Available Programs for Many Cities in Palm Beach
PURCHASE ASSISTANCE SUMMARY: Some funding will be available to income eligible homebuyers for purchase assistance with or without rehabilitation or new construction. SHIP funds will be awarded to assist with gap financing, lot acquisition; down payment; rehabilitation of the unit to be purchased; and closing costs. Please click the link below to access information on available programs in different cities. Programs are subject to change so periodically check for updates, as new programs may become available from time to time.
More Home Buyer Purchase Assistance
ALL CITIES IN PALM BEACH COUNTY
Palm Beach County offers 2 great options to homebuyers. Please choose one of the options listed below.Option #1 - Own a Home Opportunity Program
ELIGIBLE AREA – Palm Beach county
ELIGIBILITY CRITERIA* –
OWN A HOME OPPORTUNITY FIRST MORTGAGE - Qualified buyers will receive a 30-year fixed rate first mortgage from a participating lender. Eligible loan products include FHA, VA, RD and Freddie Mac HFA Advantage Conventional.
DOWN PAYMENT ASSISTANCE – Available as a 30-year deferred, 0% Second Mortgage of up to $10,000. Must be used for down payment and/or closing cost assistance. Must be repaid, this is never forgiven. HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
4) Online education ONLY from (MGIC Homebuyer Education for Freddie Macs Home Possible Program and certain HFA's):
English: https://homebuyers.mgic.com
Spanish: https://compradoresdecasa.mgic.com
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – Primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - (Effective 01/01/21) FICO mid score must be 640 or higher.
MAXIMUM INCOME LIMIT – Income of the borrower, spouse and everyone 18 years of age and older who will live in the property must be included.
FHA, USDA-RD and VA Loans:
$147,450
Freddie Mac Loans:
$67,600
MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrowers behalf. $568,557
Option #2 - Own a Home Opportunity Grant Program
ELIGIBLE AREA – Palm Beach county
ELIGIBILITY CRITERIA* –
OWN A HOME OPPORTUNITY GRANT FIRST MORTGAGE - Qualified buyers will receive a 30-year fixed rate first mortgage from a participating lender. Eligible loan products include FHA, VA, RD and Freddie Mac HFA Advantage Conventional.
DOWN PAYMENT ASSISTANCE – 3%, 4% or 5% grant of the Note amount. Must be used for down payment and closing cost assistance. This grant is never repaid.
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
4) Online education ONLY from (MGIC Homebuyer Education for Freddie Macs Home Possible Program and certain HFA's):
English: https://homebuyers.mgic.com
Spanish: https://compradoresdecasa.mgic.com
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – Primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - (Effective 01/01/21) FICO mid score must be 640 or higher.
MAXIMUM INCOME LIMIT – Must include the income of the borrower only.
Freddie Mac HFA Advantage At or below 80% AMI:
All household sizes $67,600
FHA, VA, USDA-RD and Freddie Mac HFA Advantage over 80% AMI:
All household sizes $147,450
MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrowers behalf. $568,557.
WHAT'S THE NEXT STEP?
If you think you qualify for the program based upon the criteria above, contact us to get pre-approved for a mortgage.
REQUIRED DOCUMENTS: At the time of application submittal, the following documents must be provided for ALL adult household members:
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