How First Key Fund Makes Homeownership Possible
You’ve done everything right — steady job, growing career — but skyrocketing rent makes it nearly impossible to save for a down payment.
For everyday heroes like firefighters and police officers, buying a home in Florida is harder than ever. Home prices have soared, but wages haven’t kept pace — and while Florida has no state income tax, the cost of housing remains one of the biggest challenges.
- Example Salary: $58,000/year (~$4,800/month before taxes)
The average 3-bedroom, 2-bath home in cities like St. Petersburg, Clearwater, or Palm Harbor now costs around $500,000 — far beyond what most first-time buyers can afford with a traditional mortgage.
What a First-Time Buyer Can Afford in Pinellas County
With a $58,000 annual salary, you might qualify for a home between $180,000 and $297,163, depending on your financial profile. According to Freddie Mac and LendingTree, most lenders follow the “28/36 rule”:
- Mortgage payment should not exceed 28% of gross monthly income.
- That equates to about $1,353/month for housing.
With today’s interest rate of 6.7%, that means you could only afford a home in the $180,000–$230,000 range — and those homes are nearly impossible to find in Pinellas County.
Key Factors That Affect Buying Power:
- Down Payment: More upfront = lower monthly payments.
- Interest Rates: Higher rates = less buying power.
- Debt: Credit cards or loans reduce borrowing capacity.
- Credit Score: Lower scores can mean higher rates.
The Reality of Buying a $500,000 Home with a Traditional Mortgage
| Item | Traditional Mortgage (6.7%) |
|---|---|
| Down Payment (20%) | $100,000 |
| Loan Amount | $400,000 |
| Monthly Mortgage Payment | ~$2,580 |
| Taxes & Insurance (Escrow) | ~$700 |
| Total Monthly Cost | ~$3,280 |
That’s more than twice what a typical first responder can afford — and it requires $100,000 upfront.
First Key Fund at 1% Interest: A Game Changer
Our no down payment, ultra-low interest loan changes everything:
| Item | Ultra-Low Mortgage (1%) |
|---|---|
| Down Payment | $0 |
| Loan Amount | $500,000 |
| Monthly Mortgage Payment | ~$1,607 |
| Taxes & Insurance (Escrow) | ~$700 (Paid by First Key Fund) |
| Total Monthly Cost | ~$1,607 |
This is within range for many working families — and it’s less than what many are already paying in rent.
Renting in Pinellas County: It’s Not Cheap
Here’s the average rent for a 3 bed / 2 bath home:
- St. Petersburg: $2,600 – $3,500/month
- Clearwater: $2,400 – $3,200/month
- Palm Harbor: $2,700 – $3,000/month
Rent doesn’t build equity. But with First Key Fund, your monthly payment builds your future.
Why It Matters
Without help, many first-time homebuyers in Florida — especially those in essential roles — are being pushed out of the market. Traditional loans require high down payments, steep interest rates, and pristine credit — barriers that many hardworking families just can’t overcome.
And when essential workers can’t afford to live in the neighborhoods they serve, we all lose. It leads to:
- Under-resourced schools and services
- Longer commutes and higher stress
- Weakened community ties and stability
- Homeownership becoming a privilege, not a pathway
First Key Fund is here to fix that:
- No down payment required
- Interest rates as low as 1%
- Monthly payments that compete with rent
- A path to equity and long-term stability
We believe that everyone deserves a fair shot at owning a home — not just those with generational wealth or perfect credit. First Key Fund removes the biggest barriers to ownership and replaces them with opportunity.
Because when families own homes, communities thrive.