There are special loan programs available in Saint Lucie and Martin counties in Florida. Due to the high foreclosure and unemployment rates in these counties, the State of Florida has given buyers new opportunities to purchase a home. What a great time to do so! Both of these counties have seen prices drop in some areas by 75% from the last 3 years. Combine the low priced homes with these unbelievable loan programs and it makes for one incredible deal!
Loans Available for Saint Lucie and Martin Counties
There are several great loans available for these two counties. The first is the Florida State Bond Loan. This loan provides money from the state to put down, resulting in down payments that are less than $2,000. This loan has maximum income requirements that are based on your family size. For example, if you have four total in your family, the total household income for St. Lucie County must be below 59,800. There are a few different types of Bond loans available in this program and they all have different income requirements. Make sure to check with your lender for details.
The second type of loan available is the FHA 203k loan. This loan is for the homeowner looking to buy a home that needs some kind of work. Because of the high amount of foreclosures, a lot of the homes are not in good condition and need some kind of renovations before occupancy. This loan requires 3.5% of the purchase as a down-payment similar to the normal FHA loan, but will also allow you to finance the repairs of the home into the loan. Another plus to this loan is that you can have the repairs completed by a contractor of your choice with the materials of your choice. You must make sure to have the home inspected in accordance with the loan requirements.
The third type of loan available is the USDA Loan. This is location specific so make sure to check the USDA map when getting qualified. For Saint Lucie County, it only covers homes located west of Interstate 95. In Martin County though, this loan is good everywhere! It will provide you with 100% financing and only requires about $1,500 down to pay for inspections and appraisals. This program was created to support rural areas and outer city growth.
The fourth type of loan is through the City of Port St. Lucie's home stabilization program. This program provides very generous amounts of money and financing to very low-income residents. The income requirements are lower than any other bank will allow and therefore should be considered only if you fall into this category. This program only applies to city-owned properties in Port St. Lucie.
Finally, there are always your standard conventional loans that require 20% down. These are usually for 2nd homes or investments. Make sure you speak to your lender about the best loan program that fits your budget and needs.
Final Tips
If you are using the Florida State Bond loan, make sure the house you are buying is in good condition. The home will fail the appraisal if there are any safety issues like exposed wires, lack of smoke detectors, or if the major systems are not working properly. This goes for the USDA loan as well.
Another reason buyers get stuck is because they do not use a Realtor. With these loans there are required documents that must be presented with the offer and during the loan process. Make sure to use a Realtor who is familiar with these types of loans so that you can avoid having to fix mistakes and making people angry.
Finally, make sure you shop around. Do not be afraid to have a few lenders qualify you, and make sure you ask a potential lender if they have these programs available. Arm yourself with this knowledge and it will result in a very happy buying experience!
