Palm Beach County
Own a Home Opportunity Program
ELIGIBILITY CRITERIA* –
OWN A HOME OPPORTUNITY FIRST MORTGAGE - Qualified buyers will receive a 30-year fixed rate first mortgage from a participating lender. Eligible loan products include FHA, VA, RD and Freddie Mac HFA Advantage Conventional.
DOWN PAYMENT ASSISTANCE – Available as a 30-year deferred, 0% Second Mortgage of up to $7,500. Must be used for down payment and/or closing cost assistance. Must be repaid, this is never forgiven.
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Own a Home Opportunity Grant Program
ELIGIBILITY CRITERIA* –
OWN A HOME OPPORTUNITY GRANT FIRST MORTGAGE - Qualified buyers will receive a low rate 30-year fixed rate first mortgage from a participating lender. Eligible loan products include Freddie Mac HFA Advantage Conventional.
DOWN PAYMENT ASSISTANCE – The borrower receives an assistance that is a percentage (3%,4%,5%) of the note amount or a rate lower than market rate first mortgage only. Assistance is in the form of a non-repayable grant.
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Own a Home Opportunity Program
ELIGIBILITY CRITERIA* –
- Buyers and their spouses must be first-time buyers and must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
- Buyers must qualify using the Own a Home Opportunity program requirements.
- Buyers must credit qualify for the Own a Home Opportunity first mortgage.
OWN A HOME OPPORTUNITY FIRST MORTGAGE - Qualified buyers will receive a 30-year fixed rate first mortgage from a participating lender. Eligible loan products include FHA, VA, RD and Freddie Mac HFA Advantage Conventional.
DOWN PAYMENT ASSISTANCE – Available as a 30-year deferred, 0% Second Mortgage of up to $7,500. Must be used for down payment and/or closing cost assistance. Must be repaid, this is never forgiven.
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Own a Home Opportunity Grant Program
ELIGIBILITY CRITERIA* –
- Buyers are NOT required to be first time buyers.
- Buyers and their spouses must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
- Buyers must qualify using the Own a Home Opporunity Grant requirements.
- Buyers must credit qualify for the Own a Home Opportunity Grant first mortgage.
OWN A HOME OPPORTUNITY GRANT FIRST MORTGAGE - Qualified buyers will receive a low rate 30-year fixed rate first mortgage from a participating lender. Eligible loan products include Freddie Mac HFA Advantage Conventional.
DOWN PAYMENT ASSISTANCE – The borrower receives an assistance that is a percentage (3%,4%,5%) of the note amount or a rate lower than market rate first mortgage only. Assistance is in the form of a non-repayable grant.
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HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
4) Online education ONLY from (MGIC Homebuyer Education for Freddie Macs Home Possible Program and certain HFA's):
English: https://homebuyers.mgic.com
Spanish: https://compradoresdecasa.mgic.com
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – Primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
MAXIMUM INCOME LIMIT – Income of the borrower, spouse and everyone 18 years of age and older who will live in the property must be included.
FHA, USDA-RD, VA and Freddie Mac HFA Advantage over 80% AMI:.
$156,000
Freddie Mac Loans HFA Advantage at or below 80% AMI
$70,080
MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrowers behalf.
$636,806 (Non-target Areas) $778,318 (Targeted Areas)
WHAT IS A NON-TARGETED AREA AND TARGETED AREA?
A majority of Palm Beach County is considered a non-target area.However, there are targeted areas identified by HUD (by specific census tract number) as areas of economic distress or have low loan origination. When you purchase a home in a Targeted Area you do not need to be a first-time buyer, some of the income limits are higher and the purchase price limit is higher. To view a list of a HUD approved Targeted Area census tracts in Palm Beach County and maps,
click on this link.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
4) Online education ONLY from (MGIC Homebuyer Education for Freddie Macs Home Possible Program and certain HFA's):
English: https://homebuyers.mgic.com
Spanish: https://compradoresdecasa.mgic.com
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – Primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
MAXIMUM INCOME LIMIT – Income of the borrower, spouse and everyone 18 years of age and older who will live in the property must be included.
FHA, USDA-RD, VA and Freddie Mac HFA Advantage over 80% AMI:.
$156,000
Freddie Mac Loans HFA Advantage at or below 80% AMI
$70,080
MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrowers behalf.
$636,806 (Non-target Areas) $778,318 (Targeted Areas)
WHAT IS A NON-TARGETED AREA AND TARGETED AREA?
A majority of Palm Beach County is considered a non-target area.However, there are targeted areas identified by HUD (by specific census tract number) as areas of economic distress or have low loan origination. When you purchase a home in a Targeted Area you do not need to be a first-time buyer, some of the income limits are higher and the purchase price limit is higher. To view a list of a HUD approved Targeted Area census tracts in Palm Beach County and maps,
click on this link.
WHAT'S THE NEXT STEP?
If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
Approved Program Lenders
If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
Approved Program Lenders