What is the Sunrise St. Pete program, in one sentence? Sunrise St. Pete is a HUD-backed, forgivable down payment assistance grant of up to $80,000 for renters who lived in St. Petersburg during Hurricane Idalia or Hurricane Helene, designed to help them transition from renting into homeownership — including in flood zones.

If you were renting in St. Petersburg during Hurricane Idalia or Hurricane Helene and assumed homeownership was out of reach, this episode is your reason to reconsider. Host Nicole Saunches sits down with Alexa Price of GO Mortgage — a lender who has spent three decades in the mortgage industry — to unpack the Sunrise St. Pete Homeowner Assistance Program, a HUD community development disaster recovery grant that offers eligible buyers up to $80,000 in forgivable down payment assistance.

What makes this program different from typical down payment assistance? Two things. First, it's genuinely forgivable — not a second mortgage you start repaying immediately, but a 0% interest lien that's forgiven at 20% per year, disappearing entirely after five years in the home. Second, and unusually for a program of this kind, it allows buyers to purchase in a flood zone — something the earlier, similar Pinellas Recovers program didn't permit. In a city surrounded by water on three sides, that single detail opens the door to a huge share of St. Pete's housing inventory that would otherwise be off-limits.

Alexa walks through exactly how the $80,000 figure is calculated (hint: it's tied to a front-end debt ratio between 35–37%, not a flat number everyone receives), who counts as a household for income purposes, how the program handles self-employed borrowers, and why there's no credit score minimum. She also addresses the biggest misconceptions buyers have — including why there's no pre-approval letter reserving funds, and why this program moves on a first-come, first-qualified basis.

Beyond the program mechanics, Alexa and Nicole dig into the bigger picture for renters sitting on the sidelines: why waiting for interest rates to drop is a losing strategy in a market where 71% of buyers are doing the same thing, how seller-paid rate buydowns can offset today's rates, and why the lending environment today has nothing in common with 2008. If you've been told by a well-meaning parent or friend that now isn't the time to buy, this conversation is worth sharing with them too.

Guest contact: Alexa Price, GO Mortgage — 727-409-3869 | [email protected]

FULL SHOW NOTES WITH TIMESTAMPS

• [00:00] Introduction — up to $80,000 available for St. Pete hurricane-impacted renters
• [00:01] Alexa Price's background: 30 years in mortgage lending, GO Mortgage branch in Palm Harbor
• [00:02] How Alexa connected to the program via the earlier Pinellas Recovers initiative
• [00:03] Grant structure explained: 0% interest, second lien, forgivable — not a typical repayable DPA
• [00:04] How the $80,000 figure is actually calculated (front-end ratio must stay between 35–37%)
• [00:05] How household income is determined, including minors and other household earners
• [00:06] What "0% interest, no monthly payment" means in practice
• [00:07] Forgiveness schedule: 20% forgiven per year, fully forgiven at year five
• [00:08] Residency requirement: proving you lived in St. Pete during Idalia/Helene (leases, utilities)
• [00:09] Income eligibility: up to 120% AMI (limited slots) vs. 80% AMI (more availability), with real dollar examples for a household of three
• [00:10–11] How the grant works alongside a conventional or FHA mortgage at today's rates
• [00:12] Stacking this grant with other down payment assistance programs
• [00:13] Property eligibility: must be within city limits; open question on single-family homes with ADUs
• [00:14] "Don't currently own another residential property" — nuances around estate planning and prior storm-era ownership
• [00:15] Flood zones are allowed — a major difference from Pinellas Recovers
• [00:16] Biggest misconception: there's no pre-approval reserving funds; approval happens during the transaction
• [00:17] City of St. Pete property inspection requirement, including lead-based paint review
• [00:18] No minimum credit score requirement
• [00:19] Why this is a "call a professional, not ChatGPT" situation
• [00:20–21] Why buyers shouldn't be afraid to call and ask questions — no aggressive follow-up
• [00:22] First step for an interested buyer: the Sunrise St. Pete address lookup tool at stpete.org, then a call to Alexa's team
• [00:23] Application is free; only a soft credit pull, no impact to credit score
• [00:24–28] Homeownership myths: "I can only afford a starter home," rate vs. rent math, and the value of just starting somewhere
• [00:29] The 71%-of-buyers-waiting-for-rates statistic and why that creates future competition
• [00:30–33] Rate buydown options (3-2-1, 2-1, 1-1) and how they compare to renting long-term
• [00:33–35] Why today's lending standards are nothing like 2008 — no-doc/neg-am loans no longer exist
• [00:36] How to reach Alexa Price directly
• [00:37] Closing thoughts

