Palm Beach, Florida – Under the HOME Investments Partnership First-Time Homebuyer Program, Palm Beach County’s Department of Housing and Economic Development (HED) has revealed new funding availability in an effort to make homeownership more accessible. Eligible first-time homebuyers starting this October can get up to $100,000 to assist with different house purchase expenses.
This substantial financial aid seeks to help with the purchase, renovation of already-owned houses, or even building of new ones. The money can also be used for necessary expenses such closing fees and down payments. These money are set aside not for investment homes but rather for purchase of a main residence.
The online application site will be open to candidates beginning at noon on October 9, 2024. Applications are due October 31, 2024 at 11:59 p.m. The initiative will only accept the first 30 qualifying applications. This means that interested individuals will have to act quickly after the start of the application process so they can secure funding. Applications must be turned in online and processed first come, first served depending on whether the applicant satisfies all eligibility criteria and funds are still accessible.
The Department will arrange several Virtual Pre-Application Orientations to assist prospective candidates. These meetings are meant to provide vital information on the application process and to address any concerns candidates could have. The orientations are scheduled for:
- September 27, 2024, at 12:00 pm
- October 4, 2024, at 4:00 pm
- October 7, 2024, at 10:00 am
For those unable to access the online session, interested participants can dial in by phone or join the Virtual Pre-Application Orientation using the WebEx link.
Should their application be granted, every program member will get deferred loan-style financial aid. This implies that under some circumstances the loan repayment is delayed, which offers a big benefit to future first-time homeowners. The loan is secured through a recorded Mortgage, Promissory Note, and Declaration of Restrictions to ensure the proper use of the funds.
For more details on the application process or to address any inquiries, potential applicants are encouraged to contact the Mortgage and Housing Investments Division directly at (561) 233-3600.
The Palm Beach County HED is working on this project in line with a larger endeavor to lower regional housing accessibility and cost. The county wants to promote community stability and economic diversity by helping first-time purchasers, therefore benefiting the whole community.
