Hey there! Navigating the journey to homeownership can feel overwhelming, but the City of Fort Pierce offers a fantastic resource to make it more attainable: the Home Purchase Assistance Program. Let’s break down how this program can help you step into your first home with confidence.

Program Overview

The Home Purchase Assistance Program is designed to support first-time homebuyers by providing financial assistance for down payments and closing costs. This initiative aims to ease the financial burden associated with purchasing a home, making the dream of homeownership more accessible.

Funding Source

This program is funded through the State Housing Initiatives Partnership (SHIP) for the fiscal year 2024-2025, with an allocation of $150,000 dedicated to assisting eligible applicants.

Eligibility Criteria

To qualify for the program, applicants must meet the following requirements:

• First-Time Homebuyer Status: You should not have owned a home within the last three years.
• Income Limits: Your household’s gross annual income must fall within specified limits based on household size. For example, a four-person household should have an income not exceeding $73,350.
• Home Location: The property must be within the city limits of Fort Pierce.
• Homebuyer Education: Completion of a pre-purchase homebuyer education program is mandatory.
• Mandatory Orientation: Attendance at a mandatory orientation session conducted by the Grants Administration Division is required.
• Mortgage Pre-Approval: Securing a first mortgage from a lending institution is necessary.

Benefits

The program offers a zero-interest, deferred second mortgage to assist with down payment and closing costs. This financial support can significantly reduce the initial expenses of purchasing a home, making it more affordable for eligible buyers.

Potential Drawbacks

• Funding is limited, and assistance is provided on a first-come, first-served basis.
• Applicants must attend mandatory orientation and education courses, which may require additional time commitment.
• Home purchases must be within the city limits of Fort Pierce, restricting location options.

Application Process

To apply, follow these steps:

1. Attend a mandatory orientation session hosted by the City of Fort Pierce Grants Administration Division.
2. Complete a HUD-certified homebuyer education course.
3. Obtain mortgage pre-approval from a recognized lender.
4. Submit an application along with required documentation, including income verification and proof of completion of required courses.
5. Await approval and funding availability.

Program Type

This program provides down payment assistance in the form of a deferred second mortgage.

Availability

This program is available exclusively within the City of Fort Pierce, Florida.

Additional Information

For more details and to apply, visit the official City of Fort Pierce website: City of Fort Pierce Home Purchase Assistance Program.