FREQUENTLY ASKED QUESTIONS

What is the Sunrise St. Pete Homeowner Assistance Program? It's a HUD community development disaster recovery grant administered by the City of St. Petersburg, offering up to $80,000 in forgivable down payment assistance to eligible renters affected by Hurricane Idalia or Hurricane Helene.

How much money can I actually get? Up to $80,000, but the exact amount is calculated to keep your front-end debt-to-income ratio between 35% and 37% — so the award amount varies by buyer, not a flat number for everyone.

Is this really forgivable, or do I have to pay it back? It's forgiven at 20% per year over five years. If you stay in the home the full five years, the entire amount is forgiven. If you sell or move earlier, you'd owe the remaining unforgiven percentage.

Can I buy a home in a flood zone with this program? Yes — this is one of the program's biggest differentiators. The earlier, similar Pinellas Recovers program did not allow flood zone purchases; Sunrise St. Pete does.

Do I need good credit to qualify? There's no minimum credit score requirement. Eligibility comes down to whether you can qualify for an underlying mortgage product (FHA, conventional, etc.), not a set credit threshold.

Who determines household income for eligibility? The program reviews all income in the household, including working minors and other household members, up to 120% of Area Median Income (AMI) with limited availability, or up to 80% AMI with more availability.

Can I get pre-approved and have funds set aside for me? No. Unlike some other disaster recovery programs, Sunrise St. Pete does not issue pre-approval letters reserving funds. Buyers work with a lender, go under contract, and funds are confirmed as available at that stage.

What property types qualify? Condos, villas, townhomes, and single-family homes within St. Petersburg city limits, purchased as a primary residence. (Single-family homes with ADUs are still being clarified with the program at the time of this recording.)

How do I find out if my address qualifies? Use the address lookup tool on stpete.org under the Homeowner Assistance Program / Sunrise St. Pete section.

What's the first step if I think I qualify? Check your address on the Sunrise St. Pete lookup tool, then contact a participating lender — like Alexa Price at GO Mortgage — for a free application with only a soft credit pull.

KEY STATS & QUOTABLE FACTS

• Up to $80,000 in forgivable down payment assistance
• Forgiven at 20% per year over a 5-year period
• Front-end debt-to-income ratio must stay between 35–37% to determine award size
• Income eligibility up to 120% AMI (limited availability) or 80% AMI (more availability)
• No minimum credit score requirement
• Funded through a HUD Community Development Block Grant – Disaster Recovery (CDBG-DR) allocation to the City of St. Petersburg
• On average, homeowners have 44% more net worth than renters at retirement (cited by host)
• 71% of prospective buyers are reportedly waiting for interest rates to drop before purchasing

GUEST BIO

Alexa Price is a mortgage professional with roughly three decades of lending experience, currently leading a branch of GO Mortgage based in Palm Harpor, Florida (offices in Palm Harbor and Largo). She previously worked extensively with the Pinellas Recovers disaster recovery down payment assistance program and now helps buyers navigate the Sunrise St. Pete Homeowner Assistance Program.

Contact Alexa Price:

• Phone/Text: 727-409-3869
• Email: [email protected]

RESOURCES MENTIONED

• Sunrise St. Pete Homeowner Assistance Program — stpete.org (Homeowner Assistance Program section, includes address lookup tool)
• GO Mortgage — Alexa Price's lending team

HOST BIO

Nicole Saunches is a luxury real estate advisor with Coastal Properties Group International, a member of Forbes Global Properties, specializing in downtown St. Petersburg condos and waterfront luxury properties. She hosts the Selling St. Pete podcast, bringing local market expertise and trusted vendor partners to buyers and sellers across Tampa Bay.