The below changes are for all Down Payment Assistance (DPA) reservations dated December 1, 2015 or later:
- The 3% grant option in Palm Beach County will be discontinued
Credit Score Requirement Changes
- Palm Beach County- FHA loans with a credit score between 640-659 will receive (if eligible) a 4% DPA Grant to be used towards down payment and/or closing costs. FHA loans with a credit scores above 660 will receive (if eligible) a 5% DPA Grant to be used towards down payment and/or closing costs.
- Palm Beach County- All USDA and VA loans will remain at a minimum credit score of 640 and will receive (if eligible) a 5% DPA Grant.
2nd Mortgage Programs ($10,000 DPA)
- Palm Beach and Miami-Dade Counties- A minimum credit score of 660 will be required for all HFA DPA/2nd mortgage programs
Please reach out to Chad Reidlinger at (954) 241-2860 ext. 852 with any questions regarding the changes.