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St. Petersburg · Pinellas County FHA
St Petersburg FHA Home Loan
FHA loans for St. Pete bungalows, condos and homes with a garage apartment or backyard cottage, with 3.5% down. FHA can count part of that second unit’s rent toward your approval.
We specialize in St Petersburg FHA home financing.
St. Petersburg’s older neighborhoods are full of 1920s to 1950s bungalows, and many have a garage apartment or a newer backyard cottage, especially since the city loosened its rules on accessory units. For an FHA buyer, that second unit can be more than a bonus: FHA lets lenders count part of its rent toward qualifying on a one-unit property.
On Mortgage compares FHA lenders, including those that apply the accessory unit rules, and prices flood and wind insurance up front. All programs are on the St. Petersburg mortgage rates page, which also covers refinancing, and our St. Petersburg mortgage broker team can help with the rest.
Today’s St Petersburg FHA Mortgage Rate
$544 lender credit
$531 lender credit
$531 lender credit
$829 lender credit
$1,482 lender credit
Par rate per program for a single-family primary residence in Pinellas County, 20% down, 780+ credit, 30-day lock, escrows included. Rates change through the day and are not a commitment to lend. Price your own St. Petersburg scenario, no credit pull.
St Petersburg FHA Loan Benefits: Affordable Homeownership Starts Here
Beyond 3.5% down, gift funds and flexible ratios, FHA’s accessory dwelling unit policy can make a real difference in St. Pete. Lenders can count 75% of the unit’s estimated market rent as income, within FHA’s limit on how much of your qualifying income it can represent. Here is the effect on a $430,000 bungalow with a permitted garage apartment:
| $430,000 home with a garage apartment | Monthly |
|---|---|
| FHA payment with taxes and insurance at 6.250% | $3,524 |
| Estimated market rent for the apartment (illustrative) | $1,400 |
| Rent FHA can count (75%) | $1,050 |
| Income needed at a 46.9% ratio without the rent ($450 other debts) | $8,474 a month, $102,000 a year |
| Your own income needed with the rent counted | $7,424 a month, $89,000 a year |
Illustration using live FHA par pricing with the upfront premium financed, homesteaded Pinellas taxes and the county’s average insurance scaled to price; flood coverage not included. The appraiser estimates market rent, and FHA caps the share of qualifying income that can come from the unit, so results vary.
St Petersburg FHA Loans for First-Time Homebuyers
Newcomers to ownership tend to find St. Pete’s best FHA value on the south side: Central Oak Park, Lake Maggiore Shores and Greater Pinellas Point have single-family homes at prices below the citywide median, and much of that area sits on higher ground than the waterfront neighborhoods. A relative can supply the 3.5% as a gift, and a motivated seller can pick up closing costs within FHA’s 6% cap.
Hurricanes Helene and Milton in 2024 changed how buyers look at older homes near the water. FHA appraisers will want any storm repairs finished, and if a home flooded, ask about the repair permits and any substantial damage determination. Homes in a high-risk flood zone must carry a flood policy, and its cost goes into the payment FHA measures you against.
On Mortgage: Saint Petersburg FHA Loan Experts
With waterfront charm, revitalized neighborhoods and a strong arts scene, St. Petersburg offers real value for FHA buyers. Condo buyers downtown and around Kenwood need an FHA-approved building or single-unit approval; we check status and the association’s storm repair and assessment history first. Single-family buyers need the home itself to pass FHA’s safety and soundness review, which on a 1920s bungalow means a close look at the roof, wiring and foundation.
FHA mortgage insurance at the St. Pete median:
| $445,000 purchase | Base loan | Upfront MIP (1.75%, financed) | Monthly MIP | How long MIP lasts |
|---|---|---|---|---|
| 3.5% down | $429,425 | $7,515 | $197 (0.55% a year) | Life of the loan |
| 5% down | $422,750 | $7,398 | $176 (0.50% a year) | Life of the loan |
| 10% down | $400,500 | $7,009 | $167 (0.50% a year) | 11 years |
FHA mortgage insurance at St. Petersburg’s median sale price, 30-year loan.
2026 FHA Loan Limits for Saint Petersburg
For 2026, Saint Petersburg borrowers work within the baseline limits HUD sets for lower-cost counties like Pinellas:
| Pinellas County, 2026 | FHA loan limit | Highest price at 3.5% down |
|---|---|---|
| Single-family, condo or townhome | $541,287 | $560,900 |
| Two-unit | $693,050 | $718,100 |
| Three-unit | $837,700 | $868,000 |
| Four-unit | $1,041,125 | $1,078,800 |
Base FHA limits that apply in St. Petersburg this year.
Neighborhood Access & Value
Affordable FHA-friendly areas include Central Oak Park, Lake Maggiore Shores and Greater Pinellas Point on the south side, along with bungalow neighborhoods like Historic Kenwood. Condos near Kenwood and downtown can work in approved buildings. The waterfront neighborhoods of the northeast generally run above the FHA limit or carry high flood costs.
Market Snapshot
St. Petersburg’s median sale sat around $445,000 in mid-2026, and homes typically took about 70 days to sell, steady demand that leaves FHA buyers time for insurance quotes and inspections. We price conventional alongside FHA for each St. Pete buyer.
Why FHA Loans Make Sense in Saint Petersburg
Competitive prices, varied housing and walkable districts make St. Pete an appealing FHA market for first-time buyers.
Second-unit income
Garage apartments and cottages counted correctly.
Storm diligence
Permits, repairs and flood coverage reviewed.
South-side value
FHA-friendly prices on higher ground.
Frequently Asked Questions: FHA Loans
Can FHA count rent from my St. Pete garage apartment?
Yes, if the accessory unit is legal. Lenders can count 75% of the appraiser’s market rent estimate, within FHA’s cap on how much of your qualifying income can come from the unit.
Can I buy a duplex in St. Petersburg with FHA?
Yes, with 3.5% down if you live in one unit. Rent from the other unit can help you qualify. The 2026 two-unit limit in Pinellas County is $693,050.
Do I need flood insurance for a St. Pete FHA loan?
Inside a FEMA special flood hazard area the lender will require it. Elevated and newer homes generally price far better than older slab-on-grade houses near the bay.
What is the FHA loan limit in St. Petersburg for 2026?
$541,287 for a single unit, the national baseline, which covers the St. Pete median with room to spare.
Are downtown St. Pete condos FHA approved?
Some are. Approval depends on the building’s finances, insurance, owner occupancy and repair status, and it expires periodically. We check each building.
Our Reviews
What Florida borrowers say after closing with On Mortgage. Five stars on Google (130 reviews) and Zillow (92 reviews).
“We cannot say enough amazing things about Caroline! As a first-time homebuyer, this was such a huge and exciting milestone for us, and we’re so grateful that we had her by our side throughout the entire process. Caroline was incredibly knowledgeable, patient, responsive, and supportive from beginning to end.”
“I had an amazing experience working with Ms. Caroline Da Silva throughout my entire home-buying process. From day one, she was professional, knowledgeable, responsive, and always there whenever I had questions. She kept me updated every step of the way and made everything easy to understand.”
“Caroline was great. Always responsive and available whenever I needed assistance or had questions. 10/10 would recommend to any veteran or anyone for that matter.”
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Bungalow, condo or a home with a rentable cottage, On Mortgage will check the property, count the income correctly and compare FHA lenders. Call or start online today.