Hey there! I know that buying your first home can feel like a daunting journey, but there’s some great news if you’re considering settling in Margate, Florida. The City of Margate, in collaboration with Broward County, offers a Homebuyer Purchase Assistance Program designed to make the dream of homeownership more attainable for first-time buyers like you.

Program Overview

This initiative provides financial assistance of up to $50,000 to eligible individuals and families aiming to purchase a home within Margate city limits. The assistance comes in the form of a deferred payment loan at 0% interest, which is forgiven after 15 years, provided you maintain the home as your primary residence throughout that period.

Funding Source

The program is funded through a partnership between the City of Margate and the Broward County Housing Finance and Community Redevelopment Division. Broward County administers the program on behalf of the city.

Eligibility Criteria

To benefit from this program, you need to meet the following requirements:

• First-Time Homebuyer Status: You must not have owned a residential property in the past three years.
• Income Limits: Your household’s gross annual income should not exceed 80% of the Area Median Income (AMI) for Broward County. For example, as of April 2024, the limit for a four-person household is $84,450.
• Primary Residence: The property must serve as your primary domicile for the entire 15-year loan term.
• Property Type: Eligible properties include single-family homes, townhomes, villas, and condominiums located within the City of Margate. Mobile homes are not eligible.
• Homebuyer Education: Completion of an 8-hour homebuyer education workshop from a HUD-approved counseling agency is mandatory before closing.

Benefits

• Financial Assistance: Receive up to $50,000 to cover down payment, closing costs, mortgage principal reduction, or interest rate buy-downs.
• Deferred Payment: No monthly payments are required on the assistance loan.
• Loan Forgiveness: The loan is forgiven after 15 years, provided you adhere to the program’s terms.

Potential Drawbacks

• Residency Requirement: Selling or transferring the property, or ceasing to use it as your primary residence, before the 15-year term is complete may require repayment of the assistance.
• Funding Availability: The program operates on a first-come, first-served basis and is subject to available funding.
• Income Limitations: If your household income exceeds 80% of the AMI, you will not qualify.

Application Process

1. Confirm Eligibility: Ensure that you meet all income, residency, and property requirements.
2. Complete Homebuyer Education: Attend and complete an 8-hour HUD-approved homebuyer workshop.
3. Secure a Pre-Approval: Obtain a mortgage pre-approval from a participating lender.
4. Find a Home: Choose an eligible property within the City of Margate.
5. Submit an Application: Work with your lender and the program administrator to apply for assistance.
6. Close on Your Home: If approved, the funds will be applied to your down payment and closing costs at settlement.

Program Availability

The City of Margate Homebuyer Purchase Assistance Program is available exclusively to buyers purchasing homes within Margate, Florida.

How to Apply

For more details or to apply, visit the Broward County Housing Finance and Community Redevelopment Division website or contact the City of Margate’s housing assistance office.

Final Thoughts

If you’re a first-time homebuyer looking for financial help in Margate, this program could be the boost you need to make homeownership a reality. Just make sure to check eligibility requirements and apply while funding is still available!