
Palm Beach County offers 3 great options to homebuyers. Please choose one of the options listed below.
Option #1 – Mortgage Credit Certificate Program
The HFA of Palm Beach County program offers a Mortgage Credit Certificate Program that may used with any 15 or 30 year fixed rate first mortgage. Or, it may be combined with one of the first mortgage programs listed below so a borrower may also receive down payment and closing cost assistance.
Offers a federal income tax credit to first-time buyers purchasing anywhere in Palm Beach County. The MCC credit allows a borrower to take the lesser of 50% of the annual mortgage interest paid or $2,000, while continuing to use the balance of the mortgage interest as a tax deduction.
*See loan officer for more information.
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.
1- 2 Person Household: $76,156
3 or More Person Household: $87,579
MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrowers behalf. $325,301
Option #2 – Own a Home Opportunity Program
ELIGIBILITY CRITERIA* –
* See loan officer for more information
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 $10,000. Must be used for down payment and/or closing cost assistance. Must be repaid, this is never forgiven.
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 660 or higher.
DTI – The maximum debt-to-income (DTI) ratio is 45%.
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.
1- 2 Person Household: $72,544
3 or More Person Household: $83,426
MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrowers behalf. $317,646
Option #3 – Own a Home Opportunity Grant Program
ELIGIBILITY CRITERIA* –
* See loan officer for more information
OWN A HOME OPPORTUNITY GRANT 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 – 3%, 4% or 5% grant of the Note amount. Must be used for down payment and closing cost assistance. This grant is never repaid.
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.
DTI – The maximum debt-to-income (DTI) ratio is 45%.
MAXIMUM INCOME LIMIT – Must include the income of the borrower only. $101,850
MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrowers behalf. $317,646