Boca Raton Real Estate - State Sponsored Home Buying

STATE SPONSORED HOMEBUYER ASSISTANCE/REHABILITATION PROGRAM

Home ownership is a dream for most Americans, regardless of their income level. That's why HOME offers down payment, closing cost and rehabilitation assistance to low-income homebuyers who make the purchased home their principal residence and rehabilitate it according to IHDA and HUD standards. Before receiving HOME assistance, prospective homebuyers must take part in homeownership counseling to ensure they understand budgeting and personal financial management, home mainte nance, the mortgage loan process, legal documents and obligations associated with buying a home, and work-out options they have with mortgage lenders in case financial problems arise.

SPONSORING AGENCIES
Local governments, non-profit organ izations and C ommunity H ousing D evelopment O rganizations (CHDO s more information is in the Community Housing Development Organizations section) may all take part in homebuyer assistance and rehabilitation activities. For-profit groups are not eligible. Homeowners should apply for HOME assistance through sponsoring agencies funded by IHDA, not directly through the Authority or via the Single Family Program Department.

ELIGIBLE PROPERTIES
Houses selected by sponsoring agencies may be one-unit properties, condomini ums or manufactured housing (mobile homes are ineligible). They may be val ued at no more than HUD's area limits, and in the case of acquisition and reha bilitation, must be free from any health or safety defect before occupancy.

RESALE PROVISIONS
Assistance to homebuyers is provided in the form of deferred, forgivable loans at 0 percent interest. The use of HOME funds carries certain restrictions on the use of the purchased property, as well as upon any proceeds realized from the sale of the home if the sale occurs with in certain time frames. If the homeowner moves out or sells the home before this time period has expired, all or a por tion of the HOME funds must be repaid by the homeowner.

For more information, contact HOME at (312) 836-5200.

Quick Links

HOMES FOR SALE
FEATURED LISTINGS
COMMUNITIES
LIST WITH US
NEW LISTING ALERT
15 SECOND APPRAISAL
HOME BUYING
SELLING A HOME
FREE REPORTS
FORMS
HOME FINANCE
FINANCING TERMS
TODAY'S RATES
TESTIMONIALS
LOCAL NEWS
MOVIE TIMES

Communities

ALL COMMUNITIES
BOCA RATON
ADDISON
BOCA HARBOUR
BOCA ISLES
BOCA WEST
HIDDEN VALLEY
MIZNER
PALMETTO PLACE
POLO CLUB
ROYAL OAK HILLS
ROYAL PALM YACHT CLUB
SANDALFOOT COVE
SPANISH RIVER LAND
ST ANDREWS
THE ESTATES
THE SANCTUARY

Buying a Home

HOME SEARCH
NEW HOMES
FEATURED LISTINGS
OPEN HOUSES
NEW LISTING ALERT
THE BUYING PROCESS
HOME LOAN PROCESS
FINANCE CENTER
FIRST TIME HOME BUYING
HOW TO HIRE AN AGENT
HOW TO HIRE AN INSPECTOR
INSPECTION CHECKLIST
NEGOTIATING AS A BUYER
TAX BENEFITS HOME BUYING
BUY AS AN INVESTOR
BUYERS RESOURCE CENTER
DOWN PAYMENT ASSISTANCE
BUYING RETIREMENT HOME
BUYING FIXER UPPER
2ND HOME BUYER
BUILD OWN HOME
TYPICAL FAMILY BUYER
SINGLE BUYER
VACATION HOME BUYER
HOME MOLD INSPECTION
REMODELING
HOME INSURANCE

Selling a Home

WHY USE US
WHAT IS MY HOME WORTH?
WHAT WILL MY HOME SELL FOR?
WHICH AGENT IS BEST
SELLING YOURSELF
SETTING THE PRICE
HOME STAGING
SELLING PROCESS
NEGOTIATING AS A SELLER
TAX IMPLICATIONS
1031 TAX EXCHANGE
SELLERS RESOURCE CENTER

Home Loan Center

LOAN PROCESS
TYPES OF LOANS
TYPES OF LENDERS
0 DOWN
VA VET LOANS
FHA HUD
COP NEXT DOOR
NURSE-DOCTOR HOME LOANS
TEACHER HOME LOANS
MILITARY HOME LOANS
SINGLE PARENTS
STATE SPONSORED
GIFTING PROGRAM
POOR CREDIT
RAISE CREDIT SCORE
ESCROW
CREATIVE FINANCING