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Home-price limits raised for low-cost mortgages

Home price limits have been raised for low-cost mortgages available through the Housing Finance Authority of Pinellas County.

The authority's mortgage program, for first-time home buyers in Pinellas, Pasco and Polk counties, offers 30-year, fixed-rate mortgages at 6.375 percent.

The new sales price limits are $131,387 for new homes and $88,583 for existing homes in Pinellas and Pasco. In Polk county, the limits are $93,902 for new construction and $73,157 for existing homes.

Those price limits represent an increase of between 9 and 11 percent for new housing and more than 2.5 percent on existing homes, said Darlene Kalada, director of the finance authority.

The mortgage program is limited to those whose income does not exceed $40,900 for one- and two-person households and $47,035 for households of three or more.

Buyers may call the authority at (800) 806-5154 for a free brochure that lists participating lenders and program details.

Send items to Homes News, c/o Home&Garden, the Times, P.O. Box 1121, St. Petersburg, FL 33731, by noon Monday.

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