Every
day St. Petersburg Police Officers risk their lives to protect ours,
The City
of St. Petersburg recognizes that and so do I. The City of St. Petersburg offers a Police in Neighborhoods
(P.I.N.) Home Buyer
Loan Program that gives St. Petersburg Police Officers $14,000 as down
payment
assistance. The funds can be used towards the down payment and/or
closing cost
on a purchase of a property within the city limits of St. Petersburg.
With
that, when financing your purchase with Joshua A. Lerette, The Tampa Bay Mortgage Pro, St.
Petersburg Police
Officers will also receive an additional $1000 off their closing cost
in
appreciation for their heroic services provided. The $1000 off closing
cost
applies on all purchase and/or refinance transactions.
The
City of St. Petersburg's
$14,000 down payment assistance is a mortgage at 0% interest with
a 7 year
term. The loan is forgiven during years 1-4 at 10% and 20% for years
5-7. At
the end of 7 years, as long as the Officer continues employment within
the City
of St. Petersburg Police Department and keeps the home as their primary
residence, the loan will be completely forgiven. If for any reason the
Officer
chooses to end their employment with the City of St. Petersburg Police
Department or no longer resides in the property as a primary residence,
the
loan will become due and payable.
How
to qualify for St. Petersburg Police Officer Down
Payment Assistance
First, the Officer will submit a request for permission to participate
in the
program to the St. Petersburg Police Department. The department will
then
determine the employment status with the SPPD and if qualified, forward
the
request recommending the Officer to the St. Petersburg Housing
Department. The
Officer will then have to meet with the Housing Department and complete
a
P.I.N. Loan Application. Once the Officer has completed their P.I.N.
Loan
Application, they will then need to apply with a City of St. Petersburg approved lender for their
mortgage needs. You
may contact The
Tampa Bay Mortgage
Pro for all your mortgage needs. A complimentary
pre-approval and
credit analysis may be obtained
over the phone, on-line, or in
person,
whatever is more convenient. Once
approved for financing, the City of St. Petersburg will transfer closing documents
and checks to the
title company for closing of the mortgage and purchase transaction.
For more information about the City of St. Petersburg Police in Neighborhoods (P.I.N.) program
or other down
payment assistance programs in Pinellas County, you may contact Joshua A.
Lerette, The Tampa Bay Mortgage Pro.
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