Introducing
the A+
Down Payment Assistance Program
The
City of St. Petersburg says the A+ Teacher Housing Loan was, "founded
on the premise that a great city requires great schools and great
schools require great teachers." If you ask me, I believe it's a great
way to pay back the under appreciated, wonderful people that help mold
the minds of the future in this wonderful city of St. Petersburg. The
A+ Teacher Housing Loan
was also designed to attract and retain educational professionals who
are
committed to teach in our communityâs schools and live in our
communityâs neighborhoods.
The A+ Teacher Housing Loan provides home purchase assistance to qualifi
ed
instructional personnel in a public elementary, middle or high school
within the
municipal boundaries of St. Petersburg.
The funds given by the city may
be used for a down payment and/or closing costs for the purchase of a
new
or existing home with a sales price that does not exceed $215,500.
Each year, so long as the qualifying teacher is actively employed at a St. Petersburg school, 10% of the A+ Teacher Housing Loan will be forgiven. If the loan recipient continues employment and lives in St. Petersburg for ten yearsâthis loan will be completely forgiven.
Down Payment Assistance Program
The
City of St. Petersburg says the A+ Teacher Housing Loan was, "founded
on the premise that a great city requires great schools and great
schools require great teachers." If you ask me, I believe it's a great
way to pay back the under appreciated, wonderful people that help mold
the minds of the future in this wonderful city of St. Petersburg. The
A+ Teacher Housing Loan
was also designed to attract and retain educational professionals who
are
committed to teach in our communityâs schools and live in our
communityâs neighborhoods.The A+ Teacher Housing Loan provides home purchase assistance to qualifi
ed
instructional personnel in a public elementary, middle or high school
within the
municipal boundaries of St. Petersburg.
The funds given by the city may
be used for a down payment and/or closing costs for the purchase of a
new
or existing home with a sales price that does not exceed $215,500.Each year, so long as the qualifying teacher is actively employed at a St. Petersburg school, 10% of the A+ Teacher Housing Loan will be forgiven. If the loan recipient continues employment and lives in St. Petersburg for ten yearsâthis loan will be completely forgiven.
Maximum
Household Annual Income
1. Credit underwriting criteria
   a) Maximum Debt to Income Ratio for this loan program is 41% of the applicants monthly gross income including the principal, interest, tax, insurance, installment loans, and revolving debts.
   b) All of the applicants judgments and collections must be paid at or before closing.
2. You must pre-qualify first with Joshua A. Lerette, The Tampa Bay Mortgage Pro. Once you find a home you want to purchase, your loan package to the city for review and approval.
3. All properties must meet the City of St. Petersburg's Property Maintenance Minimum Standards and/or Florida State Statue 553, prior to occupancy.
4. All applicants must provide a minimum of 1% of the purchase price towards the homes purchase from their own funds.
5. Applicants of the A+ Teacher Housing Loan must attend, and be certified by, an approved and accredited Home Buyer Educational Course prior to closing.
6. Once the home is purchased, all A+ Teacher Housing Loan recipients must attend an approved Family Budgeting and Basic Home Maintenance Course.
7. If the A+ Teacher Housing Loan recipient ceases employment in a St. Petersburg school or no longer occupies the assisted home as a homestead property, the remaining loan balance will be required to be repaid to the city.
For Further information on the A+ Teacher Housing Loan, contact Joshua A. Lerette, The Tampa Bay Mortgage Pro!
| Household Size | Maximum Income |
| 1 | $45,720 |
| 2 | $52,200 |
| 3 | $58.800 |
| 4 | $65,280 |
| 5 | $70,560 |
| 6 | $75,720 |
| 7 | $81,000 |
| 8 | $86,160 |
A+ Teacher Housing Loan
Qualifications
1. Credit underwriting criteria
   a) Maximum Debt to Income Ratio for this loan program is 41% of the applicants monthly gross income including the principal, interest, tax, insurance, installment loans, and revolving debts.
   b) All of the applicants judgments and collections must be paid at or before closing.
2. You must pre-qualify first with Joshua A. Lerette, The Tampa Bay Mortgage Pro. Once you find a home you want to purchase, your loan package to the city for review and approval.
3. All properties must meet the City of St. Petersburg's Property Maintenance Minimum Standards and/or Florida State Statue 553, prior to occupancy.
4. All applicants must provide a minimum of 1% of the purchase price towards the homes purchase from their own funds.
5. Applicants of the A+ Teacher Housing Loan must attend, and be certified by, an approved and accredited Home Buyer Educational Course prior to closing.
6. Once the home is purchased, all A+ Teacher Housing Loan recipients must attend an approved Family Budgeting and Basic Home Maintenance Course.
7. If the A+ Teacher Housing Loan recipient ceases employment in a St. Petersburg school or no longer occupies the assisted home as a homestead property, the remaining loan balance will be required to be repaid to the city.
For Further information on the A+ Teacher Housing Loan, contact Joshua A. Lerette, The Tampa Bay Mortgage Pro!
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