Down Payment Assistance To New Home Buyers In PBC, Up To $100k, But Here’s The Catch
PALM BEACH COUNTY, FL – Boca Post (BocaPost.com) — $2.5M is available to assist qualified first-time home buyers with the purchase of their homes.
Free money in this economic climate with inflation at an all-time high is great news.
The Purchase Assistance Program is funded by State Housing Initiatives Partnership Program (SHIP). While there are certain financial requirements, anyone can apply. If awarded, the funds can be used for GAP financing, lot purchase, down payments, rehab, and closing costs. The award is capped at $100,000.
Some of the requirements are:
- Buyer must already have a mortgage pre-approval
- Household size to income ratio
- 1 person, less than $90,160/yr
- 2 people, up to $103,040/yr
- 3 people, up to $115,920/yr
- 4 people, up to $128,800/yr
- 5 people, up to $139,160/yr
- 6 people, up to $149,520/yr
- 7 people, up to $159,740/yr
The max purchase price of the potential property is limited to $382,194. According to Realtor.com, the average purchase price in Palm Beach County is $519k. That number is slightly higher in Boca Raton with the average home costing $613,849.
For more information, please visit the program’s official website on PBCGOV.