Few applying for Pinellas mortgage assistance program

Tuesday, December 15, 2009

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PINELLAS COUNTY (Bay News 9) -- Pinellas County has set aside hundreds of thousands of dollars to help people get into new homes, but few have yet to take the money.

Many houses are for sale these days, but getting the money needed for a down payment can be difficult. As a result, county officials have set up a new mortgage program aimed at helping first-time homebuyers, veterans and even those who have not owned a home in the last three years.

The first-time homebuyer's program provides up to $12,000 for a down payment and closing costs. The money comes in the form of a loan that the homebuyer doesn't need to start paying back for five years.

"This kind of assistance can make the difference between someone getting a home and not getting a home," said Jane Murlin, a spokeswoman for Pinellas Community Development.

However, word has been slow to get out about the program. Money is available for 200 families, but so far, only one family is on their way to getting assistance.

The county's Housing Finance Authority had a similar mortgage program in 2007. That program helped 175 people buy their first homes. It came to an end when the economy faltered.