BENEFITS OF THE PROGRAM •
The Affordable Housing program provides a lump sum of up to $35,000 to assist with the cost of a new construction home, townhouse or condo (purchase of lot, construction cost and closing costs), or the purchase of an existing home, townhouse or condo. Additional $5,000 may be available. The assistance will become a 2nd mortgage with no interest. No payments will be due, however, penalties and other terms do apply. Refer to Procedures Manual for details.
WHO IS ELIGIBLE Homebuyers who: • •
Have not owned a property for the past three (3) years Are looking to move into a new or existing home, townhouse or condo for their primary residence
A lender must approve you for the additional funds needed to build a new house or purchase and existing house. Housing assistance will be provided at loan closing.
The City owns several vacant lots that may be selected.
Allowance of gift, or grant towards the closing costs
Applicant must submit a COMMITMENT letter from a lender with application.
IDENTIFICATION: (any of the following that apply)
ID (driver’s license, voter’s reg. card) Birth Certificates Marriage Certificate Divorce Certificate Verification of residence INCOME: (any of the following that apply)
Have an acceptable credit
Have 3% for down payment
Signed last 2 Income Tax forms with W2’s
Earn an income equal or less than the following limits:
Pay stubs to cover last 2 months
APPLICANTS MUST PROVIDE COPIES OF THE FOLLOWING:
Profit & Loss Statement (if self employed) Social Security Award letter – if applicable
Worker’s Compensation letter – if applicable
Unemployment Comp. letter – if applicable
Alimony (Court Order) – if applicable
VA Benefits (Award Letter) – if applicable
Food Stamps (Award letter) – if applicable FINANCIAL STATEMENTS: (any of the following that apply)
Pension Statement – if applicable
(Individuals who are unrelated but are sharing the same household shall each be considered as one person household)
Child Support (Court Order) – if applicable
Last 3 months bank statements (All pages) for CHECKING and SAVINGS “Gift Letter” is required is a relative is GIVING you funds toward the purchase Latest statement for IRA’s, 401Ks, 457K, Profit Sharing, Stocks, Bonds, Mutual Funds MISCELLANEOUS Proof of balance due on credit cards, car loans, bank loans, student loans, etc… Rental receipts for last six months. Bankruptcy Papers
WOULD YOU LIKE TO OWN YOUR OWN HOME? YOU CAN IF YOU: Are a first time home buyer (or have not owned a property in the last three years) Meet the income requirements Have acceptable credit
The Hallandale Beach Affordable Housing Program assists first time homebuyers with the purchasing their first home, townhouse or condo. The program provides to families living at or below the Broward County median income level.
HALLANDALE BEACH AFFORDABLE HOUSING PROGRAM
Additional requirements and requests will be made for the purchase of existing houses, townhouses and condos. See Procedures Manual for terms and details.
Take advantage of this excellent opportunity to achieve the American Dream: OWNING YOUR OWN HOME!
Are employed or retired Obtain a loan from a lender for the additional funds needed to pay for the cost of the new or existing house, townhouse or condo
For additional information contact: HALLANDALE BEACH AFFORDABLE HOUSING PROGRAM CRA Administrator 400 South Federal Highway – Room 124 Hallandale Beach, Fl 33009
Are able to provide 3% of the mortgage amount as a down payment
FIRST TIME HOMEBUYER PROGRAM
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