Down Payment Assistance Resources:

11/22/2024

The City of Boca Raton continues to accept applications for the SHIP First Time Home Buyer Program!

While some applicants may be placed on a wait list depending on available funding, the City currently has funding for very low-income applicants (households with income below 50% of AMI adjusted for household size). Priority review is given to very low-income households, and households with special needs members as defined by Florida Statute. I have attached an informational flier to this email; please feel free to distribute it to persons that may want to apply. Please see the income limits and maximum award amounts for the City below:

 

11/21/2024

Broward County Homebuyer Purchase Assistance Funds Availability

ALL cities have funds available again


Apply Now! Schedule an appointment with a Housing Counselor today!


Please see programs most current flyer below:

10/17/2024

Click Here for additional program information

10/01/2024

City of Lauderhill Purchase Assistance Program 


PURCHASE ASSISTANCE PROGRAM
Before submitting your application, please consider the following: program participants are required to income and property qualify, be able to obtain a mortgage loan from a lending institution, must have completed the HUD-approved Eight Hour Homebuyer Education Course, and the mortgage lender must adhere to the City’s underwriting guidelines. Applicants seeking funding with cash value assets exceeding $40,000 after closing are considered ineligible.


AWARD
Very Low - up to $75,000
Low - up to $65,000
Moderate (SHIP Program Only) - up to $40,000


SUMMARY
The purchase assistance program is a deferred second mortgage that assists with down payment and closing costs (refer to underwriting guidelines) for existing and new home purchases. New construction must have received a certificate of occupancy within the last twelve months. Applicants will not receive the maximum award in all cases.

The program is offered on a FIRST QUALIFIED, FIRST CLOSED, FIRST SERVED basis.


For additional information, please visit https://www.lauderhill-fl.gov/departments/city-manager-administration/housing-grants/purchase-assistance-program

 

10/01/2024

The Hallandale Beach CRA (HBCRA) is now accepting applications for the new CRA and Citywide residential program. Applications must be submitted by appointment only, and no walk-ins will be accepted. We are currently experiencing higher-than-usual call volumes, and we appreciate your patience as our team diligently returns calls. 

 

https://cohbcra.org/programs/residential-programs/

 


 

08/29/2024

The Condominium Special Assessment Program is designed to provide funding assistance to help condominium owners in Miami-Dade County pay for special assessment requirements that arise from rehabilitation and repairs due to applicable building integrity recertification requirements.

  • Qualifying owners making less than 140% of the area median income (AMI) can get up to $50,000 in assistance to pay for these assessments. Individuals earning less than $95,620; couples making less than $109,200; three-person households earning less than $122,920; and households of four making less than $136,500 may be eligible.

    Surtax funds will be in the form of a loan and the annual household median income may not exceed the maximum limit of 140% as indicated in the Miami-Dade County income limit chart.

    Loan terms will be structured to mitigate the financial burden on families while recognizing the need to ensure compliance with the Surtax program.

    Program overview:

    • The program will address physical damage to the condominium
    • The homeowner must reside in the unit and it must be their primary residence and homestead; Investment owners are not eligible for program assistance
    • The program will provide loans up to $50,000.00 with a repayment term of 40 years 
    • The monthly payment will be $50.00 for low-income families with the remaining balance due at Maturity Date
    • The monthly payment for moderate income families will be calculated at 0.00% interest rate for 40 years
    • Any cash assets exceeding $50,000.00 must be used for down payment up to 10% of the loan amount
    • If the owner sells the property, cash out refinance or ceases to use the home as primary residence, the balance of the loan becomes due and payable
    • Upon the death of the owner, the loan shall become due and payable in full unless ownership of the property passes to the heirs of owner and those heirs meet the following criteria:
      • Live in the property
      • Earn no more than the maximum percentage AMI funding activity at time of transfer
      • Execute appropriate documents as required by Miami-Dade County
    • One-time assessment per unit owner
    • The rehabilitation funds will be payable to the Condominium Association
    • The Condominium Budget and Condo Questioner will be required and reviewed
    • Mortgage payments and HOA/Maintenance fees must be current
    • A description of the work to be done and or the Scope of Work will be required to determine the loans assistance
    • Semi-annual reports from the Condominium Association will be required

Complete the Condominium Special Assessment Application and return it by mail or in person. Email applications will not be accepted.

