City of Clearwater Purchase Assistance Program
How much assistance
Up to $75,000 (Deferred Loan)
50% of the loan is deferred and forgiven at maturity (after 5 years of owner-occupancy with no default). The remaining 50% is amortized over 20 years at 0% interest after the 5-year deferral period.
Eligibility
- Income limits: At or below 80% of Area Median Income (AMI). All household income of persons 18 and older who will reside in the property is counted.
- First-time buyer required: No
- Credit score minimum: 640
- Geographic restrictions: Property must be located within city limits of Clearwater, FL.
- Homebuyer education required: Yes
How to Apply for City of Clearwater Purchase Assistance Program
Step 1: Contact a HUD-approved housing counseling agency such as Suncoast Housing Connections at 727-442-7075 to determine eligibility. Borrower must contribute the greater of $1,000 or 1.75% of the purchase price from their own funds. Complete a HUD-approved 8-hour homebuyer education course. Get pre-approved for a first mortgage through an approved lender. Find a home within Clearwater city limits. Submit application through the City of Clearwater Economic Development and Housing Department.
Notes
Funded through federal HOME Investment Partnership and State Housing Initiatives Partnership (SHIP) programs. Loans approved after July 1, 2024 are eligible for up to $75,000.