Florida – Palm Beach county

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Please select from the two first mortgage options:

  1. Own a Home Opportunity Program
  2. Own a Home Opportunity Grant Program

The HFA of Palm Beach County program offers a Mortgage Credit Certificate Program that may used with any 15 or 30 year fixed rate first mortgage. Or, it may be combined with one of the first mortgage programs listed below so a borrower may also receive down payment and closing cost assistance.

Mortgage Credit Certificate Program
Offers a federal income tax credit to first-time buyers purchasing anywhere in Palm Beach County. The MCC credit allows a borrower to take the lesser of 50% of the annual mortgage interest paid or $2,000, while continuing to use the balance of the mortgage interest as a tax deduction.

See loan officer for more information.

INCOME MUST BE AT OR BELOW THE LIMITS SHOWN BELOW –

Non-Targeted Areas Targeted Areas
Persons 2 or fewer 3 or more 2 or fewer 3 or more
Palm Beach $76,156 $87,579 $78,720 $91,840

PURCHASE PRICE LIMIT –

Non-Targeted areas Targeted areas
Palm Beach $325,301 $397,590

Own a Home Opportunity Program

30-YEAR, FIXED RATE FHA, VA OR RD LOAN. LENDER MAY CHARGE ½ POINT ORIGINATION OR DISCOUNT.

ELIGIBLE AREA – Palm Beach county

ELIGIBILITY CRITERIA* –

  1. Buyers and their spouses must be first-time buyers and must be able to permanently reside in the US.
  2. Buyers must live in the property they purchase as their principal residence.
  3. All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
  4. Buyers must occupy the property purchased within 60 days of closing.

* See loan officer for additional information

DOWN PAYMENT ASSISTANCE – Available as a 30-year deferred, 0% Second Mortgage of up to $10,000. Must be used for down payment and/or closing cost assistance. Must be repaid, this is never forgiven.

INCOME LIMIT – Income of the borrower, spouse and everyone 18 years of age and older who will live in the property must be included.

Non-Targeted Areas Targeted Areas
Persons 2 or fewer 3 or more 2 or fewer 3 or more
Palm Beach $76,156 $87,579 $78,720 $91,840

HOMEBUYER EDUCATION – Required.

ELIGIBLE PROPERTY – Primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.

FICO/DTI REQUIREMENT –

DTI – The maximum debt-to-income (DTI) ratio is 45%.

Loan Product FICO Lock Rate DPA
FHA, USDA-RD or VA 660 4.5% up to $10,000

MAXIMUM SALES PRICE LIMITS – Must include everything paid by the borrower or on the borrowers behalf.

Non-Targeted AREAS Targeted AREAS
Palm Beach $325,301 $397,590

Own a Home Opportunity Grant Program

30-YEAR, FIXED RATE FHA, VA OR RD LOAN. LENDER MAY NOT CHARGE ORIGINATION OR DISCOUNT.

ELIGIBLE AREA – Palm Beach county

ELIGIBILITY CRITERIA* –

  1. Buyers are NOT required to be first time buyers.
  2. Buyers and their spouses must be able to permanently reside in the US.
  3. Buyers must live in the property they purchase as their principal residence.
  4. All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
  5. Buyers must occupy the property purchased within 60 days of closing.

* See loan officer for additional information

DOWN PAYMENT ASSISTANCE – 5% grant of the Note amount. Must be used for down payment and closing cost assistance. This grant is never repaid.

INCOME LIMIT – Income of everyone listed on the Residential Loan Application (Form 1003) will be used as the program income calculation.

LIMITS FOR ALL HOUSEHOLD SIZES –

Palm Beach $98,100

HOMEBUYER EDUCATION – Required.

ELIGIBLE PROPERTY – Primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.

FICO/DTI REQUIREMENT –

DTI – The maximum debt-to-income (DTI) ratio is 45%.

LOAN PRODUCT FICO REQUIREMENT ASSISTANCE AMOUNT
FHA 660+ 5%
FHA 640-659 4%
VA;RD 640+ 5%

MAXIMUM SALES PRICE LIMITS – Must include everything paid by the borrower or on the borrowers behalf.

Non-Targeted AREAS Targeted AREAS
Palm Beach $337,500 $412,500

OWN A HOME OPPORTUNITY PROGRAM LOAN OFFICERS – CLICK HERE

MORTGAGE CREDIT CERTIFICATE LOAN OFFICERS – CLICK HERE


PAGE LAST UPDATED: Aug 23, 2016