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Florida Real Estate Wire - Real Estate News > Palm County Florida > Florida Introduces Grants Up to $100K for First-Time Homebuyers

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Florida Introduces Grants Up to $100K for First-Time Homebuyers

Florida introduces grants up to $100k for first time homebuyers

Palm Beach County Launches First-Time Homebuyer Program

Help for New Homeowners

First-time home buyers in Palm Beach County are being offered a significant opportunity to enter the housing market. The county has unveiled its HOME Investment Partnership First-Time Homebuyer Program, which provides financial assistance of up to $100,000 to new buyers.

Key Details of the Program:

  • Financial Aid: Up to $100,000 for down payment assistance, new construction, property acquisition, and closing costs.
  • Federal Funding: The program is supported by $3 million in federal funds from the U.S. Department of Housing and Urban Development.
  • Eligibility Criteria:
    • Must not have had a mortgage in your name for the past three years.
    • Must purchase a property located within Palm Beach County.
    • Must obtain pre-approval from a lender.

Income Limitations:

  • A single-person household’s income must not exceed $65,450.
  • A six-member household’s income must not exceed $108,500.
  • The maximum purchase price for the property cannot exceed $568,557.

Navigating a Competitive Market

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The program aims to assist residents amid a challenging housing market, where affordability is often a concern. According to Dorina Jenkins-Gaskin, the director of Mortgage and Housing Investment with the county’s Department of Housing and Economic Development, "Our goal is to empower more residents to achieve the dream of homeownership."

Positive Community Impact

Realtor David Serle from RE/MAX Services Boca Raton believes that this initiative is a game-changer. He stated, “The out-of-the-box thinking from Palm Beach County legislators is exceptional. It unites communities—developers, investors, and first-time home buyers alike.”

This sentiment is echoed across the community as realtors continue to collaborate with lawmakers to address the housing crisis. Serle emphasizes, “This is an opportunity for renters to tap into funds that could help them own a home, which is still one of the American dreams.”

Important Dates and Information

  • Application Period: Opens on July 23 at noon and closes on August 20, or when 100 applications have been submitted.
  • Virtual Orientation Meetings: Interested applicants are encouraged to attend one of the following sessions:
    • July 10 at 2 PM
    • July 15 at 5 PM
    • July 22 at noon

Stay informed by checking the latest updates on WPBF 25 News and download the WPBF 25 News app for real-time alerts and updates.

Conclusion

With the launch of the HOME Investment Partnership First-Time Homebuyer Program, Palm Beach County is making strides towards helping residents realize the dream of homeownership. This initiative not only supports new buyers but also strengthens communities by encouraging sustainable housing practices. If you’re looking to make your first home purchase, consider applying for this valuable program.

For more information on housing assistance and home ownership, visit HUD’s website and explore how these resources can benefit you.

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