Homebuyer Purchase Assistance
We are pleased to announce that the City of Margate has up to $40,000 in Homebuyer Purchase Assistance (HPA) available for eligible buyers. This is a very popular opportunity to assist in purchasing a home in the City of Margate.
HPA is “driven” by the lender who provides the first mortgage loan on the purchase. The buyer may select any lender that provides a loan that meets County guidelines (these guidelines can be provided to your lender upon request). Funds are available on a first-come, first-qualified, first-served basis. Some HPA details are:
• HPA funds may be used for a down payment, mortgage buydown and closing costs – up to $40,000 is available per transaction
• Household gross annual income must be at or below 80% Area Median Income (AMI)
• HPA is in the form of a recorded second mortgage, at 0% interest, with a 15-year term
• The homebuyer may not have owned a home in the previous 3 years
• Eligible properties within Margate include single-family homes, townhomes, villas and condominiums; mobile homes are not eligible
• The homebuyers must use the home as their primary domicile for the 15-year term, after which the second mortgage is forgiven
Step 1: Lender or buyer to confirm that the buyer’s GROSS ANNUAL HOUSEHOLD INCOME (all household income, including social security benefits, interest income from a savings or checking account) is at or below 80% AMI
Step 2: Buyer qualify for and obtain a loan pre-approval that meets County guidelines
Step 3: Confirm the property is within the City of Margate
Step 4: Buyer must complete a Homebuyer Education class from a HUD-approved Counseling Agency before closing
Step 5: Once the lender issued a loan pre-approval or commitment (for a 1st mortgage that meets the County guidelines) and the buyer has identified a home or is under contract within the City of Margate, the lender should contact Richard Yeargin, Purchase Assistance/Income Certification Specialist (954-357-4947, firstname.lastname@example.org). Richard will confirm that funds are still available for that area for the next 60-90 days. The lender will submit a hard copy, paper package after which the County will contact the buyer for the income certification appointment. The income certification begins only with a fully executed purchase contract.
Visit Broward Housing Finance and Community Redevelopment website for more information.