Palm Beach County

Housing and Community Development (HCD)

Loan Funds Available!!!!!!!!!  4% Interest

HCD Announced that it is accepting loan applications for funding under the Neighborhood Stabilization Program (NSP First Mortgage Loan Program.

Under the NSP First Mortgage Program, Palm Beach County will make available first mortgages to eligible households (income of up to 120% of the Area Median Income AMI) to purchase and rehabilitate, if necessary, single residential properties which have been foreclosed on.  The maximum acquisition cost of the home (including rehabilitation) should not exceed $280,000.

Eligibility:

Households with income of up to 120% of the AMI  See chart below

HH Size    1            2            3            4            5            6            7            8

120%     $63,360  $72,360  $81,480  $90,480  $97,680  $105,000 $112,200  $119,400

  • Applicants must have a credit score of atleast 500
  • Applicant cannot currently own a home or be on title.
  • Property purchased to be used as primary residence.
  • Property must be abandoned and foreclosed upon and must be located in area of greatest need.
  • NSP Funds cannot be used to fund soft costs related to any rehabilitation.
  • All properties must be purchased at a minimum 15% below current appraised value.
  • All Home buyers are required to attend an eight hour homeownership workshop.
  • Interest Rate will be 4%
  • Mortgage will be 30 year fixed rate loan

Zip Codes eligible:

33414,33467,33470,33409,33413,33415,33411,33463,33445,33446,33484,33428,33433,33434,

33498,33458,33469,33477,33436,33437,33460,33404,33403,33417,33462,33430,33476,33493,33438

Contact us for more information.

Click on the attached links to download the preapplication.  Both forms are required!

Loan Pre-Application           Consent to Release

 

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300 Avenue of Champions Suite 230
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