Hey there! I know that buying your first home can feel like a daunting journey, but the City of Lauderhill offers a fantastic Purchase Assistance Program designed to make this process smoother for first-time homebuyers like you.

Program Name:

Purchase Assistance Program

Source of Funding:

This program is funded through the State Housing Initiatives Partnership (SHIP) and the HOME Investment Partnerships Program (HOME).

Eligibility Criteria:

• First-Time Homebuyer: You must not have owned a home in the past three years.
• Income Limits: Your household income should fall within the very low to moderate-income categories, as defined by the program.
• Asset Limits: Your household assets should not exceed $40,000 after closing.
• Location: The property must be within Lauderhill city limits.
• Homebuyer Education: Completion of a HUD-approved eight-hour homebuyer education course is required.
• Mortgage Pre-Approval: You need to secure a mortgage loan pre-approval from a recognized lending institution.

Benefits:

• Financial Assistance: Receive up to $75,000 for very low-income applicants, $65,000 for low-income, and $40,000 for moderate-income (SHIP program only) to assist with down payment and closing costs.
• Deferred Loan: The assistance comes as a deferred second mortgage with 0% interest.
• Loan Forgiveness: For SHIP-funded loans, 10% of the loan is forgiven annually over a 10-year term.

Potential Drawbacks:

• Primary Residence Requirement: You must occupy the home as your primary residence; renting it out could trigger loan repayment.
• Repayment Triggers: Selling, transferring, or converting the property to a rental, losing homestead exemption, or obtaining a reverse mortgage during the loan term may require you to repay the loan.
• Asset Limitation: Having assets exceeding $40,000 after closing renders you ineligible.

Application Process:

1. Homebuyer Education: Enroll in and complete a HUD-approved homebuyer education course.
2. Mortgage Pre-Approval: Apply for a mortgage to determine your purchasing power.
3. Find a Home: Locate a property within your approved mortgage amount in Lauderhill.