How To Get Up To $100,000 From Palm Beach County to Buy a Home
Bottom Line: This week Palm Beach County’s Housing & Economic Development Department announced what is sure to be a popular program aimed at making the first purchase of a home in the Palm Beaches more affordable. The initiative is called the HOME Investment Partnership – First Time Homebuyer Program and it enables income eligible residents of Palm Beach County to access up to $100,000 towards the purchase and renovation of their first home. A total of $4,000,000 will be granted through the program on a first-come first-served basis once the application process begins. As for the details as to how this will work:
- 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.
- 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.
The income eligible threshold ranges from a maximum of $54,550 for a one-person household to $90,400 for a six–person household. A 17-step documentation process will need to be completed for applicates to be accepted into the program. The documentation includes:
- A valid Driver’s license or state ID for all members of the household.
- A copy of a U.S. Birth Certificate, a U.S. Passport or Naturalization Certificate for all household members.
- Social Security statements for all adult household members
- Employment verification
- Two years of tax returns
- Copy of a HUD Certified Homebuyer Education Certificate
- Completion HUD Certified Education Counseling
- A pre-approval letter from a first mortgage lender
Additionally, the purchase price of the property can’t exceed $568,557. The HUD accepted definition of a First Time Homebuyer – which is the standard being used by the County is: 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.
Mandatory Orientation is required by all applicants. There are eight virtual orientations available with the first occurring September 19th at 10:00am.