First Time Home Buyer Down Payment Assistance in the City of St Petersburg

By
Mortgage and Lending with www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert

If you are interested in purchasing a home in St Petersburg for little money down you may be able to qualify for a down payment assistance interest free loan.

The city of St Petersburg offers interest free down payment assistance loans to borrowers who fit the traditional FHA financing criteria and make no more than 150% of the median income for Pinellas county.

The down payment assistance loan is deferred for 5 to 30 years (depending on income) and then requires a 10 year repayment history depending on the client's median family income.  The loan must be paid in full if the home is sold.  When refinancing the original mortgage there are terms that must be meet in order to continue to have the interest free down payment assistance loan.  The new mortgage must be a fixed rate and the client must still meet all original requirements. 

To qualify for the down payment assistance program in St Petersburg borrowers must have a good stable 2 year employment history in the same line of work, good 12 month credit history with a score above a 620 and are required to put 2% of their own funds into the transaction.  The program requires all buyer to take a home buyer education seminar and put at least 2% into the transaction.  See charts below to determine if you qualify.  For more information go to our down payment assistance page.

 

St Petersburg Down Payment Assistance Amounts based on Median Income Percentage 

0%- 50%     $20,000   Deferred 30 years

50%-80%   $15,000   Deferred 30 years

80%-120%     $ 8,000    Deferred 5 years

120%-150%    $ 6,000     Deferred 5 years

Median Family Income Limits based on Household Number 

    30% of 50% of 60% of 80% of 100% of 120% of 140% of 150% of
* 2008 Median Median Median Median Median Median Median Median
  Annual $11,850 $19,800 $23,760 $31,650 $39,600 $47,520 $55,440 $59,400
1 Monthly $988 $1,650 $1,980 $2,638 $3,300 $3,960 $4,620 $4,950
  Max. Housing & Other Debt @ 41% $405 $677 $812 $1,081 $1,353 $1,624 $1,894 $2,030
  Annual $13,550 $22,600 $27,120 $36,150 $45,200 $54,240 $63,280 $67,800
2 Monthly $1,129 $1,883 $2,260 $3,013 $3,767 $4,520 $5,273 $5,650
  Max. Housing & Other Debt @ 41% $463 $772 $927 $1,235 $1,544 $1,853 $2,162 $2,317
  Annual $15,250 $25,450 $30,540 $40,700 $50,900 $61,080 $71,260 $76,350
3 Monthly $1,271 $2,121 $2,545 $3,392 $4,242 $5,090 $5,938 $6,363
  Max. Housing & Other Debt @ 41% $521 $870 $1,043 $1,391 $1,739 $2,087 $2,435 $2,609
  Annual $16,950 $28,250 $33,900 $45,200 $56,500 $67,800 $79,100 $84,750
4 Monthly $1,413 $2,354 $2,825 $3,767 $4,708 $5,650 $6,592 $7,063
  Max. Housing & Other Debt @ 41% $579 $965 $1,158 $1,544 $1,930 $2,317 $2,703 $2,896
  Annual $18,300 $30,500 $36,600 $48,800 $61,000 $73,200 $85,400 $91,500
5 Monthly $1,525 $2,542 $3,050 $4,067 $5,083 $6,100 $7,117 $7,625
  Max. Housing & Other Debt @ 41% $625 $1,042 $1,251 $1,667 $2,084 $2,501 $2,918 $3,126
  Annual $19,650 $32,750 $39,300 $52,450 $65,500 $78,600 $91,700 $98,250
6 Monthly $1,638 $2,729 $3,275 $4,371 $5,458 $6,550 $7,642 $8,188
  Max. Housing & Other Debt @ 41% $671 $1,119 $1,343 $1,792 $2,238 $2,686 $3,133 $3,357
  Annual $21,000 $35,050 $42,060 $56,050 $70,100 $84,120 $98,140 $105,150
7 Monthly $1,750 $2,921 $3,505 $4,671 $5,842 $7,010 $8,178 $8,763
  Max. Housing & Other Debt @ 41% $718 $1,198 $1,437 $1,915 $2,395 $2,874 $3,353 $3,593
  Annual $22,350 $37,300 $44,760 $59,650 $74,600 $89,520 $104,440 $111,900
8 Monthly $1,863 $3,108 $3,730 $4,971 $6,217 $7,460 $8,703 $9,325
  Max. Housing & Other Debt @ 41% $764 $1,274 $1,529 $2,038 $2,549 $3,059 $3,568 $3,823
  * NUMBER OF PEOPLE PER HOUSEHOLD

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Anonymous
Donny Brown

Is this program still available?  My father is trying to buy a house and I am trying to help him get into one with as little money down as possible, since he does not have much cash on hand.  Can you give me a call to discuss?  Thanks

 

 

Donny Brown

727-215-8153

May 23, 2009 06:45 AM #1
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