First-Time Home Buyer Programs & Down Payment Help in Port St. Lucie
State and local down payment assistance, the loan types first-time buyers use most, and a step-by-step plan for buying your first home on the Treasure Coast, from someone who’s both your agent and your loan officer.
You may need less cash than you think
Most first-time buyers assume they need 20% down. Most don’t.
Between low down payment loans and Florida’s assistance programs, many first-time buyers on the Treasure Coast buy with far less, and some get help with closing costs too. The catch is that each program has its own rules on income, credit, price and timing, and some can be combined while others can’t. That’s where having your agent and your loan officer in one place helps. I can match the program to the home before you start shopping.
Who counts as a first-time buyer?
For most Florida programs, you’re a first-time buyer if you haven’t owned and lived in a home as your primary residence in the past three years. Some veterans and buyers in certain targeted areas may be exempt.
What programs usually look at
- Household income limits by county
- Minimum credit score, often 640 for state programs
- Purchase price limits
- A homebuyer education course
- Living in the home as your primary residence
Down payment and closing cost help available here
Florida Hometown Heroes
For full-time employees of eligible Florida-based employers, including healthcare facilities, schools, first responders, the military and more. It provides 5% of the first mortgage amount, from $10,000 up to $35,000, as a 0% deferred second mortgage.
FL Assist
Up to $10,000 toward down payment and closing costs as a 0% deferred second mortgage, repaid when you sell, refinance, pay off the first mortgage or move out. It’s paired with a Florida Housing first mortgage.
HFA Preferred and HFA Advantage PLUS
A forgivable second mortgage equal to 3%, 4% or 5% of the first mortgage, forgiven 20% per year over five years, paired with a conventional first mortgage.
SHIP Home Purchase Assistance
For income-qualified buyers of new or existing homes in Port St. Lucie. The city’s current plan allows up to $103,500 as a 0% deferred loan that’s forgiven over 10 years (very low and low income) or 30 years (moderate income) if you follow the program rules.
Program terms, funding and limits change often. Confirm availability and current rules before you rely on any program. Martin County and St. Lucie County also run SHIP programs whose offerings vary by funding cycle.
Assistance programs can add time and conditions to a purchase, and some sellers and builders have preferences about how a deal is financed. I’ll help you pick a program that works with the homes you’re looking at, so your offer is still competitive.
The loans first-time buyers use most
FHA
Government-insured loans with flexible credit guidelines. FHA rules allow as little as 3.5% down for qualified borrowers, and gift funds can cover the down payment. Mortgage insurance usually lasts the life of the loan.
Conventional
Some conventional programs allow 3% down for first-time buyers. Mortgage insurance can be removed once you reach 20% equity, which can make it cheaper over time for buyers with stronger credit.
VA
For eligible veterans, service members and some surviving spouses, with no down payment required in many cases and no monthly mortgage insurance. See my VA loan guide.
USDA
No down payment for eligible rural and suburban areas, with household income limits. Parts of St. Lucie and Martin counties may qualify depending on the address.
Compare them in my free guides: the FHA vs. Conventional guide and the Zero-Down USDA Loan Guide.
Buying your first home, step by step
- 1. Check your numbers. Credit, income, debts and savings. Download my first-time homebuyer checklist.
- 2. Get pre-approved. A real pre-approval, with the right loan and any assistance program built in. Use my document checklist to get ready.
- 3. Take a homebuyer class if your program requires one.
- 4. Shop with your full monthly cost in mind: principal, interest, taxes, insurance, HOA and any CDD.
- 5. Make an offer, inspect and appraise.
- 6. Close, then apply for your homestead exemption by March 1.
Read the full First-Time Homebuyer Guide, or see how to get pre-approved in Florida.
Frequently asked questions
Is there down payment assistance in Port St. Lucie?
Yes. State programs from Florida Housing, such as Hometown Heroes, FL Assist and HFA Preferred, are available statewide, and the City of Port St. Lucie runs a SHIP Home Purchase Assistance program for income-qualified buyers during application periods. Funding and rules change, so confirm current availability.
How much is Florida Hometown Heroes?
Hometown Heroes provides 5% of the first mortgage amount, from $10,000 up to $35,000, as a 0% deferred second mortgage for eligible full-time employees of Florida-based employers who meet the other program requirements.
What credit score do I need for Florida first-time buyer programs?
Many Florida Housing programs require a minimum credit score of 640. Individual loan types and lenders may have different requirements.
Can I use down payment assistance with an FHA loan?
Often, yes. Several Florida assistance programs can be paired with FHA, VA, USDA or conventional first mortgages, but each program has its own pairing rules.
Do I have to be a first-time buyer?
For most programs, yes, meaning you haven’t owned and lived in a primary residence in the past three years. Some veterans and buyers in targeted areas may be exempt.
Not sure which program you qualify for?
Tell me a little about your income, savings and where you want to live, and I’ll show you which programs and loans fit, and what your monthly payment could look like.
I’m a REALTOR® and Broker Associate with RE/MAX Gold and a licensed loan originator. Book a Call, call (772) 297-1400 or text (772) 297-1400.
Your goals, budget and timeline.
The right loan and any assistance, built in.
Homes that fit your program and payment.
From offer to keys, with one point of contact.
Get my free homebuyer guides
Download my First-Time Homebuyer Guide, checklist, document checklist and loan comparison guides.