City Of Boynton Beach, Florida Community Improvement Division

[Pages:1]City Of Boynton Beach, Florida Community Improvement Division

STATE HOUSING INITIATIVE PARTNERSHIP PROGRAM (SHIP) Down Payment and Closing Cost Purchase Assistance Program

Program Eligibility Criteria SHIP funding is provided as a subordinate second mortgage with 0% interest deferred loan

for fifteen (15) year with a forgiveness at the end of the term. Payment shall be deferred until one of the following events occur: Sale of the property, transfer of property, property is no longer owner occupied, or terms has expired Property must be located within the City limits of Boynton Beach Florida Property must be single-family, town homes or condominiums (mobile homes are ineligible) Maximum Purchase/Sales Price is $215,000.00 Property must meet City of Boynton minimum housing quality standards and be inspected and approved by Community Improvement Division Construction Coordinator Household members must be at or below 120% of the Palm Beach County Area Median Income limits adjusted by family size, which is subject to periodic changes by U.S. Department of Housing and Urban Development (see 2017 income limit chart) Homebuyer(s) must be a first time homeowner or have not owned a home within last three (3) years Homebuyer(s) must secure a first mortgage from an approved lender First Mortgage must be a fixed rate loan product. No Adjustable Rate Mortgages (ARM), prepayment penalty, negative amortization or balloon loans Homebuyer(s) must complete an 8 hour HUD Approved First Time Homebuyer's Education Class prior to receiving SHIP assistance Homebuyer(s) are required to contribute a minimum of three and half (3.5%) percent of their own funds in the transaction (3.5% cannot be gifted funds) Homebuyer(s) are required to reside in the property

2017 INCOME LIMITS

1 person 2 persons 3 persons 4 persons 5 persons 6 persons 7 persons 8 persons

Extremely Low-

Income 30%

$15,100 $17,250 $20,420 $24,600 $28,780 $32,960 $37,140 $41,320

Median

Very Low-Income 50% Median

$25,200

$28,800

$32,400

$35,950

$38,850

$41,750

$44,600

$47,500

Low-Income 80% Median

$40,250 $46,000 $51,750 $57,500 $62,100 $66,700 $71,300 $75,900

Moderate

Income

$60,480 $69,120 $77,760 $86,280 $93,240 $100,200 $107,040 $114,000

120% Median

Source: HUD Income Limits are adjusted annually. Fiscal Year 2017 Palm Beach County Median Income = $67,900

For More Qualifying Information Please Contact:

The Boynton Beach Faith-Based CDC 2191 N. Seacrest Blvd.

Boynton Beach, Florida 33435 Phone: 561-752-0303 Or City of Boynton Beach

561-742-6066; Email: BrooksL@bbfl.us

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