Located in the northeastern Caribbean Sea, Puerto Rico is a Caribbean island and an unincorporated territory of the United States. It is known for its beautiful landscape of mountains, waterfalls, stunning beaches, and the El Yunque tropical rainforest.
The capital and largest city is San Juan. With a population of more than 3 million people, Puerto Rico boasts a homeownership rate of 68% (2021-U.S. Census Bureau).
DPA programs across the country continue to make homeownership possible for many. Below is a list of programs available in Puerto Rico. Also, combining programs may be possible, so be sure to inquire.
Homebuyer Assistance (HBA) Program
“The Homebuyer Assistance Program grants up to a maximum of $55,000 to homebuyers who do not own a home at the time of application for assistance under the Homebuyer Assistance Program. In addition, the Program will provide an additional redevelopment incentive of up to five thousand dollars ($5,000) not to exceed the established Program cap for eligible households who elect to purchase a home in a designated urban center certified by PRDOH. “
Section 8 Homeownership Program
“It is a program that wants to achieve self-sufficiency to the participants; where the rental subsidy (voucher) is used to pay part of the mortgage on the purchase of your first housing unit.”
Subsidy Program for Social Interest Housing
“PRHFA grants a subsidy directly to eligible buyers, up to a maximum of 5% of the selling price, to be applied to the down payment.”
Economic Stimulus Program
“Second mortgage loans for first or second homes. Up to $10,000 for existing properties or up to $25,000 for new properties, applicable to the down payment. No monthly payments of principal or interest, and no interest accrued during the first 10 years.
The HOME Program
“Assistance to buyers (for the down payment and closing costs in the purchase of housing with a minimum $1,000 and an average maximum of $45,000).”
States/Territories served: New York, Puerto Rico, New Jersey, Virgin Islands
Homebuyer Dream Program® (HDP®)
“The HDP offers grants up to $10,000 to eligible first-time homebuyers purchasing a home through one of our approved community-based, member lenders. The FHLBNY will grant up to $9,500 towards down payment and closing cost assistance to eligible first-time homebuyers. Additionally, the HDP offers up to $500 towards the defrayment of homeownership counseling costs which will be provided for the use of the household via the member to the non-profit counseling agency.”
Single Family Housing Direct Home Loans
“Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time.”
Habitat Home
“We believe that everyone should have a safe, affordable place to call home. To carry out our vision, we partner with individuals and families from application through construction to when the keys are handed over.”
The next blog post in our series will explore down payment assistance programs in the U.S. Virgin Islands.
A Community Land Trust (CLT) is a nonprofit organization that holds land in trust for the benefit of the community. The primary purpose of a CLT is to provide affordable housing, although some CLTs also manage land for other community needs such as agriculture, commercial spaces, or conservation.
Explore down payment and homebuyer assistance programs in the U.S. Virgin Islands.
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