City of St. Petersburg Down Payment Assistance Program
Receive up to $75,000 in purchase assistance.
0% Interest. No Monthly Payments for Qualified Buyers.
Funds are limited. Applications processed on a first-come, first-served basis.
Program Overview
The City of St. Petersburg Housing Down Payment Assistance Program is designed to help first-time homebuyers bridge the gap between their savings and the cost of purchasing a home.
Qualified buyers can receive a 0% interest loan to cover the down payment and closing costs. This is a secondary mortgage that, in many cases, requires no monthly payments and may be fully forgiven after 10 years of residency.
- Assistance Amount: 20% of sales price + up to $5,000 in closing costs (Max $75,000).
- Interest Rate: 0% fixed rate (2nd Lien Position).
- Forgiveness: 100% forgiven after 10 years for qualifying income brackets.
Eligibility Requirements
Borrower Requirements
- • Must be a First-Time Homebuyer (no ownership in last 3 years).
- • Must contribute at least 1% of the purchase price from own funds.
- • Complete an 8-hour HUD-approved Homebuyer Education class.
- • Must occupy the home as primary residence (Homestead Exemption required).
Property Requirements
- • Located within St. Petersburg municipal boundaries.
- • Single-family, condo, townhome, or cooperative apartment.
- • Maximum Purchase Price: ~$544,233 (Subject to funding source limits).
- • Must pass inspection; all deficiencies cured prior to closing.
Program Status Note: While citywide funds are limited, the City is actively accepting applications for homes located within the South St. Petersburg CRA (SSCRA).
Your Path to Homeownership
Navigating the City of St. Petersburg Down Payment Assistance Program is easier when you know the steps. Here is the typical roadmap to securing your funds.
Check Eligibility
Complete the pre-qualification form to see if you meet the basic income and purchase criteria.
Education & Lending
Complete the required 8-hour HUD-approved education class and get pre-approved for a first mortgage with a participating lender.
Find a Home
Work with a realtor to find an eligible single-family home, condo, or townhome within St. Petersburg city limits.
City Approval
Your lender submits the file to the City for underwriting. Once approved, funds are reserved for your closing.
2026 Income Limits
Household income cannot exceed these limits based on family size.
| Household Size | 80% AMI Limit | 140% AMI Limit |
|---|---|---|
| 1 Person | $58,450 | $102,200 |
| 2 People | $66,800 | $116,760 |
| 3 People | $75,150 | $131,460 |
| 4 People | $83,450 | $146,020 |
South St. Petersburg CRA Advantage
Priority Funding Area
The South St. Petersburg Community Redevelopment Area (SSCRA) is a designated zone where homeownership is highly incentivized. While general citywide funds (SHIP) may have limited availability, the City often maintains specific funding pools for homes purchased within the CRA boundaries.
Key Benefits of Buying in the CRA:
- Higher Income Limits: Households earning up to 140% AMI may still qualify.
- Generous Forgiveness: 100% forgiveness after 10 years for many income brackets.
- Expanded Inventory: Includes many revitalized neighborhoods with diverse housing options.
Not sure if a home is in the CRA? We can help you check the property address against the official map during your eligibility review.
Invest in St. Pete's Future
Frequently Asked Questions
How much down payment assistance can I get in St. Petersburg?
Qualified first-time homebuyers in St. Petersburg can receive up to $75,000 in purchase assistance. This includes 20% of the home's sales price towards the down payment, plus up to $5,000 specifically designated for closing costs, provided as a 0% interest secondary mortgage.
Do I have to pay back the St. Petersburg down payment assistance?
Repayment terms depend on your income and location. For buyers with income at or below 80% AMI, the loan is typically 100% forgiven after 10 years of continued occupancy. For those earning 81-140% AMI inside the South St. Petersburg CRA, it may be forgiven or deferred for 5 years before repayment begins.
What are the income limits for the St. Petersburg program in 2026?
Income limits vary by household size. For Fiscal Year 2026 guidelines, a 1-person household limit is generally $58,450 (80% AMI) or $102,200 (140% AMI). A 4-person household limit is $83,450 (80% AMI) or $146,020 (140% AMI). These limits are subject to annual updates.
Is the St. Petersburg down payment assistance program currently open?
Yes, but funding availability varies by area. The program is actively accepting applications for homes purchased within the South St. Petersburg Community Redevelopment Area (SSCRA). Citywide funding for properties outside the CRA is currently very limited and may not be available for all income brackets.
Can I use the assistance for closing costs?
Yes. The program allows up to $5,000 of the total assistance amount to be used specifically for closing costs. This amount is included within the maximum benefit cap (it is not an additional add-on) and is structured as part of the 0% interest second mortgage.
What is the South St. Petersburg CRA (SSCRA)?
The South St. Petersburg Community Redevelopment Area (SSCRA) is a specific zone designated for economic revitalization. Buyers purchasing homes within this boundary have access to more flexible funding availability and favorable forgiveness options, including assistance for households earning up to 140% AMI.
Do I need to be a first-time homebuyer?
Yes. You must generally be a first-time homebuyer, which is defined as someone who has not owned a residential property in the last three years. Additionally, you must complete an 8-hour HUD-approved homebuyer education class to qualify for the program.
What kind of homes qualify for the program?
Eligible properties include single-family homes, townhomes, condominiums, and cooperative apartments located within St. Petersburg city limits. The maximum purchase price is generally capped at $544,233, though this limit may vary based on specific funding sources (such as SHIP or HOME funds) at the time of application.
Is there a minimum credit score required?
While the City's program guidelines primarily emphasize income and first-time buyer status, participating lenders will have their own credit score requirements for the first mortgage. Typically, lenders look for a minimum credit score of 640, though this varies by lender and loan type (FHA, Conventional, etc.).
How much money do I need to contribute?
Borrowers must contribute at least 1% of the purchase price from their own verifiable funds. This contribution cannot be a gift; however, it can be used towards the down payment or closing costs and can include pre-paid items like appraisal fees, inspections, or earnest money deposits.
Can I rent out the home after buying with assistance?
No. You must occupy the home as your primary residence and file for the Homestead Exemption. Renting out the property, selling it, or moving out before the compliance period ends (usually 10 years) may trigger a requirement to repay the assistance loan in full.