April 20, 2021

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Up to $ 35,000 in Direct Buyer Assistance Program | government

The Department of Housing (DV) Direct Buyer Assistance Program (HBA), which provides financial assistance to people who buy their first home, will provide up to $ 35 thousand for essential personnel during the Covid-19 pandemic.

This was reported by the head of the DV, Luis Fernández Trinchet, along with several officials of that agency during a discussion table with the press.

He explained that the program can provide up to $ 25,000 for low-income families or up to $ 35 thousand for low- or moderate-income families that have a member of the essential recovery staff, for the acquisition of their main home that does not exceed the current limits of FHA mortgages, nor the value indicated in the appraisal.

Likewise, an additional incentive of $ 5,000 will be granted if the residence is located in an urban center.

Until the 31st of the current month, priority will be given to essential employees. [19659002] Essential recovery personnel include law enforcement officials, teachers, firefighters, custody officers, emergency medical technicians, emergency management personnel, and public or private sector health professionals.

The condition that occurs Imposed is to live the property as your primary residence for five years. Failure to comply with this requirement entails the return of the subsidy at a rate of 20% for each year the property is lived in.

Likewise, essential employees must remain practicing this profession for five years.

The maximum for closing costs are: up to 1% to originate and discount; maximum of .5% of one percent for fees in the deed of sale if paid by the buyer; maximum of .5% of one percent for fees on the mortgage deed; maximum of 1% for fees to write restrictive conditions.

“The HBA program is a great financial support tool for many families who are considering the purchase of a first home. This federal aid seeks to promote the expansion of our communities and allows Puerto Ricans to have economic incentives that allow them to settle on the Island in a safe home of their own, "said Fernández Trinchet.

HBA is subsidized by the Grant Program in Community Development Block for Disaster Recovery (CDBG-DR) with an allocation of $ 350 million.

There are currently some 33 participating financial institutions.

Those interested in obtaining additional information can access https://cdbg-dr.pr.gov/programa-de-asistencia-directa-al-comprador/ or write to the email HBA [email protected]

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