Housing Down Payment Assistance

The City of St Petersburg Program


You can buy your own home,
1% of the purchase price!

WHO WE ARE?


The City of St. Petersburg offers financial assistance to homebuyers purchasing new or existing single-family homes, condominiums, townhomes, or cooperative apartments within the city’s municipal boundaries.

For over 22 years, Generation Mortgage Associates LLC has been helping our communities secure down payment assistance from various cities and counties. We are not affiliated with any government entity but are approved lenders with several institutions that provide this support to our community.

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REQUIREMENTS


The buyer should be willing and able to meet the following conditions before applying for a loan to assist with buying a home:

  • Contribute an amount equal to 1% of the sales price into the transaction including out-of-pocket expenses attributed to the transaction such as earnest money deposit, appraisal, credit report, and property inspection.

  • Attend a first-time homebuyer educational training class provided by a HUD-approved housing counseling agency and receive a certificate of completion for that class

  • Purchase a modest housing unit with a sales price not exceeding $510,939 located within the city’s municipal boundaries.

  • Have the property inspected by a licensed home inspector (any deficiencies cured prior to closing).

  • Ability to sustain homeownership with sufficient residual income to meet anticipated and unanticipated expenses.

  • Maintain occupancy of the unit as a primary residence for the term of the Housing Down Payment Assistance subordinate mortgage loan or until the loan is paid, after which time the mortgage loan will be satisfied.

INCOME ELIGIBILITY


To be eligible for Housing Down Payment Assistance, a homebuyer’s total annual household income, as defined by the U. S. Department of Housing and Urban Development (HUD), cannot exceed the maximum annual income limit as adjusted for the number of occupants, related or not, residing within the residence.

Annual income is calculated by adding all sources of income from all household members over the age of 18 currently living in the home or will occupy the home within one year. Income includes salaries, child support, alimony, social security, pensions, public assistance, income-producing assets, or income from any other source.

Example: You have a family of 4 in the household, you can NOT earn more than $76,400 (including projected wages increments).

For Homebuyers at or below 80% Area Median Income (AMI)

LOAN TERMS

Housing down payment assistance is provided in the form of a subordinate mortgage loan not to exceed $60,000 and shall be made available to eligible homebuyers whose total household income does not exceed 80% of the Area Median Income (AMI) as defined by the U.S. Department of Housing and Community Development for the St. Petersburg geographic area. The loan amount is determined by the property’s sales price and costs associated with closing the transaction.

  • An amount equal to 20% of the purchase price shall be attributed to the down payment.

  • A maximum of $5,000 shall be provided to fund standard closing fees and service charges. Should the borrower’s required 1% contribution into the transaction be insufficient to pay all necessary prepaid items such as the appraisal, credit report, home inspection, and hazard insurance, the City will consider funding the cost of those items over and above the maximum 1% requirement.

  • The total loan amount, for assistance in paying for down-payment and closing costs, is secured by a mortgage recorded in the public records of Pinellas County.

  • The mortgage lien is subordinate to the first mortgage.

  • After 10 years of continued occupancy, the Housing Down Payment Assistance loan will be 100% forgiven and the City’s subordinate mortgage loan will be satisfied, and no monies will be owed to the City.

See what You Qualify For

Where are you in your home buying journey?

What type of property are you looking to purchase?

How do you plan to use your future home?

Do you own any property?

What is your current employment status?

What is your estimated credit score range?

What's your yearly income before taxes?

This is the same thing as gross income. You don't need to be exact but try to get as close as possible.

What is the estimated price range of the home you are looking to buy?

How much have you saved for purchasing the home?

What is your current residency status?

Are you already working with a real estate agent to buy your new home?

Have you had any foreclosures or bankruptcies in the past three years?

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Work with an Expert Mortgage Consultant

22 Years Experienced as Loan Originator, 3 years as underwriting , 2 years as appraiser.

At Generation Mortgage Associates LLC , we partner with over 50 top lenders nationwide to find the best mortgage loan tailored to your specific needs. Regardless of your financial situation, credit history or income, we can secure a mortgage for you.


Our agents possess extensive expertise in the real estate market, staying ahead of trends and understanding property values. This enables them to offer you tailored, insightful guidance specific to your needs and goals.

Whether you prefer face-to-face meetings or virtual consultations, we are accessible and ready to assist. Trust us for a smooth and stress-free financing journey.

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Company NMLS#: 224585

1155 Pasadena Ave S - Suite H - South Pasadena, FL 33707

This website has not been reviewed, approved or issued by HUD, FHA or any governmental agency.