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City of Port St. Lucie SHIP Home Purchase & Down Payment Assistance Program

Special Alert

Maximum Purchase Price

$548,250

Contact Info:

https://www.cityofpsl.com/government/departments/neighborhood-services/community-programs/housing-programs 121 S.W. Port St. Lucie Blvd, Port St. Lucie, FL 34984 772-871-5010

Limitations

Credit Score Requirements

Based on 1st mortgage requirements.

Deferred Payments?

Yes, for 15 years

Accepted First Mortgage Type:

Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA, USDA / RD

Homeowners Education Class:

Required

Is Forgivable?

Loan will be forgiven at the end of the 15 year term.

Location:

Port St. Lucie Program is available within the City of Port St. Lucie.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2023 80% AMI guidelines Very low (30%), Low (50%) and Moderate (80%) AMI levels served.

Maximum Assistance

$21,500 Funding assistance up to $21,500 for eligible home buyers to purchase newly constructed homes or existing homes in the City of Port St Lucie. SHIP monies may be used for all or any portion of the following: down payment, closing costs, prepaids and gap financing. Existing homes may use up to $1,000 to address needed repairs based on an Inspection report.

Education Requirements Info:

https://hudgov-answers.force.com/housingcounseling/s/

Eligible Property Types:

Single Family Detached Condo Townhome/PUD

Income By Household Size:

HH1HH2HH3HH4HH5HH6HH7HH8 $47,450$54,200$61,000$67,750$73,200$78,600$84,050$89,450 *Income limits as of 05/31/2023

Qualifying Ratios:

Housing Ratio: Up To 29% Total DTI: Up To 45% The applicants front-end and back-end ratios should not be less than 29% or more than 45% of household income. Mitigating circumstances may be considered (i.e., history of paying more for housing, etc.)
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