Frequently Asked Questions

The approved occupation list is lengthy and includes educators, healthcare workers, law enforcement, firefighters, EMT, veterinarian assistants, as well as veterans and active military.  

At least one borrower must have a qualified occupation. 

The available assistance is 5% of the property's sales price.  Using our available first mortgage programs, the 5% will cover most if not all the cash needed to buy your home.

Provided though the Florida Housing Finance Corp., the assistance is a 30-year, 0% non-amortized second mortgage with no payment during ownership.  Once the property is sold/transferred, refinanced, or sold the mortgage is paid off.

No!  The program is available to qualified buyers who are a first time home buyer or haven't owned property in the last 3 years.  (Active military and veterans are exempt from the 3 year requirement.)

There is an income limit, which is currently $123,150 for Pinellas and neighboring counties.  Income is calculated on any borrower on the loan, not by total household income. 

Yes, there is minimum credit score of 640.  

If you are concerned about your credit score or income, contact us to address any of your concerns.  

The whole loan process from initial pre-qualification, application, and the processing of your loan is handled by  your Island Mortgage loan advisor.  We will walk you through the process from start to finish!

Start the process today by filling out our information form: