St Lucie County Down Payment and Closing Costs Assistance Program

by | Buyers Information, Port St Lucie Real Estate

Down Payment Assistance

Down Payment Assistance to Buy a Home

St Lucie County Down Payment and Closing Costs Assistance Program

In General, St. Lucie County down payment assistance is limited to the homes built in certain areas of the county.  In recent times, the 3 predominant areas for this program have been the Lakewood Park, River Park, and Indian River Estates.  Like most counties in the US, St Lucie County Down Payment and Closing Costs Program could change the terms and availability of funds at any given time.  As we have suggested before all home buyers should check with the county for the latest programs available for the Down Payment and Closing Costs Assistance.

Income Restrictions for Down Payment Assistance Program

The income restriction for Down Payment Assistance Program in St Lucie County varies by the number of the people in a household.  Although the chart below has been established for a while but for the latest income lever please visit the St. Lucie County website.

Size of Household Maximum Income
1 $45,950
2 $52,000
3 $59,100
4 $65,650
5 $70,900

Applying for Down Payment Assistance

To apply for the Down Payment Assistance Program, the home buyers in St. Lucie County should first obtain a pre-approval from a participating lender.  Since the lenders would verify the credit worthiness of home buyers, the county does not impose a credit score for applying for Down Payment and Closing Costs Program.  The pre-approval from lenders should cover home purchases with at least $75,000 value located in the designated areas of the county.

The Amount of Down Payment Assistance

The amount of Down Payment Assistance varies based on many factors such as the amount of pre-approval by the lender, income of the applicant, and the value of the home.

Timeline for Down Payment Assistance

The following steps indicate the approximate timeline for applying and obtaining Down Payment and Closing Costs Assistance:

  • Lender’s Pre-Approval- Normally the lenders will issue a pre-approval letter on the same day that home buyer meets with their mortgage bankers.
  • Pre-Screening for Down Payment Assistance Program- Pre-screening to determine the eligibility of the applicant for Down payment Assistance Program will take only a few minutes by answering the questionnaire in Home Purchase Pre-Screening tab on the county’s website.  After submitting the pre-screening questionnaire a county staff member will contact the home buyer within 48 hours to instruct them on next steps necessary to complete the program.
  • Application for Down Payment Assistance Program- After the pre-screening is completed by the county and application is submitted, it will take an average of 4 to 6 weeks to process the application.
  • Out of Pocket Expenses for Down Payment Assistance Program- While there are no fees for processing the application for Down Payment Assistance Program, the County requires a minimum contribution of $500 by the home buyers toward the purchase of the home.
  • Repayment of Down Payment Assistance– The good news is that the homeowners do not have to repay the Down Payment Assistance Loans during the affordability period as long as the dwelling remains as their primary residence. The payment of the deferred amount could be between 5 to 20 years depending on the amount of Down Payment Assistance received by homeowners.
  • Searching for a Home with Down Payment Assistance– It is of utmost importance for home buyers to avoid signing any purchase contract prior to receiving the approval for Down Payment Assistance Program. The consequences could include lawsuits by sellers for non-performance and possible loss of their down payment for such contacts is possible if they default in purchasing the property due to denial of their Down Payment Assistance application by the county.
  • Home Buyer Education Workshop- Upon entering into a purchase agreement the home buyers should immediately inform the lender and the county as well as attending a Home Buyer Education Workshop. These workshops could be completed online or in a classroom.  The workshops are conducted by HUD and for more information please visit HUD’s website’s section designated for Home Buyers Education Workshop.

For more information and speaking to a Realtor@ and a list of the participating lenders please contact us at:

Email: info@portstlucie.city.

Phone: (772) 323-6730