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City of St. Petersburg Down Payment Assistance

St. Petersburg, Florida

Last verified
See what you qualify forOfficial program site →
Income limit

140% AMI

Of area median income; varies by county and household size

Price cap

$544,233

Highest purchase price the program allows

Repayment

Forgivable

Forgiven after 10 years

What is City of St. Petersburg Down Payment Assistance?

City of St. Petersburg Down Payment Assistance is a forgivable loan for homebuyers in St. Petersburg, Florida.

  • City of St. Petersburg provides up to $75,000 in deferred/forgivable 0% interest loan for eligible first-time homebuyers within city limits.
  • Funding comes from State.

Do you have to pay it back?

City of St. Petersburg Down Payment Assistance is forgiven after 10 years, so a buyer who stays that long does not repay it.

  • Repayment is triggered by Sale, Refinance, and No longer primary within compliance period.
  • The assistance is recorded in 2nd Lien position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City of St. Petersburg Down Payment Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — the program sets its own definition
  • The home is occupied as a primary residence
  • A minimum 620 credit score
  • A completed homebuyer education course

The program excludes

  • Purchases above the $544,233 price cap
  • Households above 140% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

City of St. Petersburg Down Payment Assistance limits household income to 140% of the area median income, which varies by county and household size.

  • Income up to 140% AMI for Pinellas County; funding for 81-140% AMI is limited and prioritized to <=80% AMI, special-needs, and essential services personnel per SHIP. Max purchase price $544,233. Assistance = 20% of sales price + $5,000 closing, up to $75,000, as 0% second mortgage; forgiven after 10 yrs for <=80% AMI. Min 1% buyer contribution; 8-hr HUD homebuyer education required.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

City of St. Petersburg Down Payment Assistance caps the purchase price at $544,233.

  • Eligible property types include Single Family, Condo, and Townhouse.

Where does it apply?

City of St. Petersburg Down Payment Assistance serves buyers purchasing in St. Petersburg, Florida.

How do you apply?

Applications for City of St. Petersburg Down Payment Assistance go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program before funds are reserved.

  2. Contact the administering agency to reserve funds

    Funds are reserved with the provider and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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