Loan funds are available to help homebuyers cover part of their down payment and closing costs when purchasing a home. The city of Clearwater, through its approved non-profit housing agencies, provides down payment and closing costs assistance to income eligible households who meet program criteria.
Assistance is provided in the form of a loan, 50% of which will be amortized over 20 years, payment on the other 50% will be deferred and forgiven at loan maturity, so long as no event of default exists. If the borrower defaults on any of the terms of the mortgage, the deferred amount will become due and payable. If the home is sold prior to the maturity date, the entire outstanding balance will be due to the City.
Payments will begin on the 50% amortized balance after a five-year deferral period. The property to be purchased must be the borrower’s principal residence and must be located within the city limits of Clearwater. The maximum loan amount is $45,000. The maximum sales price is $244,000 for an existing home and $263,000 for a newly constructed home.
For more information, contact Chuck Lane, Assistant Director, Economic Development and Housing Department at (727) 562-4023, or Terry Malcolm-Smith, Housing Coordinator at (727) 562-4036.