15. When will I know if I have been selected?
We are required to send verifications to third parties to confirm all
sources of income and assets. This process usually takes a few PLEASE NOTE:
weeks. You will receive a letter letting you know whether or not INFORMATION IN THIS BROCHURE
you have been selected and the status of your application. You will IS SUBJECT TO CHANGE AT ANY TIME. NEIGHBORHOOD STABILIZATION
receive information about selecting your home after you have PROGRAM (NSP)
received this notification.
16. Will I be allowed to refinance if I receive home purchase
Because the City will be placing a mortgage on your property, we
must approve of any refinancing you may consider. The City’s City-Owned Properties
current policy allows for refinancing (subordination of our
Mortgage), if your household will benefit with an interest rate and/or
housing payment reduction that is sufficient to offset the costs of
refinancing. You may not receive any funds (cash out) in the
transaction, but the City may approve of funds paid directly to a
contractor for home improvements. In general, the City will require
that its original Mortgage position be maintained & that tax &
insurance payments be escrowed. This policy is subject to change at This pamphlet was created to answer questions regarding the Port St.
any time. Lucie NSP Home Purchase Program. Contact Community Services
at (772) 871-5220 or (772) 344-4084 for further information.
If you are hearing impaired, call: (772) 873-6309.
2012 Income Limits by Family Size
Family Size Low City of Port St. Lucie
121 SW Port St. Lucie Blvd, Room 221
1 $19,950 Port St. Lucie, FL 34984
5 $30,800 The City of Port St. Lucie NSP Housing Program does not
discriminate against any person because of race, color, religion, sex,
handicap, familial status, or national origin, or against any other
7 $35,350 protected classes. In addition, any reasonable accommodations
required by the public may be arranged through the Community
8 $37,650 Services office.
D E C E M B E R 1 , 2 0 1 1
The NSP Home Purchase Program is designed to help Low also require payment of outstanding medical bills, collections,
qualified, creditworthy clients purchase a City-owned home that has charge-offs, etc.
been repaired/rehabilitated. Home purchase assistance is available $40,000
for those who need principal reduction, closing costs and/or prepaids 11. Can I choose my own first mortgage lender?
in order to qualify. The Port St. Lucie NSP Home Purchase Program works with lenders
5. Do I pay back the money I receive? who belong to the St. Lucie County Lending Consortium and offer a
Home purchase assistance is in the form of a deferred payment loan special lending package that makes the home buying process more
1. Who’s eligible for the Home Purchase Program?
with a term of 25 years at 0% interest; the loan will be forgiven at the affordable. By waiving some of the standard fees, these lenders
Households are eligible for to purchase a home if they meet the
rate of 4% per year as long as the home is maintained as a primary allow you to use more of your funds toward principal reduction on
residence. You will sign a Note and Mortgage for the amount of your home. All lenders are welcome to become members of the
Do not own a home at time of application.
assistance provided; the Mortgage will be recorded as a lien against lending consortium, but they must agree to adhere to the Uniform
Meet income guidelines (see #2).
your property until the Note is satisfied. Prorated repayment is due if Lending Package in order to be able to assist Home Purchase clients
Qualify for a home loan with a local lender who is a member of
sold prior to the end of the 25 year term of the loan. in the home buying process. At time of application, you will receive
the St. Lucie County Lending Consortium.
Are able to contribute at least $500 toward home ownership. a list of lenders who are members of the Consortium and can pre-
Your lender may require additional funds. 6. What type of home can I purchase? qualify you for a mortgage.
Agree to occupy the property as their primary residence You can purchase a home owned by the City of Port St. Lucie
through the NSP program. A list of homes will be provided to you 12. Where can I learn about Home Buying?
by the Community Services Department. These homes were You are required to attend a homebuyer’s workshop before you will
2. What are the income limits?
purchased from foreclosing lenders and repaired to meet the City’s be allowed to purchase your home. You will learn about the home
Households must be classified as Low, Moderate or Middle-income
housing standards. buying process, budgeting, home maintenance, etc. and will be better
to be eligible for the program. Clients will be selected on a first
ready, first served basis. However, we reserve the right to select prepared to be a smart homeowner. Homebuyer workshops are
Low income households ahead of others in order to meet the income 8. Where can I look for a home? offered in Port St. Lucie. See workshop schedule.
set asides for the NSP program. The current income limits are The Port St. Lucie NSP Home Purchase Program is for clients who
included on the back of this brochure. Your household must want to purchase a city-owned home in specific areas within the city 13. How can I give back to my community?
remain income qualified until you purchase the home. limits of Port St. Lucie. A list of homes will be provided to you A volunteer program was initiated at the request of clients who
when you are selected. If you are interested in living in the wanted to give something back to the community. The Community
unincorporated area of St. Lucie County or in Ft. Pierce, you must Services Office coordinated with United Way of St. Lucie County
3. Is there a limit on cash I may have saved or gifts?
apply for the program in that respective area. Note: NSP Programs and other social agencies to help fill volunteer vacancies. Clients are
In general, verifiable cash and other assets (combined with gifts from
are available in many cities and counties throughout Florida. not required to volunteer. If you indicate that you will perform a
family members, if applicable) should not exceed $15,000. Tax
deferred accounts may be excluded from the asset limitation. community service, you will be expected to fulfill that obligation.
Households with additional assets beyond the maximum may be 9. How much can I pay for my home?
asked to use those assets before any home purchase assistance will Your lender will provide you with a maximum purchase price, based 14. How do I apply to purchase?
be disbursed. Extenuating circumstances may be considered. on your income and monthly debts. In general, we will allow a Applications are available online when funding cycles are
housing-to-income (front end) ratio of approximately 29% and a
advertised. Go to www.cityofpsl.com, click on Neighborhood
debt-to-income (back end) ratio of no more than 45%.
4. How much assistance is available? Stabilization Program - 1. Or you may pick up an application at the
Lenders are required to qualify applicants with the minimum Port St. Lucie City Hall, Community Services office, at 121 SW Port
assistance, if any, needed to purchase a home. Home purchase 10. Do I need to have good credit to buy a home? St. Lucie Blvd., Port St. Lucie, FL. If you need additional
assistance maximums are based on income categories as follows: Clients need to be able to qualify for a first mortgage with a local information, please call (772) 871-5220 or (772) 344-4084. If you
lender in the St. Lucie County Lending Consortium. This usually are hearing impaired, call (772) 872-6309.
requires at least one to two years of good credit. The lender may