The Delray Beach First-Time HomebuyerProgram is a partnership that was established for the specific purpose of providing affordable housing for first-time homebuyers throughout the City of Delray Beach, for construction of new homes and acquisition of existing homes with rehabilitation.  Eligible properties must be single family homes permitting fee simple ownership.

The goals of the Delray Beach First-Time Homebuyers Program are to increase homeownership opportunities and contribute to the City's overall neighborhood improvement efforts. 

The Delray Beach First-Time Homebuyer Program will provide assistance to persons who have traditionally been unable to obtain private mortgage loans.  The private lender will provide as much of a mortgage loan as the applicant can afford and the City will subsidize the remainder of the purchase price with available grant funds. 

Program Features

§          Below market interest rates
§          No points or loan origination fees
§          30-year fixed mortgage rates
§          No Private Mortgage Insurance (PMI)
§          Homes priced up to $280,000 for existing properties and new construction 
        may be purchased depending on the buyer's current income and debt
§          Deferred gap financing and closing cost assistance through 0% interest deferred   
         up to $75,000 based on need.
§          Provision of homebuyer/homeowner education and training to ensure successful 
        homeownership
§          Prequalification and credit counseling and repair for homebuyers
§          Forgivable no interest loans made for "gap" financing purposes, principal reduction,   
        payment of closing costs and impact fees
§          Subsidies are provided in the form of buy down financial assistance for a period of fifteen (15) yrs. for
        loan amounts less than $35,000 and thirty (30) years for loan amounts of $35,000 or more
§          Customary local permit fees are waived benefiting the buyer 

Buyer Qualifications

§          First-time homebuyer to include displaced homemakers, single persons and families 
        who have not owned a home within 3 years of the date of application for housing
        assistance
§          New construction properties must be located within the CDBG target area.    
        Existing unit purchase with rehabilitation not restricted to the CDBG target area
§          Must meet lender credit standards
§          Must meet lender credit standards
§          Total household income must no exceed maximum federal income limits
§          Housing expenses (PITI) cannot exceed 30% of gross monthly income unless
        approved by primary lender

Delray Beach Housing Renaissance Program
Principal Partners

City of Delray Beach and Community Land Trust