Table of Content
All applicants must have not owned a home in the last three years. Have an Annual gross income that does not exceed the applicable HUD income limits. DPA Funding is limited and requests are granted on a “first ready – first serve basis." Funds from the Homebuyer Assistance Program are wired on the day of closing.
Realtors and other professionals interested in learning more about the Homebuyer Assistance Program or helping residents to take advantage of this program can sign up for our email list at the link below. Signing up will let us know of your interest and help us keep you up to date on any upcoming events or announcements. Our assistance is a no-interest, forgivable loan secured by a lien. The loan is fulfilled if the buyer lives in the home for five years.
Rent and Utility Assistance Program
The City of Deerfield Beach is committed to supporting organizations that contribute to the public welfare of its community. The Community Participation Grant program was established to provide financial resources to local non-profit organizations that assist the City in serving a public purpose. Attendance within the past 12 months at a Pembroke Pines approved pre-purchase homeownership counseling course. Assistance is in the form of a 15 year, 0% interest deferred second loan that reverts to a grant if all program conditions are met.
New construction – to purchase a viable single-family home in Daytona Beach $166,000 or less including cost of the lot. The back-end ratio is calculated by adding together all of a borrower’s monthly debt payments and dividing the sum by the borrower’s monthly gross income. For example, if a borrower has a monthly gross income of $5,000 and monthly debt payments of $2,000, their back-end ratio is 40% ($2000/$5000).
City-Wide Elected Officials
Home Preservation & Prevention CARES is a Housing and Urban Development approved housing counseling agency based in Long Beach. HPP CARES provide financial education on a range of topics from first home-buying and preventing foreclosure (mortgage relief & forbearance options), to the sound use of credit and effective debt management. The U.S. Department of Housing and Urban Development offers a variety of resources on fair housing issues, lists for lenders and real estate brokers, and homebuyer education information. Approximately 100 households will receive up to $20,000 in down payment and closing cost assistance. The path to home ownership begins with an assessment of client eligibility and credit through one of the Homebuyer Education and Housing Counseling Partners listed herein or Other Viable Entity as determined by the City including lending institutions. These organizations help clients identify “their” barriers to becoming a homeowner and assist to overcome those challenges in addition to helping obtain the required homeowner education and housing counseling certificates.
An heir or heirs, provided they are income and otherwise eligible per HUD guidelines, may assume the property agreements. If no eligible heir or heirs is identified, the City has the right to seek recovery of the funds invested and may employ foreclosure. If working with a partner, the Client and the Partner should submit complete application packet to the City to request DPA to purchase your selected property. The city will determine if the purchase meets program guidelines.
Housing and Community Development Department
Although the program requirements are the same for each applicant employees in fire, law enforcement, nurses and teachers are specifically identified as “essential personnel”. Essential personnel are targeted for participation in these programs. Approved Moderate-Income households are eligible for up to $30,000 in assistance. Approved Low-Income households are eligible for up to $40,000 in assistance. Approved Very Low-Income households are eligible for up to $50,000 in assistance.
The program provides income-eligible city residents that have been financially impacted (i.e. job loss, pay-cut) by COVID-19 with up to $10,000 for past due rent and utility expenses. The program is funded through the Community Development Block Grant Coronavirus (CDBG-CV) and State of Florida Coronavirus Relief Funds . Payments are made directly to property owners, landlords, and/or utility companies. The HomeFirst Down Payment Assistance Programprovides qualified homebuyers with up to $100,000 toward the down payment or closing costs on a 1-4 family home, a condominium, or a cooperative in one of the five boroughs of New York City. NHS is a non-profit lender and community developer opening access to affordable home loans, home rehab, foreclosure prevention, financial education and homeownership counseling.
Purchase Assistance
The Homebuyer Assistance Program , will be opening the portal on January 3, 2023 to accept new HAP applications. Funding is limited and applications will be processed on a first-come-first-serve basis to meet the program requirements. The First-Time Homebuyer Program provides income-eligible homebuyers in Boston with financial assistance. (including acquisition, acquisition/rehabilitation, new construction, downpayment and closing costs) that will be used as their principal place of residence.
If you do not want your e-mail address released in response to a public records request, do not send electronic mail to this entity. The COVID-19 Rental & Utilities Assistance Program provides rental assistance to eligible Deerfield Beach residents who have experienced loss of income, reduction in hours, or unemployment as a result of the COVID-19 pandemic. Assistance will only be provided for past due rents & utilities beginning on April 1, 2020 and onward. Eligible applicants must be able to continue to make payments and meet basic needs once assistance is provided. Assistance is based on need, household income, family size, and availability of funding. Existing construction – to purchase a viable single-family home in Daytona Beach $166,000 or less including cost of the lot, home inspection and rehabilitation ($7,500 or less) upon staff review and acceptance.
Program participants are encouraged to take advantage of this resource. If the homeowner fail to comply with any of the property restrictions above or requirements in the written binding agreements for the ENTIRE affordability period the FULL amount of City assistance is due and payable in full including any lot contribution. Selected properties must be located in the unincorporated area of Palm Beach County. If the property is located in the incorporated areas of Boca Raton, Delray Beach, Boynton Beach, and West Palm Beach, applicants will be required to apply for assistance through the city where the property is located. To qualify for the program, applicants’ household income must fall in the category of very low, low, and moderate-income in accordance with the Department of Housing & Urban Development income guidelines.
The Homebuyer Assistance Program requires that an applicant has a back-end ratio less than 45%. Obtain a homebuyer education class certificate through a HUD-Approved Agency. Applicants are required to work with one of the approved lenders on the list to be eligible. Read all of the information above about the program you are applying for. Make sure you understand all of the program eligibility requirements, including income and asset limits. This program provides eligible home buyers with a grant towards a down payment.
Please be aware you are about to leave the City of Pompano Beach website and enter another site operated by a third party. These links are provided for your convenience and reference only. The City of Pompano Beach does not control such sites, and is not responsible for their content or the products and services offered therein. The City of Pompano Beach does not endorse and is not responsible for the content, products, or services available on other sites. Yes, assistance will be only given to properties located in the City of Deerfield Beach.
All applicants must agree to occupy the home as their primary residence. The potential homebuyer’s liquid assets cannot exceed $5,000 excluding necessary personal property such as furniture, automobiles, and clothing. The City then reviews these materials and places our loan assistance into underwriting. Meanwhile, the property will be inspected and given an environmental review.
No comments:
Post a Comment