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First-time buyer could win house in drawing

Think you can't afford the American dream?

Largo might be able to help.

The city will sell a three-bedroom house through its Homestead Program, which provides assistance to low- and moderate-income people so they can buy their first home.

Largo will hold the drawing for the house, appraised at $124,000, in April.

The selected buyer will need to secure a mortgage for at least $50,000, and purchase homeowners insurance for one year.

In 2002, about seven people became eligible for two homes offered through Largo's Homestead Program.

Now, the city is offering one of those homes again, a 1,076-square-foot house at 2812 Adrian Ave., which has two bathrooms, a carport with a utility-laundry room and wooden floors. The previous buyer got married and decided to move, according to Terry Buyers, a Largo housing finance specialist.

The city will subtract $12,400 _ 10 percent of the sale price _ and will offer a second interest-free mortgage for the remainder of the home and closing costs. The buyer won't have to pay for the second mortgage for 20 years or until he or she pays off the first mortgage.

One requirement of the program is that once a family gets a house, it must live there for five years. If the owner moves before the end of the five-year period, the house reverts to the city. That's what happened with the home on Adrian Avenue.

To be eligible for this home, people must be first-time home buyers and their income cannot exceed 80 percent of the area's median income.

TO LEARN MORE

For information on buying this home through the Homestead Program, call the HomeBuyers Club at 446-6222.

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