Home Ownership Program
First Mortgage Loan Program
If you have ever dreamed about home ownership but felt that buying a home was a little beyond your reach, the Housing Finance Authority (HFA) of Manatee County may make your dream easier to attain with the Home Ownership Program.
The Authority currently offers a 30 year, fixed rate mortgage (actual APR to be disclosed by the lender) with down payment and closing cost assistance in the amount of $15,000 in the form of a 0% second mortgage. In addition, the borrower may receive a mortgage credit certificate of 20% of the first mortgage interest per year for the life of the loan.
How does the program work?
The borrower receives a 30-year, fixed rate, fully amortizing first mortgage loan. Lenders may charge up to 1.0% origination fee and zero discount points.
Down Payment and Closing Cost Assistance
Assistance is available in the form of a second mortgage of up to $15,000. The second mortgage is a 30-year deferred, 0% loan that may be used for down payment and/or closing costs. It is never forgiven and it is repayable at 30 years or sooner if the property ceases to be the borrower’s principal residence, is sold, refinanced or rented.
Mortgage Credit Certificate (MCC)
The Authority will issue an MCC to qualified borrowers which gives the borrower the ability to receive 20% of their annual mortgage interest as a tax credit while the other 80% remains a deduction. This tax credit is available for as long as the borrower owns the home and the first mortgage is outstanding.
What kind of home may I purchase?
You may purchase a new or existing single family home (attached or detached) a condo, town home or PUD anywhere in Manatee County, including the City of Bradenton.
Who qualifies?
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- Buyers must be first-time home buyers (have not had an ownership interest in their primary residence for the past three years). This requirement is waived for qualified military veterans.
- Buyer must have a minimum FICO score of 640, and meet other standard credit requirements.
- The maximum income limit is $145,500 (150% of median income of $97,000).
Purchase Price Limits
MCC / Loan / Grant Programs:
| County | Non-Targeted | Targeted |
| Manatee | $561,333 | $686,073 |
Income Limits
MCC Program:
| County | NT 1-2 Person | NT 3 + Person | T 1-2 Person | T 3 + Person |
| Manatee | $100,181 | $115,208 | $120,217 | $140,253 |
What are the steps in the process?
Contact a participating lender so they may pre-qualify you for a loan. The lender will determine your eligibility for a loan and notify you. You will also be required to provide the lender with other information necessary. The funds are available on a first-come first-served basis.
What is Recapture Tax?
The benefits provided by this loan are considered a federal subsidy of your mortgage loan. Federal law requires a recapture of some of the benefit if all three of the following are true:
1. The property ceases to be your primary residence during the first full 9 years of ownership;
2. You make a net profit on the sale of the home;
3. Your household income exceeds the allowable income at the time of the sale.
Your tax preparer can assist you with determining if you owe recapture tax.
HFA Background
The Authority was created in 1979 to help alleviate the shortage of affordable housing by providing financing through the issuance of revenue bonds. A more detailed description of the Authority, including a list of its Board of Directors can be found at this link.