Low-interest loan program helps families buy houses
By BRIDGET HALL GRUMET
Published May 21, 2003
Pasco County has about $380,000 remaining in a low-interest loan program to help low- and moderate-income families with down payments and closing costs on a new home.
Eligibility requirements depend on the size and annual income of the family, said George Romagnoli, the county's community development manager. The cutoff for a family of four, for example, is $60,600.
On average, Romagnoli said, eligible families receive between $5,000 and $7,000 in assistance. The loans are provided at low interest rates between 3 and 5 percent, he said.
A family preparing to buy a house should tell its bank or mortgage company it is interested in the Pasco County Housing Assistance Program, Romagnoli said. The bank or mortgage company then applies for the money on the family's behalf. The money comes from the State Housing Initiatives Partnership.
