Are you dreaming of owning your own home in St. Pete but struggling to come up with the down payment? If so, the City of St. Petersburg offers a Down Payment Assistance program to help make your dream a reality.

The program offers up to $60,000 in down payment assistance to eligible first-time homebuyers or those who have not owned a home in the past three years. The assistance is in the form of a zero-interest loan!

To qualify for the program, you must meet certain income requirements and purchase a home within the city limits of St. Petersburg. The home must also be your primary residence. Buyer must contribute at least 1% of the sales price to the transaction. This fee can include out-of-pocket expenses such as earnest money deposit, appraisal, credit report, and property inspection.

But the benefits of the program don’t stop at the down payment assistance. Participants also receive homebuyer education and counseling to help them navigate the home-buying process and become successful homeowners. This education covers topics such as budgeting, credit, mortgage financing, and home maintenance. The purchase price of the property can not exceed $349,525.80.

The City of St. Petersburg has partnered with non-profit housing organizations to administer the program and provide these HUD-approved education and counseling services. These organizations work with lenders to help participants obtain a mortgage and ensure they meet all program requirements.

The Down Payment Assistance program is just one of many initiatives the City of St. Petersburg has implemented! Their goal is to increase affordable housing opportunities for its residents. By helping first-time homebuyers overcome the hurdle of the down payment, the city hopes to encourage more people to invest in their communities and build wealth through homeownership.

If you’re interested in learning more about the Down Payment Assistance program or other affordable housing options in St. Petersburg, visit the city’s website or contact me. I am always happy to help you talk through the process.

Are you ready to start looking for your home? Let’s start the process now!