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Home buying for health workers

The Housing Finance Authority of Pinellas County is now offering help for first-time buyers in the medical field.

© St. Petersburg Times
published November 24, 2002

It's a great time to be a health care worker. You have lots of job prospects, and hospitals will pay your way through school.

Now, you can even get help buying a home.

The Housing Finance Authority of Pinellas County, which for years has offered low-rate home loans to teachers, police officers and firefighters, is now offering the same help to nurses, physician assistants, pharmacists and other health care professionals.

Here are the programs:

Low Down Payment: The program requires a down payment of $500 or 1 percent of the value of the house, whichever is less. The mortgage carries a fixed interest rate of 5.85 percent. If you cannot afford that down payment, you can get a grant for up to 4 percent of the value of the house to use as a down payment. If you do, the mortgage will carry a fixed 6.5 percent interest rate.

SHIP-Assisted Loans: If you have a lower income, you can get a grant for the down payment of 5 percent of the mortgage, plus an interest rate of 5.85 percent.

In order to qualify, a health care worker must be a first-time home buyer and meet the program's income and sale price limits.

A household with up to two people must have an income no higher than $51,800. For a household with three or more people, income cannot exceed $59,570. The sale price of a newly built home cannot exceed $145,339. For an existing home, the price can be no more than $117,763. For more information, call 727-464-8240.

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