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: