Older homes and flood zones
A lot of St. Petersburg’s housing is older, and a lot of it sits low and close to the water. After the 2024 hurricane season, buyers here are paying much closer attention to elevation, flood history and insurance, and so are lenders and insurers.
- Flood insurance. Many St. Pete homes are in flood zones where a lender will require flood coverage. The premium depends heavily on the home’s elevation, so I like to see an elevation certificate or a quote early.
- Flood history and repairs. If a home took on water, ask what was repaired and whether permits were pulled. Major repairs on homes in flood zones can trigger rules about bringing the home up to current elevation standards.
- Roof and four point inspections. Older homes often need a four point inspection before an insurer will write a policy. Roof age matters a lot for both price and approval.
Condos in St. Pete
Downtown and the waterfront have a lot of condo inventory. Florida’s newer condo safety and reserve rules have changed which buildings are easy to finance. Some buildings are going through inspections, special assessments or reserve increases, and some are not currently approved for FHA or VA. I check the building early so there are no surprises after you are under contract.
Investors
St. Pete is popular for long-term rentals and, where local rules allow, short-term rentals. If you want to qualify on the property’s rent instead of your tax returns, DSCR loans are built for that.
Veterans in Pinellas
Pinellas County has a large veteran community. A VA loan works on St. Pete homes and approved condos, and for many buyers it is still the strongest option available.
Popular loans in St. Petersburg
- VA LoansLittle or nothing down for eligible buyers, no monthly mortgage insurance, and the strongest benefit most buyers will ever have.
- Conventional LoansCompetitive pricing for solid credit, with options for second homes and investment property.
- FHA LoansLow down payment and flexible credit guidelines. A go-to option for first-time buyers.
- DSCR LoansQualify on the property's rent, not your tax returns. Close in an LLC.
St. Petersburg mortgage questions
Can I buy a condo in St. Pete with an FHA or VA loan?
Yes, as long as the building is approved for that program or can qualify. Approval status changes, especially with Florida's newer condo rules, so I check the specific building before you make an offer.
Will I need flood insurance in St. Petersburg?
If the home is in a high-risk flood zone and you have a mortgage, the lender will require it. Many St. Pete homeowners outside those zones carry it anyway. We look at the zone and elevation and get a quote before you commit.