The Pinellas County first time home buyer program offers $7000.00 in down payment assistance. In the early 80's Pinellas County started a first time homebuyer program. Originally called the "Bond Program" or "The Key to Homeownership Program" this program offered qualifying buyers a low interest rate first mortgage and down payment assistance to assist Pinellas County residents in becoming first time homebuyers. My company, McCaughan Mortgage was a charter lender in the program and is the only original lender still working with the Pinellas County programs.
The current program is called the "Home Key" program and it offers qualifying first time homebuyers a competitive 30 year fixed rate first mortgage and a "Interest Free" 2nd mortgage of up to $7,000.00 to be used for down payment, closing costs and prepaid items. This program offers FHA and VA financing and the CLTV or TLTV can go up to 105%. Since very few lenders are qualified to offer this financing many buyers are unaware of the opportunity to take advantage of this special financing.
Income is qualified by total family or borrowers living in the household over 18 years old. A one or two person household must earn $71,280.00 or less and a three person household can earn up to $83,160.00 or less. A homebuyers course is required and all borrowers must have a minimum middle credit score of 620 or higher.
McCaughan Mortgage Company is proud of the relationship it has in partnering with Pinellas County to offer first time borrowers assistance in becoming first time home owners. Please fee to contact me if you are interested in Pinellas County's first time home buyer program offering $7,000.00 in down payment assistance.