LARGO, Fla. — The city of Largo has announced it would be raising the amount of money provided in its down payment assistance for first-time homebuyers.
According to the city, the program is a zero percent deferred interest loan that can be used toward a down payment and closing costs. Payments for the loan are deferred for 20 years, the city says.
"Homeownership helps build generational wealth for residents and is an important component to our program mission to empower people to thrive in vibrant inclusive neighborhoods,” Largo's Housing Finance Specialist Jodie White said in a news release.
City leaders say the increased down payment assistance includes:
- Up to $55,700 max award toward the down payment for income of 80 percent Area Median Income (AMI) or below.
- Up to $40,000 max award toward the down payment for income between 81 percent to 120 percent AMI.
- Up to $15,000 max award toward the down payment for income between 121 to 140 percent AMI.
First-time homebuyers who are looking to buy a single-family home, villa, townhome or condo in Largo are eligible for the program, the city says.
For more information, you can contact Suncoast Housing Connections at 727-442-7075 or online.