| Program Overview | |||||
|---|---|---|---|---|---|
| Program Name | American Built Communities – Closing Costs and/or Down Payment Assistance Grant | ||||
| Funding Status | Active 03/17/2025 – Per agency: Grant funding has been extended. Please apply today! | ||||
| Benefits |
| ||||
| Program Provider’s Website | |||||
| Program Provider’s Phone | American Built Communities, Inc. 2046 Treasure Coast Plaza, Suite A-370 Vero Beach, FL 32960 P: 772-321-8769 | ||||
| Program Guide/Flyer | Eligibility Page: Terms and Conditions: How to Donate: | ||||
| Participating Lenders | Contact program provider. | ||||
| Participating Realtors | Contact program provider. | ||||
| Eligible Use of Funds |
| ||||
| Program Type | Grant | ||||
| SPCP? | No | ||||
| Program Provider Type | Nonprofit | ||||
| Employer Assisted Housing Program? | No | ||||
| Bond Funded? | No | ||||
| Eligible Channels | Retail | ||||
| Limitations |
| ||||
| Program Terms | |
|---|---|
| Maximum Assistance Amount | $5,000 American Built Communities offers income eligible buyers up to a $5,000 grant to be used for closing costs and/or down payment assistance. |
| Layering Notes | Layering information requested from the agency but not yet received. |
| Approved 1st Mortgage Types | Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA, USDA / RD |
| Eligible 1st Mortgage Terms | 30-year Fixed Rate, Fully Amortizing |
| Loan Repayment Type | Not Applicable |
| Maximum LTV/CLTV | Determined by first mortgage product or lender. |
| Borrower Eligibility | |||
|---|---|---|---|
| Ownership Status | Must be first-time homebuyer | ||
| FTHB Definition | FTHB definition information requested from the agency but not yet received. | ||
| Citizenship Status Allowed | Must be a US Citizen | ||
| Occupancy Requirements | Non-Borrower Occupant Allowed Non-Occupant Co-Borrowers/Co-Signers information requested from the agency but not yet received. | ||
| Income Limits Apply? | Yes, based on Compliance Income (including household income) Income limits from HUD 2024 80% AMI guidelines Program utilizes HUD’s HOME Income Limits Matrix to determine if applicant is within a LTMI status. https://www.hudexchange.info/programs/home/home-income-limits/ | ||
| Maximum Annual Household Income by Household Size |
*Income limits as of 03/17/2025 | ||
| Minimum Buyer Contribution | Buyer Contribution information requested from the agency but not yet received. | ||
| Cash Back Allowed? | None | ||
| Maximum Assets Allowed | Max Assets information requested from the agency but not yet received. | ||
| Maximum Qualifying Ratios | |||
| Credit Score Requirements | Based on 1st mortgage requirements. | ||
| Homebuyer Education | Recommended | ||
| Homebuyer Obligations |
| ||
| Property Eligibility | |||||
|---|---|---|---|---|---|
| State | Florida, statewide | ||||
| Geographic Coverage | 67 Counties Program is available statewide. | ||||
| Eligible Property Types |
Additional eligible property type information requested from the agency but not yet received. | ||||
| Property Status Requirements | Not Applicable | ||||
| Occupancy Type(s) Allowed | Owner-occupied primary residence | ||||
| Maximum # Units Allowed | 1 | ||||
| Application Requirements | ||||
|---|---|---|---|---|
| Application Submission | By Borrower | |||
| Lender Approval | Pre-Approval Letter is required prior to application | |||
| Online Application Docs | No | |||
| Required Application Docs |
| |||
| Credit Report | Provided by originating lender | |||
| Application Notes | Applicant must provide Signed Lender’s first mortgage documents including Occupancy Affidavit. | |||
| Closing Requirements | ||||
|---|---|---|---|---|
| Closing Funds Provider | Program Provider | |||
| Closed in the Name of | First Lien: Originating Lender | |||
| Closing Requirements Notes | 3 business days in advance are needed for American Built Communities to approve and wire? (exceptions can be made) Settlement agent to submit requirements as outlined on American Built Communities “Preclosing Instructions” not less than 10 days prior to closing. Contact Grants@AmericanBuiltCommunities.org. | |||
| Closing Documents Prepared By | Program Provider Closing docs not available online | |||
| Required Closing Documents |
| |||
| Closing Documents Notes | Prior to funding, Settlement agent to provide copies for review and prior approval by American Build Communities: Executed final settlement statement. Written authorization from American Built Communities prior to disbursing any Grant funds. | |||
| Post Closing Requirements | |
|---|---|
| Post Closing Notes | Post Closing information requested from the agency but not yet received. |
| Servicing | |
|---|---|
| Interim Servicing Provider | Not Applicable |
| Ongoing Servicing Provider | Not Applicable |
| Disclosures | |
|---|---|
| Required Upfront Disclosures | Disclose on 1st Mortgage |
| Program-Specific Documents | Program-Specific Documents Required Prior to Closing:
|
| Program Document Notes | Program Documents information requested from the agency but not yet received. |
| Fees | |
|---|---|
| Lender Fees Allowed on 1st | Yes |
| Program Fees for 1st Mortgage | Recording Fees is required, Paid At Closing |
| Lender Fees Allowed on Subordinate Loan | No |
| Lender Fees Notes | There are no fees associated with this program. |
| Provider Info | |
|---|---|
| Agency Name | American Built Communities, Inc. |
| Contact Info | https://americanbuiltcommunities.org/ 2046 Treasure Coast Plaza, Suite A-370, Vero Beach, FL 32960 772-321-8769 |
| Provider Type | Nonprofit |
| EIN/Tax ID # | 46-3261660 |
| Agency Notes | Lender Participation Requirements requested from the agency but not yet received. |
| Revision History | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Since 04/23/2024 |
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