Hey there! I know diving into the world of homeownership can feel a bit overwhelming, especially if you’re a first-time buyer. But guess what? The City of Miramar has a fantastic program designed just for folks like you to make this journey smoother.

Funding Source

This initiative is funded through the State Housing Initiatives Partnership (SHIP) program, aiming to support residents in achieving their dream of homeownership.

Eligibility Criteria

• First-Time Buyer: You shouldn’t have owned a home in the past three years.
• Income Limits: The program caters to very low, low, and moderate-income households. For instance, as of the latest update, a family of four should have an income not exceeding $115,200. (Source)
• Primary Residence: The property you intend to buy must be within Miramar city limits and serve as your primary residence.
• Homebuyer Education: Completion of an eight-hour education and counseling workshop conducted by a HUD-certified housing counselor is mandatory before closing. (Source)

Benefits

• Financial Assistance: Eligible applicants can receive up to $90,000 in assistance, which can be used for down payment, closing costs, or reducing the principal amount of the first mortgage. (Source)
• Loan Terms: This comes as a 15-year, 0% interest deferred second loan. If you adhere to all program conditions, this loan can be forgiven, essentially turning into a grant. (Source)

Potential Drawbacks

• Funding Availability: Assistance is provided on a first-come, first-qualified basis. Once the allocated funds are exhausted, no additional assistance will be available until new funding is secured.
• Occupancy Requirement: You must maintain the home as your primary residence for the duration of the loan term to benefit from loan forgiveness.

Application Process

1. Pre-Approval: Begin by obtaining a mortgage pre-approval from a lender. The city provides a list of approved lenders to assist you. (Source)
2. Homebuyer Education: Enroll in and complete the required homebuyer education workshop.
3. Application Submission: Collect all necessary documents, including proof of income, tax returns, and bank statements. Submit your application through the city’s consultant, Community Revitalization Affiliates, Inc.
4. Property Selection and Inspection: Once approved, find a suitable property within Miramar. Ensure it passes the required inspections, including a comprehensive home inspection and, if applicable, a lead-based paint inspection for homes built before 1978. (Source)
5. Closing: With all approvals in place, proceed to close on your new home with the assistance provided by the program.

Additional Details

• Geographic Availability: This program is exclusively available within the City of Miramar, Florida.
• Source Links:
  • City of Miramar First-Time Homebuyer Program
  • Community Revitalization Affiliates, Inc.
• Pros:
  • Substantial financial assistance up to $90,000.
  • 0% interest deferred loan with potential for forgiveness.
  • Mandatory education workshop equips buyers with essential knowledge.
• Cons:
  • Limited funding availability; once exhausted, applicants must wait for new allocations.
  • Strict occupancy requirements to qualify for loan forgiveness.
• Application Process Clarification:
  • Applicants must work with approved lenders and complete a HUD-certified homebuyer education workshop.
  • Submission of a comprehensive application package, including financial documents, is required.
  • Processing time is approximately 3-4 weeks, with an additional 1-2 business days for wire transfer requests. (Source)
• Program Type: This is a down payment and closing cost assistance program, structured as a deferred second mortgage with potential for grant conversion upon meeting specific conditions.
• Program Availability: As of the latest information, the program is active. However, interested individuals should contact the city’s grant consultant, Community Revitalization Affiliates, Inc., at (954) 939-3271 for up-to-date funding availability. (Source)