If you're buying your first home in this Florida county, you can receive up to $100,000

If you're looking to buy your first home, Palm Beach County wants to help by offering an incentive of up to $100,000. 

The Palm Beach County Department of Housing and Economic Development announced a new program to help eligible applicants buy their first home as part of the State Housing Initiatives Partnership Purchase Assistance Program. 

A first-time homebuyer is defined by the U.S. Department of Housing and Urban Development as: 

An individual who has no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This provision is limited to a spouse (if either meets the above test, they are considered first-time homebuyers). A single parent who has only owned with a former spouse while married. An individual who is a displaced homemaker and has only owned with a spouse. An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations. An individual who has only owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.

If this sounds like you, you could receive aid from the county to acquire your first home, including acquisition, rehabilitation, new construction, down payment and closing costs. 

Here's a look at the breakdown of the household size and annual median income needed to be eligible, according to the county:

"Funds will be awarded as a 0% interest deferred payment loan secured by a recorded Mortgage, Promissory Note and Declaration of Restriction for 30 years," according to Palm Beach County. "The loan is forgiven at the end of the 30-year term."

The county said the property's purchase price cannot exceed $568,557. 

There's also a limit to how many people will be awarded the incentive. Applications open Dec. 27 and close Jan. 17, 2024, or until 100 applications have been submitted. Applications must be submitted online and will be processed on a first submitted, first qualified, first served basis, subject to funding availability. 

All applicants must also have a First Mortgage Loan approval from a lender before applying, and must register to attend a virtual mandatory orientation before submitting. 

Click here for more information, to apply or to see the list of required documents needed to apply.