Palm Beach County HOME First Time Homebuyer Program
Special Alert
Program limited to unincorporated areas.
Maximum Purchase Price
$336,000
Contact Info:
https://discover.pbcgov.org/hed/Pages/default.aspx 100 Australian Ave, 5th Floor, West Palm Beach, FL 33406 561-233-3600
Limitations
Buyer must be a first-time home buyer. ALL applicants are required to attend a Virtual Mandatory Orientation facilitated by HED, prior to application submittal. Applications will not be reviewed if proof of orientation attendance is not provided.
Credit Score Requirements
Based on 1st mortgage requirements.
Deferred Payments?
Funds will be awarded as a 30 year deferred forgivable loan, 0% interest, secured by a recorded mortgage and note.
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?
Funds will be awarded as a 30 year deferred forgivable loan, 0% interest, secured by a recorded mortgage and note.
Location:
1 County: Palm Beach Property must be located in the unincorporated area of Palm Beach County.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2022 80% AMI guidelines Funding will provide financial assistance to extremely low (30% AMI), very low (50% AMI) and low-income (80% AMI) applicants/households to acquire their first home. Program income cannot exceed 80% AMI.
Maximum Assistance
$100,000 Funding will provide financial assistance to extremely low, very low and low-income applicants/households to acquire their first home (including acquisition, acquisition/rehabilitation, new construction, downpayment and closing costs) that will be used as their principal place of residence. Maximum Award: $100,000 Program has income ranges
Education Requirements Info:
Copy of Homebuyer Education Certificate from a HUD Certified Counseling Agency or Neighborworks America is needed.
Eligible Property Types:
Single Family Detached Condo Co-Op Townhome/PUD
Income By Household Size:
Determined by first mortgage product or lender.
Qualifying Ratios:
Determined by first mortgage product or lender.
