Palm Beach County First Mortgage Loan Program (FMLP)

Special Alert

Maximum Purchase Price

$352,371

Contact Info:

https://discover.pbcgov.org/hed/Pages/default.aspx 100 Australian Ave, 5th Floor, West Palm Beach, FL 33406 561-233-3600

Limitations

Provides first mortgage loan assistance to eligible properties (single-family houses and condominiums) that are located within Palm Beach County Urban Area (excludes the acreage in Royal Palm Beach and Loxahatchee).

Credit Score Requirements

Minimum Credit Score: 630 FICO Credit Score: Middle FICO score must be at least 630, if less than three scores the lowest score must be 630, if not lower than 630, the borrower is deemed ineligible.

Deferred Payments?

Loan is a 30 year fixed rate secured 30 year loan.

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?

Loan is a 30 year fixed rate secured 30 year loan.

Location:

1 County: Palm Beach Program provides assistance for eligible properties (single-family houses and condominiums) that are located within Palm Beach County Urban Area (excludes the acreage in Royal Palm Beach and Loxahatchee).

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2022 140% AMI guidelines SHIP program income cannot exceed 140% AMI (moderate income).

Maximum Assistance

Provides direct financial assistance to income eligible individuals/households in the form of a repayable 1st mortgage loan to purchase an eligible single family home.

Education Requirements Info:

Contact program provider.

Eligible Property Types:

Single Family Detached Condo Co-Op Townhome/PUD

Income By Household Size:

A minimum down payment of 2.5% of the purchase price plus the cost of rehabilitation is required from very-low income applicants (30-50%, AMI) and 3.5% is required from low (51-80% AMI) to moderate (81-140% AMI) income applicants.

Qualifying Ratios:

Housing Ratio: Up To 30% Total DTI: β€”

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