ReHouse Bay First-Time Homebuyers Program
Special Alert
Please note The current estimated waiting period to receive assistance is 10-12 weeks. It is highly recommended that applicants do not enter into a sales contract until they have been approved for assistance by ReHouse Bay.
Maximum Purchase Price
Inquire for Details
Contact Info:
https://rehousebay.org 840 West 11th Street , Panama City, FL 32401 (850) 215-2479
Limitations
Retail
Credit Score Requirements
Minimum Credit Score: 620 Have at credit score of at least 620
Deferred Payments?
Determined by first mortgage product or lender.
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
Homeowners Education Class:
Required
Is Forgivable?
10% of the loan forgiven each year beginning in year 6. 100% forgiveness after 15 years if home remains the owner occupied, primary residence of the homebuyer. NOTE: ReHouse Bay will verify annually that the home is in the applicant’s Name and remains their primary residence
Location:
1 County, 6 Cities Excluding Panama City Property must be located with an eligible area of Bay County, FL.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2022 140% AMI guidelines The Bay County Purchase Assistance Program is open to SHIP-income eligible homebuyers. Household income cannot exceed 140% of the Area Median Income (AMI) for Bay County, adjusted by family size and published annually by the Florida Housing Finance Corporation (FHFC).
Maximum Assistance
$75,000 Max Assistance is income based: 80% AMI and below: Not to exceed $75,000 81% – 140% AMI: Not to exceed $50,000
Education Requirements Info:
Applicants must complete a HUD-certified homebuyer education course prior-to closing on a home. Certificate of completion submitted with application or during eligibility process. To register for an upcoming homebuyer education course, applicants may contact Melanie Taylor with the UF/IFAS Bay County extension at (850) 784-6105.
Eligible Property Types:
Single Family DetachedCondo 1/2 DuplexTownhome/PUD Mobile Home
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $73,640$84,140$94,640$105,140$113,680$122,680$130,480$138,880 *Income limits as of 05/08/2023
Qualifying Ratios:
Determined by first mortgage product or lender.
