St Petersburg First Time Home Buyer Assistance

St Petersburg first time home buyer assistance is available for many people.  For many, owning a home is the ultimate American dream. But for first-time homebuyers, it can seem like an impossible dream. That’s where the St. Petersburg Purchase Assistance Program comes in. This program helps eligible first-time homebuyers achieve their dream of homeownership by offering financial assistance and educational resources. In this blog, we will explore the benefits of the St. Petersburg Purchase Assistance Program and how it can help first-time homebuyers in St. Petersburg.

What is the St Petersburg First Time Home Buyer Assistance Program?

The St. Petersburg Purchase Assistance Program is a program designed to help first-time homebuyers purchase a home in St. Petersburg. The program offers eligible applicants financial assistance to help with the purchase of their home. The amount of assistance available depends on the applicant’s income level. Moreover, those with an annual household income at or below 80% of the area median income may be eligible for up to $20,000 in assistance funds. Those whose income falls between 80% and 120% of the area median income may receive up to $10,000.

St Petersburg First Time Home Buyer:  Who is Eligible

To be eligible for the St. Petersburg Purchase Assistance Program, applicants must be first-time homebuyers. They must also attend and complete a first-time homebuyer educational training class provided by a HUD-approved housing counseling agency. This training will help prepare potential homebuyers for the home buying process, including what to look for in a home, how to secure financing, and how to maintain a home.

Applicants must also demonstrate the ability to sustain homeownership with sufficient residual income to meet expenses. In fact, this means that applicants must have enough income left over after paying for housing expenses to cover other living expenses, such as food, transportation, and healthcare.

Additionally, applicants must contribute 1% of the sales price into the transaction, including out-of-pocket expenses such as the earnest money deposit, appraisal, credit report, and property inspection. This ensures that applicants have a vested interest in the purchase of their home.

St Petersburg First Time Home Buyer: Property Guidelines

Any home purchased with program funds must serve as the borrower’s primary residence and must be inspected by a licensed home inspector to ensure compliance with the City’s Quality Housing Standards. The purchase price of the home must not exceed $294,691, and eligible property types include new or existing single-family residential housing units, condominiums, townhomes, or cooperative apartments located within the City of St. Petersburg’s municipal boundaries.

St Petersburg First Time Home Buyer:  Income Limits

Income limits are in place to ensure that the program is benefiting those who need it the most. Applicants whose annual household income falls at or under 80% of the area median income are eligible for $20,000 in assistance funds. Furthermore, the income limits for the program are as follows:

1-person household: $41,350 2-person household: $47,250 3-person household: $53,150 4-person household: $59,050 5-person household: $63,800 6-person household: $68,500 7-person household: $73,250 8-person household: $77,950

St Petersburg First Time Home Buyer:  Benefits

The St. Petersburg Purchase Assistance Program offers a range of benefits for first-time homebuyers. The program provides financial assistance to help cover the down payment and closing costs associated with purchasing a home. This can be a significant help to first-time homebuyers who may not have the resources to make a down payment on their own.

In addition to financial assistance, the program offers educational resources to help prepare potential homebuyers for the home buying process. The first-time homebuyer educational training class is also available.  If you are looking to buy a home for the first time, contact Aaron at Avalon Group – LPT Realty by calling 727-262-7920.

 

Here is a video with more information on buying a home for the first time:

 

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About the Author
Aaron Hunt

Raised in a family of creative entrepreneurs, Aaron Hunt, Realtor St Petersburg FL, guides his clients with the same irrepressible spirit he was surrounded by as a kid. A Florida transplant, Aaron relates well to the out-of-state buyers, retirees, and vacation home-dwellers who make up the bulk of his clientele. He makes no secret of his love for St. Petersburg and its neighboring cities and towns, and it fuels his passion for helping buyers find their dream home.

Originally from the San Francisco Bay Area, Aaron grew up on the West Coast. His family owns hotels throughout California, Idaho, and Las Vegas, which has shaped Aaron’s eye for detail and his mind for business. In his subsequent career in the spa industry, he established a high bar for client service designed to cater to every discerning taste. From pampering spa customers to tending to real estate clients, Aaron knows how to take care of people.

Realtor St Petersburg FL:  Exceeding Expectations

By limiting the number of clients he represents at any given time, he ensures his undivided attention, absorbing every detail so he can deliver outstanding results and exceed expectations. Aaron co-founded Avalon Group, Realtor St Petersburg FL, in 2014 and grew it into the top-rated real estate team in St. Petersburg and Tampa Bay out of over 10,000 agents. Some of Aaron's greatest strengths are organizing and leading complex projects, making deals happen, and driving profit.

Aaron negotiates deftly for his buyers’ ideal homes.  Furthermore,  he attracts multiple enticing offers for his sellers’ properties.   Aaron prepares meticulously for every transaction, thoroughly covering every detail so clients encounter no surprise. He also relies on his dynamic support team and vast professional network to ease every facet of a transaction.  Additionally he makes sure to fulfill specific client needs. Aaron, a broker associate and Pricing Strategy Advisor, satisfies his competitive streak when everyone wins.

Realtor St Petersburg FL:  Living the Tampa Bay Lifestyle

Aaron has been a proud Florida resident since 2013. There’s always something interesting to do in St. Petersburg, and Aaron relishes it, exploring the city, traveling, hiking, biking, and visiting with friends. He also enjoys trying new restaurants in the region, especially in neighborhoods where he has homes listed. Aaron takes time to give back to his community by supporting St. Pete Pride and other annual festivals throughout the area.