Palm Beach County 1st Time Home Buyer Grant and Down Payment Assistance Program
Updated June 10, 2023Recieve up to a 5% Down Payment Assistance Grant whether or not you're a 1st Time Home Buyer
Program Features:- Palm Beach County HFA 1st Time Home Buyer and Down Payment Assistance Grant Program.
- 30-year, fixed-rate FHA first mortgage loans. This program is offered to all borrowers in Palm Beach County, Florida who meet income, purchase price, and other program guidelines and can otherwise qualify for an FHA, VA, FNMA HFA Preferred, or FHMLC HFA Advantage mortgage loan.
- Funds may only be used with a Florida HFA Down Payment Assistance, 1st mortgage loan.
- Maximum Purchase price = $352,371
- Maximum Household Income per Palm Beach County Florida
- Palm Beach (1-2 person household = $87,800) (3 + persons = $100,970)
- Grants of either of 3%, 4% or 5% guidelines following the Lee County grant program.
- Only one Florida down payment assistance program can be used by the borrower per transaction.
- The down payment assistance Grant of the program is never paid back.
- First Time Homebuyer not a requirement.
- IRS Tax Returns filed for past 3 years for all Borrowers.
- First and second mortgage Doc Stamps ARE exempt on this program. Intangible Tax is not exempt on the first mortgage, but is exempt on the "silent second" mortgage.
- Minimum Funds directly from Buyer of $1000.00 to close on home.
- 44.99% Debt to Income or less for FHA.
- Fannie Mae and Freddie Mac conventional loans possible 49.99% back end DTI. Use AUS findings for acceptable ratio's.
- Low fixed mortgage interest rates.
- Eligible loan types include Conventional (Fannie Mae, HFA Preferred, Freddie Mac HFA Advantage), FHA, USDA, and VA loans.
- Can purchase new or resale homes.
- Single family residences, townhouses, duplexes are allowable.
- Buyers must occupy property within 60 days of Closing.
- 8 hour face to face or online HUD approved Mortgage Counseling course required. Certificates valid for 2-years.
- Primary Residences only, no second homes or investment properties.
- No Prepayment Penalty Fee on 1st mortgage loan is paid out early.
- No cash back at closing, any excess funds will be used to pay down first mortgage as a Principle Reduction.
- Borrowers are permitted a reimbursement of prepaids and reimbursement of overage of earnest money deposit to the extent any minimum contribution has been satisfied and permitted by Agency guidelines.
- Appraisal must indicate the structure has at least 30 years of possible life.
- Credit restrictions:
- Minimum middle 700 FICO version 5-4-2 credit score to qualify for all Conventional loans.
- Minimum middle 660 FICO version 5-4-2 credit score to qualify for FHA, VA and USDA loans.
- FHA guidelines: bankruptcies discharged over 2 years or foreclosures older than 3 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 6 months.
- Conventional Freddie Mac guidelines: Bankruptcies must be discharged over 4 years or foreclosures, short sales and deed in lieu older than 7 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 6 months.
- Co-Signors/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
- Lender credit not available.
- No Manual underwrites.
- For FHA Version ALL Household income will be counted and must be below Palm Beach county income limits. This includes all part-time income and alimony for all Borrowers. All income in house must be counted, not just qualifying income.
- Income must be supported by pay stubs and 2 year history of continuous employment. Gaps in employment can be considered with extenuating circumstances. 2 year overall employment required, not necessarily continuous employment required.
- Refinances: Not permitted.
Other Florida First-Time Home Buyer & Down Payment Assistance Programs:
- 100% Community Advantage Special Conventional Financing
- First Time Homebuyer 100% Special Financing with No Mortgage Insurance
- First Time Home Buyer Special Financing matching Grant Loan by FHLB
- $10,000 Down Payment Assistance for First Time Home buyers!
- USDA - 100% Home Financing and lower Mortgage Insurance than FHA Loans!
- Down Payment Assistance Unlimited Income Grant for 100% Financing for Home Financing!
- 2023-Florida Hometown Heroes Housing Program for State of Florida.
- 1st Time Home Buyer 3%-5% Grant for Down Payment Assistance
- Salute Our Soldiers 100% VA Loan Program for Honorably Discharged Veterans
- Lease-to-Own and Rent-To-Buy-Home program. This is a great Home Buying program for All Florida Middle Income Home Buyers!
- First Time Home Buyer 105% Special Financing with No Income Limit
- Manatee $10,000 Key Ownership Down Payment Assistance Grant for First Time Home Buyers
- Bank Statement loans for the Self Employed up to $3M!
- OWN A HOME Down Payment Assistance Grant (Not required to be a 1st Time Home Buyer)
- Miami-Dade 1st Time Home Buyers Down Payment Assistance program
- Opportunity Advantage Loan Fund
- Home Sweet Home 1st Time Home Buyer program for Hillsborough, Clay, Brevard and Duval counties with up to $25,000 Down Payment Assistance.
- 1st Time Home Home Buyer, $10,000 Down Payment Assistance program
- First Time Home Buyer 3.5% Grant for FHA Down Payment Assistance
- First Time Home Buyer $10,000 deferred Down Payment Assistance loan
- Home Key Down Payment Assistance programs for Pinellas, Pasco and Polk County Florida
- Palm Beach County 1st Time Home Buyer Grant and Down Payment Assistance Program
- Investor Real Estate Loans for Rental Property purchase!