City of St. Petersburg Purchase Assistance Program – 140% AMI
Special Alert
Per Agency on November 1, 2022: Funding is currently only available for the City’s Community Redevelopment Areas.
Maximum Purchase Price
$349,525
Contact Info:
https://www.stpete.org/residents/grants___loans/housing.php 727-893-7247
Limitations
Upon receipt of the completed application, the City will begin the process of evaluating income eligibility and the buyer’s financial stability and residual income sufficient to repay.
Credit Score Requirements
Based on 1st mortgage requirements.
Deferred Payments?
Waiting Period: 10 years Affordability Period: 10 years Forgiven Portion: 50%
Accepted First Mortgage Type:
Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA
Homeowners Education Class:
Required
Is Forgivable?
50% of the subordinate mortgage loan is payable monthly at 0% interest for a term of 10 years. 50% forgiveness of the loan after 10 years of continued occupancy.
Location:
St. Petersburg Property must be within the city limits or St. Petersburg, FL.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2023 140% AMI guidelines Income cannot exceed 140% AMI for Pinellas County.
Maximum Assistance
$60,000 Purchase assistance is available up to $60,000 to homebuyers with total annual household income between 81% and 140% Area Median Income (AMI).
Education Requirements Info:
Homebuyers receiving assistance through the City’s Purchase Assistance Program are required to attend and receive a certificate of completion for an 8-hour Homebuyer Education Class provided by a HUD-approved housing counseling agency: Suncoast Home Solutions 727-442-7075 St. Petersburg Neighborhood Home Solutions 727-821-6897
Eligible Property Types:
Single Family Detached Condo Co-Op Townhome/PUD
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $85,260$97,440$109,620$121,660$131,460$141,260$150,920$160,720 *Income limits as of 05/30/2023
Qualifying Ratios:
Determined by first mortgage product or lender.
