City of St. Petersburg Purchase Assistance Program
Available Assistance
Applicants whose annual household income falls at or under 80% of the area median income are eligible for $20,000 in assistance funds with the Purchase Assistance Program. Those whose income is between 80% and 120% may receive up to $10,000.
Eligibility Requirements
To be eligible for the City of St. Petersburg Purchase Assistance Program, all applicants must be first-time homebuyers and they must attend and complete a first-time homebuyer educational training class provided by a HUD-approved housing counseling agency. All applicants must contribute 1% of the sales price into the transaction including out-of-pocket expenses attributed to the transaction such as earnest money deposit, appraisal, credit report and property inspection. They are also required to demonstrate the ability to sustain homeownership with sufficient residual income to meet expenses.
Property Guidelines
Any home purchased with program funds must serve as the borrower’s primary residence, and must be inspected by a licensed home inspector to ensure compliance with the City’s Quality Housing Standards. The purchase price must not exceed $294,691. Eligible property types include new or existing single-family residential housing units, condominiums, townhomes or cooperative apartments located within the City of St. Petersburg’s municipal boundaries.
Income Limits
80% of the area median income:
1-person household: $41,350
2 -person household: $47,250
3 -person household: $53,150
4 -person household: $59,050
5 -person household: $63,800
6 -person household: $68,500
7 -person household: $73,250
8 -person household: $77,950
Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but state and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.
(Note: All figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)
First-Time Homebuyer Programs in Florida
Miami First Time Homebuyer Program
The City of Miami's First Time Homebuyer program helps eligible applicants purchase their first home by providing low-interest assistance loans.
City of Orlando First-Time Homebuyer Program
The City of Orlando's Down Payment Assistance (DPA) Program provides assistance to qualified first-time homebuyers for the down payment and closing costs associated with purchasing a home.
The Tallahassee Lenders' Consortium First-Time Homebuyer Program
The Tallahassee Lenders' Consortium First-Time Homebuyer Program provides down payment assistance to first-time homebuyers, lessening the burden of upfront costs associated with the mortgage process.
City of St. Petersburg Purchase Assistance Program
The City of St. Petersburg offers eligible applicants assistance with the Purchase Assistance Program to help them afford the upfront costs of buying a new home.
Duval County Home Sweet Home Program
The Home Sweet Home Program helps income-eligible applicants by offering down payment and closing cost assistance
Housing Choice Voucher Homeownership Option
The Housing Authority of the City of Fort Lauderdale's Housing Choice Voucher Homeownership Option offers eligible first-time homebuyers monthly assistance to purchase a home rather than rent.
First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
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