First Time Homebuyer/Affordable Housing Program

First Time Homebuyers Application

If you are interested in this program, please submit an application with copies all required documents to the CRA office. The CRA can be contacted at (954) 457-1422.

Program Overview

The City of Hallandale Beach CRA assists First Time Homebuyers with down payment and/or closing for the purchase of a first home. An individual who has never owned a home or has not owned a home for at least three (3) years is considered a first time homebuyer and is therefore eligible.

Under the First Time Homebuyers program, the Hallandale Beach CRA provides up to $80,000 in assistance to be used towards a down payment and or closing costs. The applicant is required to provide a minimum of $2,000 towards the down payment.
The assistance will become a second mortgage and take the form of a 0% forgivable loan for a ten-year period. HBCRA assistance will be subordinate only to a mortgage on the same property from the primary lender.

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

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 $2,000 towards the 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):

Family Size

80% Area Median

120% Area Median

$38,750

$58,080

$44,250

$66,360

$49,800

$74,640

$55,300

$82,920

$59,750

$89,640

$64,150

$96,240

$68,600

$102,840

$73,000

$109,560

Effective: March, 2015

Loan Assistance Increments

The First Time Homebuyers Program will approve homebuyer applicants for funding assistance for amounts up to $80,000. The increments are as follows:

Up to $80,000 for applicants whose income is below 120% 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 provide photocopies of the following documentation:

Identification: (all of the following that apply)

· ID (Florida driver’s license, voter’s registration card or FL ID card)
· Birth Certificates or United States Passport
· 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.
· 90 day Commitment Letter / Pre-Approval from a lender-required with submission of application.

Click here for a list of APPROVED LENDERS.

· Proof of balance due on credit cards, car loans, bank loans, student loans, etc.

Full Credit Report (within the last three months)
· Rental receipts for last six months

Bankruptcy Papers
Certificate of Completion for First Time Home Buyer's Course

Classes are free, but you must pre-register with the agency listed below directly.

Classes available through:

Agency Phone Number Schedule

Housing Foundation of America	954-923-5001	Register
Urban League of Broward	954-584-0777	2nd Saturday of each month
Broward Housing Authority	954-739-1114 ext. 2304	2nd Saturday of each month
Haven Economic Dev.	9954-423-1637 ext. 105	2nd or 3rd Saturday of each month

If you do not submit all the above required documents at time of submission to office your application will not be accepted. Please provide the office with copies of all required documents and keep a copy of all submitted documents for your records.