homebuyer Program in Pinellas County, you must meet the qualifications of the program, which are:
- Maximum income for 1-2 family members is $70,800, or $82,600 for 3+ family members
- Maximum purchase price is $255,573 Non-Target and $312,386 Target
- The property must be used as a primary residence
If you meet these qualifications, and your credit score is accepted, the $15,000 grant will be applied to your down payment at the time of closing. In the event that the $15,000 is more than what is needed for at least a 3% down payment, you can apply the remaining balance to the closing costs.
What happens if your income is above the maximum requirement?
In some cases, if your income is more than the maximum requirement, spouses can apply for the First Time Homebuyer Program separately. Only one grant will be allotted per household. For example, if a husband and wife each earn $65,000 annually, they can each apply for the First Time Homebuyer Program. Typically, the spouse with the higher credit score will be chosen to receive the grant. In these cases, only the spouse who receives the grant is listed on the mortgage, while both spouses are listed on the deed of the home.
Do you have to pay back the $15,000 grant over time?
The $15,000 grant awarded by the First Time Homebuyer Program of Pinellas County has no interest rate, and is only required to be repaid if you sell the home sooner than five years after purchase. If you sell the home sooner than five years after purchase, you are required to pay back 20% of the grant for every year under the five year mark. For example, if you sold the home three years after purchase, you would have to pay back 40% of the grant ($6,000). This money can be taken from the profits earned from the sale of the home.
After you have lived in the home for five years, the grant is 100% forgiven. No interest is added to the grant at any time, even if you have to pay back a portion of the grant early.
Find out if you qualify for the First Time Homebuyers Program in Pinellas County
To find out if you qualify for the First Time Homebuyers Program in Pinellas County, click on the button below or contact our team at Remax By the Bay. We can put you in touch with several trusted mortgage companies in the area who are affiliates of this program.
Learn More About the First Time Home Buyer Program