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A+ teacher housing loan
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 community’s schools and live in our
community’s 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 years–this loan will be completely
forgiven.
Maximum
Household Annual Income
| 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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2 Comments on St. Petersburg School Employees - Introducing FREE Home Loan Downpayment Assistance
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Joshua Lerette St. Petersburg Florida FHA/VA Mortgage Specialist
Saint Petersburg,
FL
More about me…
The Tampa Bay Mortgage Pro
Office Phone: (727) 637-7726
Cell Phone: (727) 488-7355
Email Me
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Joshua - great info and our local teachers need all the help they can get. I Featured this in the Tampa Bay Real Estate group - thanks!! Keep the info coming!