Embarking on the journey to homeownership can feel overwhelming, especially if you’re a first-time buyer. But don’t worry—Fort Lauderdale offers a fantastic program designed to make this process more accessible and affordable for you.

Funding Source

This initiative is funded through the HOME Investment Partnerships Program (HOME) and the State Housing Initiatives Partnership Program (SHIP), both aimed at promoting affordable housing opportunities.

Eligibility Criteria

• First-Time Homebuyer: You must not have owned a home in the last three years.
• Income Limits: Your household income should be at or below 80% of the area median income, adjusted for household size.
• Credit Score: A minimum credit score of 660 is typically required.
• Employment History: You should have stable employment for at least one year.
• Primary Residence: The property must be within Fort Lauderdale city limits and serve as your primary residence.

Benefits

• Financial Assistance: Receive up to $75,000 in a deferred payment loan to help with down payment and closing costs. This loan carries 0% interest and requires no monthly payments.
• Loan Forgiveness: If you remain in the home for 15 years, the loan is fully forgiven.

For more information click here.