ParkSaver Loans
(helping residents secure the future)

Frequently Asked Questions (AND ANSWERS)

What is a ParkSaver Loan?

ParkSaver is a new type of loan that helps income eligible residents when parks are being converted to resident ownership.

What type of loan is it?

ParkSaver is a second mortgage product.  Your unit and your leasehold are security for the loan.

How much can I borrow?

Up to $10,000

Does it have to be repaid?

Yes, ParkSaver loans are repaid so that the monies can be recycled to help residents in other parks become owners.

What is the interest rate?

Zero; Zip; Nada.  No interest is charged over the life of the loan.

Are there fees or other charges?

Pinellas County does not charge any processing fees or points.  However there are certain closing costs that are a part of any loan transaction.

How does repayment work?

Repayment starts five years after the loan is made.  The loan is then paid off in equal monthly payments over a 10-year period.  The loan can be paid off at anytime without a prepayment penalty.

Are all parks eligible?

Any park that is located in unincorporated Pinellas County or any of the cities except Clearwater, St. Petersburg, or Largo.  Please contact those cities for any programs they may offer.

If we have another residence do we qualify?

YES, If you are declaring this purchase as your primary residence and have been a resident of the State of Florida for a minimum of 181 days.

Is there a purchase price limit?

The sales price of the leasehold cannot exceed $151,000.

Will I need any cash?

Buyer must provide a down payment of at least 1% of total purchase price.

What are the income limits for this program?

It depends on the number of people in the household.  Income cannot be more than the numbers shown on the linked income chart.

Note:  This list of questions and answers is not total and complete.  It is intended to give each buyer an overview of the program.  Other conditions may apply.  On request, detailed loan documents are available for your review.  If you have any questions or need more information about program requirements or processing, please call (727) 464-8210 or write to:

Our goal is to offer the residents of Pinellas County the highest quality service possible.  We are always interested in comments about the quality of our services and suggestions for ways to improve them.