City of Boynton Beach SHIP Down Payment and Closing Cost Purchase Assistance Program
Assistance amounts vary by income. Review program guidelines to determine assistance eligibility by income level.
Maximum Purchase Price
https://www.boynton-beach.org/planning-building/housing-information 100 E. Ocean Ave, Boynton Beach, FL 33435 561.742.6066
Must be a first-time homeowner or have not owned a home within the last three (3) years. An appointment is needed to make sure the application submitted is complete. We will not accept applications without an appointment
Credit Score Requirements
Based on 1st mortgage requirements.
Yes, for 15 years
Accepted First Mortgage Type:
Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b)
Homeowners Education Class:
Funds will be awarded as a 0% interest deferred payment loan secured by a recorded mortgage and note for 15 years. The loan is forgiven at the end of the 15-year term.
Boynton Beach Property to be within the City of Boynton Beach, FL. Property must be located within the City limits of Boynton Beach; Go to the following web site https://www.pbcgov.org/papa/ and put in the property’s address, the Property Control Number will begin with 08-.
Yes, based on Compliance Income (including household income) Income limits from HUD 2022 120% AMI guidelines The income limits used in the SHIP program are updated annually by the Department of Housing and Urban Development and posted at http://www.floridahousing.org. Household must be at or below 120% of the Palm Beach County Area Median Income Limits.
$75,000 Assistance amount varies based on income categories served: Very Low, Low and Moderate and is considered on a case by case basis. Maximum awards are: Very Low = up to $75,000 Low = up to $65,000 Moderate = up to $25,000 Priority/Preference Notes: RENTAL STATUS – Households currently receiving Section 8 rental assistance or currently residing in public housing in Boynton Beach will receive preference. LOCATION – Qualified households desiring to purchase property within the CDBG target area will receive higher priority. SPECIAL NEEDS – Applicants who are disabled adults or elderly will receive priority.
Education Requirements Info:
Applicant)s) must complete a 6-hour homebuyer education class from a HUD-Approved housing counseling agency prior to loan closing. A certificate is required Prior to applying for SHIP funds, each applicant must attend and document a HUD approved, pre- and post-closing counseling education program whose curriculum must be approved by the City of Boynton Beach Community Improvement Division. Information regarding the number of sessions, hours of participation by the homebuyer, and the credentials of the instructor must be provided. It is strongly suggested that homebuyers receive training concurrent with the pre-qualification period with the first mortgage lender and prior to negotiating a contract to purchase a home. The following information must be included in the program: – Pre-qualification and credit analysis – Family budgeting – Mortgage closings – How to negotiate a contract – Foreclosure Prevention – Post-closing home maintenance
Eligible Property Types:
Single Family Detached Condo Townhome/PUD
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $77,280$88,320$99,360$110,400$119,280$128,160$136,920$145,800 *Income limits as of 05/18/2023
Housing Ratio: Up To 35% Total DTI: Up To 45% In order for the funds to be granted, a buyer’s projected housing costs cannot exceed 35% of monthly income unless the first mortgage lender and the City of Boynton Beach agree that the household can afford mortgage payments in excess of the 35% benchmark. Maximum Total Debt/Back End Ratio is 45%: The maximum applicants total debt ratio cannot exceed 45%.
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