Current Palm Beach Programs
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.
- 1. Palm Beach County, FL
- 2. Boca Raton, FL
- 3. Boynton Beach, FL
- 4. Delray Beach, FL
- 5. Wellington, FL
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* –
- Buyers and their spouses must be first-time buyers and must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
- Buyers must qualify using the Own a Home Opportunity program requirements.
- Buyers must credit qualify for the Own a Home Opportunity first mortgage.
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* –
- Buyers are NOT required to be first time buyers.
- Buyers and their spouses must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
- Buyers must qualify using the Own a Home Opportunity Grant requirements.
- Buyers must credit qualify for the Own a Home Opportunity Grant first mortgage.
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:
- Pre-Approval Letter from First Mortgage Lender (MUST secure first mortgage approval here)
- Valid Drivers' License or State Identification
- Birth Certificates or valid U.S. Passport or Naturalization Certificate for ALL household members (for all Non-U.S. Citizen household members provide a copy of a valid Permanent Resident Card).
- Most recent paycheck stub for (OR) a current completed Verification of Employment (VOE)
- Completed YTD Profit and Loss Statement (if self-employed or current 1099 Income earner)
- If an adult student is employed – copy of current class schedule
- Most recent Social Security, Retirement and/or Disability Award Letter
- Wage Earner Statement from Social Security Administration for ALL unemployed adult household members
- Court ordered child support documentation/ALL appropriate legal documentation for adoption, divorce, battered spouse & restraining order
- Most recent six months bank statements (OR) a current Completed Verification of Deposit (VOD) for ALL accounts
- Most recent two (2) years of tax returns (signed and dated) and W2s.
- If self-employed, provide copy of a current 1099 and three (3) years of most recent tax returns
- Certificate of Completion for Homebuyer Education from a HUD Certified Counseling Agency or Neighborworks America (OR) documentation of scheduled appointment
- Homebuyer Education Counseling Certification Form completed by the Counseling Agency's Instructor