Riviera Beach Renaissance Program
Special Alert
Maximum Purchase Price
Inquire for Details
Contact Info:
https://rbcra.com/ 600 W Blue Heron Blvd, Suite C-225, Riviera Beach, FL 33404 561-844-3408
Limitations
Credit Score Requirements
Based on 1st mortgage requirements.
Deferred Payments?
Yes, for 25 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), FHA 203(k), VA
Homeowners Education Class:
Required
Is Forgivable?
The Riviera Beach Renaissance Program grant will be a twenty-five (25) year, zero (0%) interest deferred mortgage secured by a lien against the property rehabilitated. The grant will be forgiven at a rate of five percent (5.00%) a year after the first five (5) years
Location:
Riviera Beach All properties must be located in the City of Riviera Beach.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2022 120% AMI guidelines Annual Household income cannot exceed 120% AMI. Proof of Income required for all household members 18 years and older.
Maximum Assistance
$50,000 The Riviera Beach Renaissance Program will provide down payment, closing cost and housing rehabilitation assistance up to $50,000 to benefit first time homebuyers purchasing single family homes within the Community Redevelopment Area
Education Requirements Info:
The buyer shall attend at least an 8-hour approved homebuyer education course, with counseling through the Riviera Beach Homebuyers Club or similar.
Eligible Property Types:
Single Family Detached
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
Qualifying Ratios:
Housing Ratio: Up To 35% Total DTI: Up To 45%
