First Time Homebuyer's Program
What is the First Time Homebuyers Program?
The purpose of the First Time Homebuyers
program is to assist qualified Citrus County Residents to become
home owners.
The First Time Homebuyers Program
provides a subsidy of up to $25,000.00 to eligible home buyers
to reduce down payment and closing costs to $1,500.00.
The subsidy is a zero-interest,
second mortgage. The amount of assistance will need to be paid back to the County
upon sale; or, when the first mortgage is paid in full or refinanced; or, the
property is no longer the primary residence of the client.
Eligible Applicants
Applicants must meet affordability guidelines in order to be eligible. These are:
- Meet income guidelines that are based on the household's anticipated gross annual income and the number of household members
- Qualify with a financial institution for mortgage financing
- Be a First Time Homebuyer by definition
- Monthly mortgage payment including taxes and insurance must be affordable
- Must have established residency in Citrus County for 12 months.
Household income can be as high as 80 percent of median income guidelines (low);
priority is given to families with income up to 50 percent (very low); and then to 80
percent (low) of Citrus County's median income.
Applicants must be First Time Home Buyers, defined as:
- Persons who have not owned a home in the past three years.
- Owners of pre-1976 mobile homes or newer which have been cited by another agency of government as substandard (existing home must be removed or demolished).
- Owners of site-built homes that require more than $27,500.00 in repairs (existing home must be removed or demolished).
- Displaced homemakers.
- Individuals displaced by disaster or government action (per HUD).
Revised Income Limits as of February 2008:
| 1 |
$25,850.00 |
| 2 |
$29,550.00 |
| 3 |
$33,250.00 |
| 4 |
$36,950.00 |
| 5 |
$39,900.00 |
| 6 |
$42,850.00 |
Eligible Properties
Eligible properties may be single-family
homes and condominiums. Two to four family units may be eligible
if the home buyer uses one unit as a principal residence. Contact
the Division of Housing Services for additional rental property
requirements.
(Mobile homes are not eligible.)
Properties may be located within
the incorporated or unincorporated areas of Citrus County. The
sales prices cannot exceed:
- On New Construction: $155,000.00
- On Existing homes: $139,000.00
Keep in mind that income limits
and lenders total debt guidelines are additional factors that
will determine the maximum price of the home.
To apply, contact:
Citrus County Division of Housing
Services at (352)527-5386 to set up an appointment. The Division
of Housing Services will take an application and determine eligibility
for this program.
TDD: (352)527-5312
Any person who requires a special
accommodation (ADA) for accessibility must advise us in advance
and allow at least 72 hours to provide that accommodation.
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