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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