Hey there! I know buying your first home can feel like a daunting journey, but the City of Coral Springs has a fantastic program that might make things a bit easier for you.

What is the City of Coral Springs Purchase Assistance Program?

This initiative is designed to help first-time homebuyers like yourself with down payment and closing costs, making the dream of owning a home in Coral Springs more attainable.

Funding Source

The program is funded by the City of Coral Springs through allocations from the U.S. Department of Housing and Urban Development (HUD) under the Community Development Block Grant (CDBG) program.

More details: City of Coral Springs Housing Assistance

Eligibility Criteria

To qualify for this assistance, you need to meet the following requirements:

• First-Time Homebuyer: You haven’t owned a home in the last three years.
• Income Limits: Your household income must fall within specified limits, which vary based on family size. Check income limits.
• Property Location: The home you’re purchasing must be within Coral Springs city limits.

Program Benefits

• Eligible applicants can receive up to $50,000 in assistance.
• The assistance is provided as a deferred second mortgage with 0% interest over a 15-year term.
• No monthly payments and the loan is forgiven after 15 years if the home remains your primary residence.

Potential Drawbacks

• If you sell, transfer, or no longer use the property as your primary residence within the 15-year period, the loan becomes due.

Application Process

Here’s how you can get started:

1. Homebuyer Education: Complete a homebuyer education course from a HUD-approved counseling agency.
2. Mortgage Pre-Approval: Secure a first mortgage approval from a lender.
3. Find a Home: Identify a suitable property within Coral Springs.
4. Apply: Contact the City’s Community Development Department to begin your application.

For more details or assistance, reach out to the Community Development Department at 954-344-1161 or email ncarter@coralsprings.gov.

Final Thoughts

Embarking on the path to homeownership is exciting, and with programs like this, it’s more achievable than ever. Wishing you the best of luck on your journey to finding your new home!

Additional Information

• Geographic Availability: This program is available exclusively within the City of Coral Springs, Florida.
• Source: City of Coral Springs Official Website

Pros

• Substantial financial assistance up to $50,000.
• 0% interest deferred loan with potential for forgiveness after 15 years.

Cons

• Repayment required if the property is sold or ceases to be the primary residence within 15 years.

Type of Assistance

• Down payment and closing cost assistance.

Program Availability

• Ongoing, subject to funding availability.

Post Category

Category: Florida First Time Homebuyer Program