Understanding Common Loan Options 

Conventional Loans
The most common loan type. Typically require stronger credit and a down payment, but can offer lower long-term costs for qualified buyers.

FHA Loans
Designed to help buyers with lower down payments and more flexible credit requirements. Often paired with down payment assistance programs.

VA Loans
Available to eligible veterans and active-duty service members. May allow little to no down payment and competitive interest rates.

Program availability, eligibility, and benefits vary by lender and individual circumstances. Exploring options helps determine what may be available and appropriate for you. 

Florida Assist

• Provides up to $10,000 toward down payment and closing costs

• Typically structured as a deferred second mortgage

• Often used alongside FHA or conventional loans
  
  

Hometown Heroes Program

• Designed for eligible Florida workers

• Provides assistance of up to 5% of the loan amount

• Program requirements often dictate the interest rate and lender

• Funds may be repayable depending on program structure

Examples in the Treasure Coast Area

Port St. Lucie SHIP Program

• Offers down payment and closing cost assistance to income-qualified buyers

• Typically structured as a 0% interest deferred second mortgage

• Repayment may only occur if the home is sold, refinanced, or no longer owner-occupied within the affordability period
  
  

St. Lucie County Housing Assistance

• Provides assistance to first-time homebuyers meeting income limits

• May be combined with FHA or conventional loans

• Funding availability varies by year
  
  

Indian River County SHIP Program

• Another example of a nearby county-administered SHIP program

• Typically offers deferred or forgivable assistance depending on compliance period

Local SHIP and grant programs often require:

• First-time buyer status

• Homebuyer education

• Income limits tied to Area Median Income (AMI)

• Primary residence occupancy

These programs can be a strong fit when:

• Cash to close is the main obstacle, not income

• The buyer plans to stay in the home for several years

• Seller credits are limited or unavailable

• The buyer prefers lower upfront costs, even if it means additional conditions

They may be less ideal when:

• The buyer plans to sell or refinance quickly

• The buyer has sufficient cash to avoid second liens

• Flexibility in lender choice or interest rate is a priority