Home Buyers

HOME BUYER LOANS

The city offers loans to qualified applicants who wish to purchase and occupy new or existing homes within the city limits. Home buyer assistance loans can be used for down payment, closing costs and/or interest rate buy down. These loans are offered at 0% interest and are repaid at 0% interest over 10 years ($8,000 loan) or 15 years ($10,000 loan). Loan amounts are based on an applicant's median family income (MFI), as defined by HUD.

Eligible housing includes single family homes, condominiums or town homes with a maximum purchase price that does not exceed $215,555 for new or existing homes.

The amount of the city's home buyer assistance loans is based on the MFI of the applicant's household as follows:

MFI	LOAN	TERMS
0% - 50%	$10,000	Amortized 15 Years @ 0%
50%- 80%	$8,000	Amortized 10 Years @ 0%

ARE YOU READY TO BE A HOMEOWNER?

FINANCING
The process to purchase your new home should begin with one of our W.I.N. Lender Partners to determine the amount of mortgage you may qualify for and thereby know what price range to shop in. All you have to do to receive a list of our W I N Lending Partners is call our office and request a lender list which can be e-mailed, mailed to you the same day or click here > W I N Lending Partners to download a copy. It is recommended that you contact as many of our lender partners as possible to get the best rate and terms package that most closely meets your needs. When you call the lenders please identify yourself as an applicant for a W.I.N. Loan and your lender will do the rest. The lender will "Pre-Qualify" you for a loan amount. A "Pre-Qualification" is NOT a commitment by the lender but an estimate of the maximum loan amount you may qualify for after you have selected your home. To the estimated loan amount add the amount of W.I.N. assistance your household income qualifies for and your 2% down payment, the total of these 3 figures is the maximum home purchase price.

Estimated Mortgage Loan $100,000
Estimated W.I.N. Loan $ 8,000
Your 2% Down Pmt. $ 2,000
Less: Est. closing costs -$4,000
Maximum Purchase Price $106,000

For more information about the State Housing Initiative Program (SHIP) click here.

HOME BUYER EDUCATION
As a benefit and a requirement of receiving a W.I.N. Loan you will be required to attend Home Buyer Education, Family Budgeting / Financial Fitness and Home Maintenance classes. It is to your benefit to start these classes as soon as possible, they will give you the basis to make informed decisions during the process. You can select any of our approved trainers listed below that best match your schedule. Note: The Home Buyer Education must be completed prior to closing. Family Budgeting / Financial Fitness and Home Maintenance classes can be taken after closing.

Homebuyer Education
Community Service Foundation
(727) 461-0618
www.csfhome.org

Tampa Bay Community Development Corp.
(727) 442-7075
http://www.tampabaycdc.org/

St. Petersburg Neighborhood Housing Services
(727) 821-6897
http://www.stpetenhs.org/

Home Maintenance
Pinellas Technical Education Center
(727) 893-7247
.
SELECTING YOUR NEW HOME
Now you are ready to select a contractor to build you a home or a Realtor to help you find the home of your dreams. This is where all the time you have spent on your home buyer education and financing pays off. There is no limit to the options that are now before you. You now have all the tools necessary to evaluate the home options that will be presented to you and make the BEST informed decisions selecting your new home.

MEDIAN FAMILY INCOME
Median Family Income (MFI) is annually defined by the U.S. Department of Housing & Urban Development (HUD). HUD establishes the MFI specific to the geographic area it applies to and adjusts the MFI for the number of occupants, related or not, that occupy the home. The chart below lists the maximum annual gross household income for the City of St. Petersburg for the 50% and 80% MFI groups, adjusted for household size.

FISCAL YEAR 2009-Effective March 19, 2009

People	50%	80%
1	$20,700	$33,150
2	$23,700	$37,900
3	$26,650	$42,600
4	$29,600	$47,350
5	$31,950	$51,150
6	$34,350	$54,950
7	$36,700	$58,700
8	$39,050	$62,500

Your specific income or household size may vary and will be calculated at time of application.

Household median income is calculated by adding all sources of income from all adult occupants of the household, related or not, including, but not limited to, social security, child support, alimony, public assistance, interest income, pensions, income from other assets and employment income.