Required documentation: 

  • Valid Florida driver’s licenses or State ID card for adults
  • Warranty Deed, Quit Claim Deed or other evidence of ownership of the property
  • Last four paystubs, unemployment compensation, valid social security award letter and  evidence of pensions, child support/alimony payments; if applicable
  • Copy of social security cards for applicant and co-applicant only
  • Proof of US citizenship or current permanent legal residency
  • Most current 3 months bank statements for all accounts; must reflect monthly balances
  • Mortgage payment must be current and provide copy of current mortgage statement. No coupons accepted
  • Copy of current HOA Fees
  • Birth certificates for all household members regardless of age. No birth cards accepted
  • Last 2 years Federal Income Tax Returns including W-2s, all pages and schedules
  • Current SSA-1099 form
  • Proof of hazard insurance, flood insurance; if applicable.
  • Copy of last utility bills (electric and water bill)
  • Copy of Discharged Bankruptcy including all schedules and pages; if applicable
  • Divorce Decree and/or Death Certificate; if applicable

 

08/15/2024

Open Enrollment Starts Now

Apply Now


 

We are excited to announce that the open enrollment period for our Homeownership Program is approaching late summer 2024! This is a great opportunity for first-time homebuyers in Broward County to achieve their dream of homeownership. Please view the homeownership program overview video above and review the following steps below to ensure you are prepared to apply:

 

Step 1: Review Our Program Qualifications

General Requirements:

  • Must be a first-time homebuyer
  • Must live and/or work in Broward County for at least a year
  • Must be a U.S. citizen or legal permanent resident (green card holder)

 

 

  • Show a stable employment history
  • Have sufficient credit history with health financial management, no unsatisfied public records, and no bankruptcies within the last three years
  • Establish a monthly savings account
  • Total debt-to-income ratio that fall within the Habitat guidelines.

 

 

 

Step 2: Determine if You’re Ready

If you meet the qualifications and are ready to proceed, you have two options:

  1. Review the homeownership program overview video to learn more about Habitat’s program requirements and next steps for applying.
  2. Complete the Pre-Qualification Questionnaire During Open Enrollment Opening August 12, 2024: Fill out our Pre-Qualification Questionnaire to see if you meet all program requirements. Once submitted, you will receive a notification within two weeks, either inviting you to the next stages in the process or providing reasons why you do not qualify at this time.

 

 

Step 3: Attend Habitat Homebuyer Program Pre-Application Session

Eligible applicants who pass the Pre-Qualification Questionnaire will be invited to attend a Homebuyer Program meeting. This session includes:

  • Step-by-step guidance on completing your submission packet
  • Receiving your homeownership program application packet and documents request list
  • Answer any questions applicants may have

 

 

Submission packets will be reviewed to verify income, employment, credit, financial history, and background. If the information meets all criteria and guidelines, applicants will move to the final step in the process.

Step 4: Home Visit

Applicants who pass the homeownership program application review phase will be invited to schedule a Home Visit. This is an important step to assess an applicant's housing needs. After the Home Visits, an independent Home Selection Committee will make recommendations for final selections into the Homeownership Program.

We'd like to encourage you to start preparing your documents and review our qualifications carefully. Open enrollment is your chance to take a significant step toward owning your own home! View the homeownership program informational video here.

 

 

Helpful Links

 Bank of America’s Community Homeownership Commitment®

Bank of America Down Payment Center

Low Down Payment Loans

Bank of America Real Estate Center®

Bank of America First-Time Homebuyer Online Edu-Series™

Better Money Habits®

 


Helpful Information

Our Resources can help you understand the home buying process and your rights, provide you with information about the available down payment grants, help you locate resources in Miami-Dade, Broward, and Palm Beach counties, and much more.

Also check out our glossary to understand unfamiliar terms.

Select a County above to get started. Knowledge is Power!

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