Palm Beach County First-Time Homebuyer Program Offers Up to $100,000 in Assistance
The Palm Beach County Department of Housing and Economic Development is set to assist aspiring homeowners with up to $100,000 through its HOME Investment Partnership First-Time Homebuyer Program. With a fund of $3 million, this initiative aims to alleviate the financial burden for first-time homebuyers in the region.
Key Program Details
- Funding Amount: Up to $100,000 available per eligible applicant.
- Use of Funds: Assistance for down payments and closing costs for primary residences.
- Application Opening: July 23, 2023, at noon.
- Application Closing: August 20, 2023, at 11:59 p.m. or until 100 applications are received.
- Loan Structure: Funds provided as a deferred, forgivable loan over 30 years.
Eligibility Requirements
To qualify for this program, applicants must meet specific criteria:
- Income Limits:
- One-person household: Maximum income of $65,450.
- Six-member household: Maximum income of $108,500.
- Purchase Price Limit: Properties cannot exceed $568,557.
- First-Time Homebuyer Definition: Must not have owned a principal residence in the past three years or have liquid assets exceeding $200,000.
- Pre-Approval Requirement: Applicants must secure pre-approval for a first mortgage from a lender.
Application Process
Interested applicants can access the portal for submissions at Palm Beach County HOME Program. The applications will be processed on a first-submitted, first-qualified, first-served basis.
Key Steps:
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Pre-Application Orientation: Attend virtual meetings on:
- July 10 at 2 p.m.
- July 15 at 5 p.m.
- July 22 at noon.
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Submit Application: Complete the online application within the submission period.
[link-whisper-related-posts] - Approval Verification: Ensure you have lender pre-approval for mortgage financing.
A Lifeline for Homebuyers
Many previous beneficiaries have praised the program for its life-changing impact. One recipient, Betty Legendre, shared her positive experience: "Without the loan, my family and I would never have been able to buy our new home."
The success of prior funding rounds emphasizes the urgent need for such programs in areas where rising housing costs threaten to displace lower-income families.
Contact Information
For additional information, contact the Mortgage and Housing Investments Division at:
- Address: 100 Australian Avenue, 5th Floor, West Palm Beach, FL 33406
- Phone: 561-233-3600
- Email: HEDverify@pbc.gov
Conclusion
The Palm Beach County First-Time Homebuyer Program is a valuable opportunity for individuals and families ready to venture into homeownership. With sizeable financial assistance and clear eligibility criteria, this program stands as a promising solution to the challenging housing market in the area. Explore your options and prepare to take the next step toward owning your home!
For more information on affordable housing solutions, visit the official Palm Beach County Housing Department.