Program Overview

·         The City of Hallandale Beach assists homebuyers with the cost of construction of a new single family home or the purchase of an existing home, condominium, or townhouse.

·         The City provides a lump sum of $25,000 or $50,000 that can be used to purchase a lot, construction cost and/or closing costs or to lower mortgage. Preference is given to Police, Fire Fighters, Teachers and City employees.

·         The assistance will become a second mortgage with no interest. No payments will be due as long as you live in the house.

·         You must apply and be approved by a financial institution (bank, credit union or mortgage broker) for the additional funds to pay for the cost of the new construction. The assistance will be disbursed upon the closing on the loan with the lender.

·         The City owns several vacant lots that may be purchased at the assessed value.

Download the Affordable Housing Application

Minimum Requirements

·         You meet the income requirements.

·         You are employed or retired.

·         You have an acceptable credit score.

·         You obtain a first mortgage from a financial institution for the additional funds.

·         You are able to provide 3% of the mortgage amount as a down payment.

Income Requirements

Your annually income must be equal or less than the following current income limits (amended from time to time by Broward County):

1

$38,150

$57,240

2

$43,600

$65,400

3

$49,050

$73,560

4

$54,500

$81,720

5

$58,900

$88,320

6

$63,250

$94,800

7

$67,600

$101,400

8

$71,950

$107,880

Loan Assistance Increments

The Affordable Housing Program will approve homebuyer applicants for funding assistance for amounts up to $50,000. The increments are as follows:

·         $25,000 for applicants whose income is below Broward County’s 120% median income as defined by the Office of Housing and Urban Development (HUD).

·         $50,000 for applicants whose income is below 80% of Broward County’s median income as defined by the Office of Housing and Urban Development (HUD).

Additional Monies/Funds for Buyer

Applicants are authorized and encouraged to seek additional funding from other sources. When award of additional funds is available the City’s Mortgage must remain in second place.

Required Documents

Please be advised that in order to process your application, in addition to a completed signed application form, you also must also provide photocopies of the following documentation:

Identification: (all of the following that apply)

·         ID (driver’s license, voter’s registration card or FL ID card)

·         Birth Certificates

·         Marriage Certificate (if owners/co-owners last name is different than spouse)

·         Divorce Certificate

·         Verification of residence, i.e. Alien Registration, etc.

Income: (all of the following that apply)

·         Signed last 2 years Income Tax forms with W2’s

·         Verification of employment: pay stubs to cover last 6 months

·         Profit & Loss Statement (if self employed)

·         Current Social Security Award letter – if applicable

·         Worker’s Compensation letter – if applicable

·         Unemployment Compensation letter – if applicable

·         Pension Statement – if applicable

·         Child Support (Court Order) – if applicable

·         Alimony (Court Order) – if applicable

·         VA Benefits (Award Letter) – if applicable

·         Food Stamps (Award letter) – if applicable

Financial Statements: (all of the following that apply)

·         Last 3 months bank statements (All pages) for CHECKING and SAVINGS

·         “Gift Letter” is required if a relative is GIVING you funds toward the purchase

·         Latest statement for all IRA’s, 401Ks, 457K, Profit Sharing, Stocks, Bonds, Mutual Funds, etc.

·         Commitment letter from a lender-required with submission of application.

Click here for a list of APPROVED LENDERS.
 

Miscellaneous

                            Agency                               Phone Number                                Schedule