
First-time buyers in St Lucie County have 3 great options! Please choose one of the options listed below.
Option #1
Escambia County Housing Finance Authority AND St. Lucie County Housing Finance Authority
HFA Big Splash Program for Government Loans (FHA, VA, RD)
ELIGIBILITY CRITERIA* –
* See loan officer for additional information
DOWN PAYMENT ASSISTANCE – Up to $7,500 for down payment and closing cost assistance. The assistance is in the form of a 30-year deferred, 0% Interest second mortgage. This is a second mortgage and is NEVER forgiven and must be repaid even if the first mortgage is refinanced.
INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer’s behalf. $291,176
HOMEBUYER EDUCATION – Not Required
ELIGIBLE PROPERTY – New or existing, one unit (no 2-4 units), detached or attached, condos, townhomes.
CREDIT SCORE – FICO mid score must be 640 or higher.
DTI – The maximum debt-to-income (DTI) ratio is 45%.
Option #2
Escambia County Housing Finance Authority AND St. Lucie County Housing Finance Authority
HFA Big Splash Program for the conventional loan (Freddie Mac HFA Advantage)
ELIGIBLE AREAS – St Lucie County
ELIGIBILITY CRITERIA* –
* See loan officer for additional information
DOWN PAYMENT ASSISTANCE – Up to $7,500 for down payment and closing cost assistance. The assistance is in the form of a 30-year deferred, 0% Interest second mortgage. This is a second mortgage and is NEVER forgiven and must be repaid even if the first mortgage is refinanced.
INCOME LIMIT CRITERIA – Income considered ONLY for the borrower(s) listed on the 1003 loan application. This is the same income used to credit qualify the borrower(s).
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer’s behalf. $291,176
HOMEBUYER EDUCATION – Required, speak with a participating lender for details.
ELIGIBLE PROPERTY – New or existing, one unit (no 2-4 units), detached or attached, condos, townhomes.
CREDIT SCORE – FICO mid score must be 640 or higher.
DTI – The maximum debt-to-income (DTI) ratio is 45%.
CO-SIGNERS – Not permitted.
WHAT’S THE NEXT STEP?
For both Escambia County HFA Big Splash Programs if you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS
Option #3
Florida Housing Finance Corporation
Hardest Hit Fund Down Payment Assistance First-Time Buyer Program
ELIGIBLE AREAS – St. Lucie County
ELIGIBILITY CRITERIA* –
* See loan officer for additional information
DOWN PAYMENT ASSISTANCE – 5 year forgivable, 0.00% second mortgage, up to $15,000. Must be used for down payment and closing cost. The second mortgage is forgiven 20% each year and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property. After the fifth year the second mortgage is completely forgiven.
INCOME AND PURCHASE PRICE LIMIT – View income limits on the flyer below.
HOMEBUYER EDUCATION – First-Time Homebuyers must complete a Program-approved pre-purchase homebuyer education course. Please speak with a participating lender for details.
ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE – FICO mid score must be 640 or higher.
DTI – The maximum debt-to-income (DTI) ratio is 45%.
CO-SIGNERS – Not allowable in this program.