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For Realtors

Housing Community Development Department
Home Ownership Assistance
Loan Program

The City of St. Petersburg Housing & Community Development Department offers HOME OWNERSHIP ASSISTANCE second mortgage loans for a portion of the required down payment and closing costs to eligible home buyers whose total household income does not exceed 80% of Median Family Income (MFI).

A private sector home inspection is highly recommended and will be reviewed by a city Housing Rehabilitation Officer. If a home inspection is not completed on behalf of the home buyer the city's Rehabilitation Officer will physically inspect the property for compliance to city code. Any home built prior to 1960 will require a historical property review, which is completed by the State of Florida. A home build prior to 1978 with signs of chipping or pealing paint will require a lead inspection.

To allow sufficient time for an in-house property inspection and the historical property review, Housing & Community Development staff will accept applications that may not include all documentation listed on the tracking sheet . We ask that enough information be submitted to provide for determination of income eligibility. The appraisal, home inspection, third party verifications, etc. may be delayed. Bank statements, pay-stubs, credit report and other income related documentation to determine eligibility would be helpful in underwriting, which may result in a conditional commitment for funding.

Please do not hesitate to contact Linda Byars at (727) 892-5572 or linda.byars@stpete.org for further information.

The City of St. Petersburg's HOME OWNERSHIP ASSISTANCE mortgage loan program is available to eligible home buyers whose household income does not exceed 80% of Median Family Income (MFI) as defined by the U.S. Department of Housing and Urban Development. Availability will continue to those at or below 80% MFI until funds are exhausted. The Housing and Community Development Department has budgeted funds, received from the State Housing Initiative Partnership (SHIP) Program, sufficient to serve its citizens, at or below 80% MFI, well into the coming fiscal years.


Home Buyer Loans

The City of St. Petersburg offers financial assistance to first time home buyers who purchase and occupy a new or existing eligible residential property located within the City's municipal boundaries. Second mortgage loans are available to assist the home buyer with closing costs, down payment and to reduce or "buy-down" the first mortgage interest rate. Down payment and closing cost assistance loans are provided to income eligible applicants at a zero percent (0%) interest rate. 

Individual loans, not exceeding $16,000, shall be made available to eligible first-time home buyers. The loan amount shall be based on the purchase price of the home, the first mortgage loan amount and the cost of closing the purchase transaction:

  1. An amount equal to ten percent (10%) of the purchase price shall be attributed to the down-payment;
  2.  An amount equal to one percent (1%) of the first mortgagee's loan amount shall be allocated to fund the up-front cost of the FHA Mortgage Insurance Premium (MIP) or the conventional Private Mortgage Insurance (PMI) premium. 
  3.  A maximum of $5,000 shall be provided to fund standard closing costs. However, should the borrower's required one percent (1%) contribution to the transaction be insufficient to pay all additional and necessary prepaid items, the City shall consider funding those prepaid items in amount over and above the standard closing costs. In no case shall the total assistance exceed $20,000; 
  4. Monthly payments shall be amortized at an interest rate of zero percent (0%) for a term of 240 months. After 120 payments have been made, or the principal balance of the loan has been reduced by fifty percent (50%), the remaining principal balance or fifty percent (50%) of the loan balance shall be forgiven. 


An Eligible Residential Property is a single family residence, a condominium, a town home or a cooperative housing unit with a maximum purchase price of $168,000.

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City of St. Petersburg
P.O. Box 2842
St. Petersburg, FL 33731

  • p: 727-893-7111
  • f: 727-892-5102
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