FORT PIERCE – The City of Fort Pierce has announced the commitment of over $200,000 for the Fort Pierce Home Purchase Assistance Program. This program will provide financial assistance to qualified first-time home buyers for down payment and closing costs associated with purchasing a home.
The home must be located within the city limits of Fort Pierce and be occupied by the homebuyer as his/her principal residence. The amount of financial assistance provided through this program is based on the applicant’s gross household income and need.
The financial assistance is provided as a zero interest, deferred payment loan (forgivable) secured by a second mortgage, note and recapture agreement. All applicants must complete a pre-purchase homebuyer’s education program and secure a first mortgage from a certified lender.
The minimum down payment/closing cost assistance is $1,000. The maximum is $15,000 and is based on the home buyer’s income. The homebuyer must provide a minimum of $500 from his/her own funds toward the purchase of a home.
Eligible property types include a single-family home, townhouse and condominium. Homes located in the 100-year flood plain or that will be tenant-occupied are ineligible. There are maximum purchase price limits and the property must pass inspections. Other restrictions apply.
Applicants must complete a pre-screening form first to find out if they are eligible for the program, before submitting a full application. The pre-screening form and application as well as information on additional program requirements are available on the City’s website at cityoffortpierce.com.
Pre-screening forms, applications and information on additional program requirements can also be picked up at Fort Pierce City Hall, Department of Urban Redevelopment, 100 N. U.S. Hwy. 1, Fort Pierce. Interested citizens can call 772.467.3183 to have this information sent via U.S. Mail.
Photo courtesy City of Fort Pierce.
This story is distributed by Treasure Coast Business, tcbusiness.com, a service for the readers and advertisers of Indian River Magazine. Report news of your business at news@tcbusiness.com.