Hey there! I know diving into the world of homeownership can feel a bit overwhelming, especially if you’re a first-time buyer. But don’t worry—there are programs out there designed to give you a helping hand. If you’re considering making Sunrise, Florida, your home, you’re in luck! The City of Sunrise offers a Purchase Assistance Program tailored just for folks like you.

Program Overview

Program Name: City of Sunrise Purchase Assistance Program

Source of Funding: This program is funded through the HOME Investments Partnership Program (HOME), a federal grant from the U.S. Department of Housing and Urban Development (HUD).

Eligibility Criteria

• First-Time Homebuyer: You must not have owned a property in the last three years.
• Income Limits: Your gross annual household income should not exceed 80% of the area median income (AMI). For example, as of April 2024, the limit for a one-person household is $59,150, and for a four-person household, it’s $84,450.
• Property Location: The home must be within the municipal boundaries of the City of Sunrise.
• Property Type: Eligible properties include single-family residences, condominiums, villas, and townhomes. Mobile homes and cooperatives are not eligible.
• Owner Occupancy: You must occupy the home as your primary residence.

Benefits

• Financial Assistance: Receive a deferred payment second mortgage at 0% interest with a 15-year term. This assistance can be used toward down payment and closing costs, making your home purchase more affordable.

Potential Drawbacks

• Repayment Obligation: If you sell, transfer, or cease to occupy the property as your primary residence before the 15-year term ends, the loan becomes due and payable.
• Limited Funding: Assistance is available on a first-come, first-qualified, first-served basis. Once funds are depleted, no further assistance can be provided until additional funding becomes available.

Application Process

1. Homebuyer Education: Complete a homebuyer education class from a certified HUD-approved counseling agency.
2. Mortgage Pre-Approval: Obtain a first mortgage approval from a lender.
3. Property Selection: Identify an eligible property within Sunrise.
4. Application Submission: Your chosen lender will submit your application to the Broward County Housing Finance Division for approval.
5. Approval and Closing: Once approved, proceed with the closing process, utilizing the assistance for down payment and closing costs.

Program Details

Grant or Down Payment Assistance: This program provides down payment and closing cost assistance in the form of a deferred payment second mortgage at 0% interest.

Availability: The program is currently active and accepting applications. However, since funding is limited, it’s advisable to apply as early as possible.

Additional Information

Geographic Availability: This program is available exclusively within the municipal boundaries of the City of Sunrise, Florida.

Pros and Cons

Pros:

• Affordable Financing: The 0% interest, deferred payment loan reduces the financial burden on first-time homebuyers.
• Homebuyer Education: Mandatory education ensures buyers are well-prepared for homeownership responsibilities.

Cons:

• Occupancy Requirement: The requirement to occupy the property as the primary residence may limit flexibility for future relocation.
• Funding Limitations: Limited funds mean not all eligible applicants may receive assistance.

Where to Apply

For more detailed information and to start the application process, visit the official City of Sunrise website:

City of Sunrise Homeowner Assistance Programs

Sources

• City of Sunrise Homeowner Assistance Programs
• Broward County Housing Finance Division Home Buyer Programs

Blog Post Category and Subcategory

Category: Florida First Time Homebuyer Program

Subcategory: Broward County