St. Petersburg School Employees - Introducing FREE Home Loan Downpayment Assistance

Mortgage and Lending with Tampa Bay Florida FHA, VA, USDA & Jumbo Mortgages NMLS#237468
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 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

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!

Posted by

Joshua LeretteAn experienced mortgage industry professional, Joshua Lerette has helped home owners and potential home buyers across the country purchase andrefinance their homes for over 11 years. Based in Tampa, FL, Joshua Lerette is an well known expert in the industry and extremely well versed in mortgage products available to potential clients including FHA Loans, VA Loans, USDA Loans, Fannie Mae and Freddie Mac home mortgage loans as well as Jumbo Loans to help potential home buyers and home owners either purchase or refinance.

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Comments (4)

Cyndee Haydon
Charles Rutenberg Realty - Clearwater, FL
727-710-8035 Clearwater, Beach Short Sales Luxury Condos &Homes

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!

May 22, 2008 01:35 PM
Joshua Lerette
Tampa Bay Florida FHA, VA, USDA & Jumbo Mortgages - Saint Petersburg, FL
Tampa Bay's #1 Trusted Mortgage Specialist

Thanks Cyndee, I couldn't agree more. Have a great weekend!

May 22, 2008 01:50 PM
Buster Avila
RE/MAX Metro - Saint Petersburg, FL

Is this program still available?

Jan 11, 2014 04:00 AM
Joshua Lerette
Tampa Bay Florida FHA, VA, USDA & Jumbo Mortgages - Saint Petersburg, FL
Tampa Bay's #1 Trusted Mortgage Specialist

No Lisa, unfortunately this program is no longer available.

Apr 21, 2014 07:01 AM