ALLOCATION:
$4,000,000
MAXIMUM AWARD:
$100,000
HOME INVESTMENT PARTNERSHIP FIRST-TIME HOMEBUYER PROGRAM SUMMARY: Funding will assist income eligible applicants to acquire their first home
(including acquisition, acquisition/rehabilitation, new construction, downpayment and closing costs) that will be used as their principal place of residence.
Household Size and Income Categories to be Served:
Number of Persons in Household |
Low Income - 80%
(Less than or Equal to)
|
1 |
$54,550 |
2 |
$62,350 |
3 |
$70,150 |
4 |
$77,900 |
5 |
$84,150 |
6 |
$90,400 |
APPLICANT SELECTION CRITERIA: Fifty (50) applications will be available online by visiting the website at pbcgov.com/HED beginning
Tuesday, October 10, 2023 at 8:00am. Applications will be processed on a first submitted, first qualified, first served basis, subject to funding availability.
REQUIRED DOCUMENTS: At the time of application submittal, the following documents must be provided for ALL adult household members:
- Mandatory Orientation Certificate
(Mandatory)
- Copy of Pre-Approval Letter from a First Mortgage Lender
(Mandatory)
- Copy of valid Drivers' License or State Identification for
ALL adult household members
- Copy of U.S. Birth Certificates or valid U.S. Passport (OR) Naturalization Certificate for all household members. For all Non-U.S. Citizen household members provide a copy of a valid Permanent Resident Card
- Verification of Employment (VOE) completed within 30 days of submission of application
(Preferred)
(OR) copy of most recent paycheck stub for
ALL working adult household members
- If self-employed provide a completed YTD Profit and Loss (P & L) Statement for
ALL adult household members or current 1099 Income earner
- If an adult student is employed – copy of class schedule
- Copy of most recent Social Security, Retirement and/or Disability Award Letter for
ALL adult household members
- If unemployed, a copy of unemployment benefits statement or a completed Unemployment Affidavit for
ALL household members
- Wage Earner Statement from Social Security Administration for
ALL unemployed adult household members
- Court ordered child support documentation and/or proof from Palm Beach County Clerk and Comptroller's Office that there is/are no child support case(s) or award(s); and ALL appropriate legal documentation for adoption, divorce, battered spouse & restraining order
- Completed Verification of Deposit (VOD){Preferred} for ALL accounts (checking, savings, CD, IRA, Investment, Retirement) for ALL adult household members (OR) Copy of most recent bank statements
- Most recent two (2) years of tax returns (signed and dated) as submitted to the IRS and W2s/1099s
- If self-employed, provide a current 1099 and three (3) years of most recent signed tax returns as submitted to the IRS
- Copy of Homebuyer Education Certificate from a HUD Certified Counseling Agency or Neighborworks America
- Completed County's Homebuyer Education Certification of Completion from the Counseling Agency
- Completed Non-Profit Fee Schedule from the Counseling Agency
Additional Information:
- The property's purchase price cannot exceed $568,557
-
First Time Homebuyer under the HUD definition:
An individual who has no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This provision is limited to a spouse (if either meets the above test, they are considered first-time homebuyers). A single parent who has only owned with a former spouse while married. An individual who is a displaced homemaker and has only owned with a spouse. An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations. An individual who has only owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
-
-
Funds will be awarded as a 0% interest deferred payment loan secured by a recorded Mortgage, Promissory Note and Declaration of Restriction for 30 years.
The loan is forgiven at the end of the 30-year term.
-
Mandatory Orientation -
ALL applicants are required to attend one of the Virtual Mandatory Orientations noted below before submitting an application:
- Tuesday, September 19, 2023 at 10:00am
- Thursday, September 21, 2023 @ 2pm
- Tuesday, September 26, 2023 at 10am
- Thursday, September 28, 2023 @ 2pm
- Tuesday, October 3, 2023 at 10am
- Thursday, October 5, 2023 @ 2pm
- Tuesday, October 10, 2023 at 10am
- Thursday, October 12, 2023 @ 2pm
You do not have to register for this Mandatory Orientation. Please click on the link below.
The Mandatory Orientation Meeting WebEx link is:
https://pbc-gov.webex.com/pbc-gov/j.php?MTID=m0590f8a5e00bc24c0aa2ef4cef5256a8 [pbc-gov.webex.com]
(OR) Dial (904)-900-2303 to join by phone
Meeting number (access code) 2319 194 0251 – Password: QQxcQa7Bw23
For additional information, please contact:
Palm Beach County
Department of Housing and Economic Development (HED)
Mortgage and Housing Investments Division
100 Australian Avenue, 5th Floor, West Palm Beach, FL 33406
Telephone: (561) 233-3600 Receptionist or Antoinette Prescott at (561)233-3606
Website: pbcgov.com/HED