FIFTY (50) APPLICATIONS HAVE BEEN RECEIVED. THE PROGRAM IS NOW CLOSED.
NOTICE OF FUNDING AVAILABILITY
Palm Beach County Department of Housing and Economic Development hereby announces the availability of approximately
$4,000,000 in the State Housing Initiatives Partnership (SHIP) First Mortgage Loan Assistance Program.
Funding will provide first mortgage loan assistance, at a 4% fixed interest rate, to assist income eligible applicants/households.
The maximum loan amount is based upon established affordability guidelines and creditworthiness, based upon established underwriting guidelines. Approved homebuyers will be required to contribute a minimum of 3.5% of the purchase price. The purchase price cannot exceed
$450,000.
NOTE: Applicants
CANNOT own a home at the time of closing on a property to be purchased through this program.
Click Here for the First Mortgage Assistance Program Presentation
Click Here for the First Mortgage Assistance Program Video
NOTE: At the time of application submittal, applicants will be required to submit a current (within 30 days) Tri-Merge Credit Report (three bureau report) showing at least a 630 FICO credit score.
Household Size and Eligible Income Categories to be Served:
|
Number of Persons in Household |
Moderate - 140%
(Less than or Equal to)
|
1
|
$95,480 |
| 2 |
$109,200 |
| 3 |
$122,780 |
4
|
$136,360 |
| 5 |
$147,280 |
| 6 |
$158,200 |
The application portal will open on
Monday, February 5, 2024 at 8:00am, and close on Monday, February 26, 2024 at 11:59pm(or until
50 applications have been submitted). Eligible applicants can apply online by visiting the website at https://pbcgov.com/HED and will be processed for a six (6) month preliminary approval on a first submitted, first qualified, first served basis. Funds are limited and will be awarded and disbursed subject to funding availability.
NOTE: Approved applicants will be required to contact designated staff prior to executing a purchase contract to determine if funds are available.
List of Required Documents
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 (561)233-3606
PUBLISH Sunday, December 31, 2023 & Wednesday, January 31, 2024