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)
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'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