St Lucie County Down Payment and Closing Costs Assistance Program

St Lucie County Down Payment and Closing Costs Assistance Program

At the time of publication, the County is not accepting applications but there are many other programs available pending the qualifications of the buyers.  Some of these programs are offered to the residents of Florida and are not exclusive to St Lucie County while others are exclusive to St Lucie  County and Treasure Coast residents. The most prominent program for St Lucie, Indian River, and Martin County offers up to $7,500 toward down payment and closing costs assistance to qualified homebuyers.

St Lucie County Down Payment Assistance Program Requirements:

• $10,000 downpayment assistance as a deferred 2nd mortgage at 0% interest. The $10,000 becomes a GRANT if the borrower stays in the property for 5 years and does not need to be paid back unless the property is sold, rented or refinanced
• Grant Money (no repayment) – 3% – 4% first come first serve on funds
• Eligible for FHA, VA, and Conventional financing. Conventional loans may not be available from time to time
• Applicants who are first-time homebuyers or have not owned a home in the past 3 years (some exceptions apply)
• Homebuyer education course certificate from an approved entity
• A minimum credit score of 640 required
• Must meet income limits for households depending on the county

St Lucie County Downpayment Assistance Program 

In General, St. Lucie County down payment assistance is limited to the homes built in certain areas of the county, primarily the unincorporated St Lucie County.  In recent times, the 3 predominant areas for this program have been Lakewood Park, River Park, and Indian River Estates.  However, as mentioned above, there are many other State and Federally sponsored down payment and closing cost programs available, and you can contact us at 772-323-6730 for more information. The SLC program has been closed, please check for the latest details 

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.

Income Restrictions for Down Payment Assistance Program

The income restriction for the Down Payment Assistance Program in St Lucie County varies by the number of people in a household.

Single Family (Governmental) Program Option

• Family of 1-2: $84,500 (Non-Target Areas) – $101,400 (Target Area)
• Family of 3 or more: $97,175 (Non-Target Areas) – $118,300 (Target Areas)

Applying for Down Payment Assistance

To apply for the Down Payment Assistance Program, home buyers in St. Lucie County should first obtain pre-approval from a participating lender.  Please note, not all lenders are participating in DPA programs. Contact us directly to start your file and transfer it to our participation lender. While the lenders would verify the creditworthiness of home buyers, a minimum credit score of 640 is a requirement for most Down Payment and Closing Costs Programs. For homebuyers with less than the required credit score, our lender will guide them to improve the score at no cost to applicants. The pre-approval from lenders should cover home purchases with at least a $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, the income of the applicant, and the value of the home. For St Lucie County the maximum purchase amount is as follows:

New & Existing Homes: $358,308(Non-Target Areas) – $437,932 (Target Areas)

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 the homebuyer meets with their mortgage bankers.
• Pre-Screening for Down Payment Assistance Program- Pre-screening to determine the eligibility of the applicant for the Down Payment Assistance Program will take only a few minutes by answering the questionnaire in the Home Purchase Pre-Screening tab on the county’s website.  After submitting the pre-screening questionnaire a county staff member will contact the homebuyer within 48 hours to instruct them on the next steps necessary to complete the program.
• Application for Down Payment Assistance Program- After the county completes pre-screening and an 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 attend a Home Buyer Education Workshop. These workshops could be completed online or in a classroom.  The HUD conducts workshops, for more information, please visit HUD’s website’s section designated for Home Buyers Education Workshop.

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

Email: info@portstlucie.city.

Phone: (772) 323-6730