City of Delray Beach First-Time Homeownership Program
Special Alert
Maximum Purchase Price
$382,194
Contact Info:
https://www.delraybeachfl.gov 100 NW First Ave, Delray Beach, FL 33444
Limitations
Credit Score Requirements
Based on 1st mortgage requirements.
Deferred Payments?
Yes
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), VA, USDA / RD
Homeowners Education Class:
Required
Is Forgivable?
Subsidies are provided in the form of a second mortgage for a period of 15 years for loan amounts less than $35,000 and 30 years for loan amounts of $35,000 or more
Location:
Delray Beach Property must be within the city limits of Delray Beach, FL.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2022 140% AMI guidelines Income limits coincide with the Florida Housing Finance Corporations limits. (they change every year in April) Cannot exceed 140% AMI.
Maximum Assistance
$75,000 Deferred gap financing and closing costs assistance through 0% interest deferred loans held as second mortgages up to $75,000
Education Requirements Info:
https://www.delraybeachfl.gov/government/city-departments/neighborhood-community-services/neighborhood-services-division
Eligible Property Types:
Single Family Detached Condo Co-Op Townhome/PUD
Income By Household Size:
Must contribute minimum 2% of the purchase price towards purchase
Qualifying Ratios:
Housing Ratio: Up To 40% Total DTI: — Housing expenses (PITI) cannot exceed 40% of gross monthly income unless approved by primary
