City of Lauderhill Purchase Assistance Program
Special Alert
Maximum Purchase Price
$382,194
Contact Info:
5581 W. Oakland Park Blvd, Lauderhill, FL 33313 954-714-2181
Limitations
Credit Score Requirements
Based on 1st mortgage requirements.
Deferred Payments?
97% / 107% LTV not to exceed 97% with no PMI. CLTV not to exceed 107%.
Accepted First Mortgage Type:
Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA
Homeowners Education Class:
Required
Is Forgivable?
Purchase assistance funding is considered a deferred forgivable loan with an affordability period of 10-15 years. Loan is forgiven on a prorated basis, per annum: Ten percent (10%) for 10 year terms, and Six and sixty-sevenths percent (6.67%) for 15 year terms
Location:
Lauderhill Properties must be located within the City of Lauderhill boundaries. Depending on the funding source, some areas are prohibited.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2022 120% AMI guidelines For Home Funding: income cannot exceed 80% AMI For SHIP Funding: income cannot exceed 120% AMI NOTE: Our program model will reflect the highest income category of 120% AMI.
Maximum Assistance
$50,000 Awards are based on need: Very Low income category (50% AMI) – up to $50,000. Low (80% AMI) – up to $40,000. Moderate (120% AMI) (SHIP Program Only) – up to $40,000. NOTE: Applicants will not receive the maximum award in all cases.
Education Requirements Info:
Any HUD approved provider. https://hudgov-answers.force.com/housingcounseling/s/
Eligible Property Types:
Single Family Detached Condo Co-Op Townhome/PUD
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $76,200$87,120$98,040$108,840$117,600$126,360$135,000$143,760 *Income limits as of 05/15/2023
Qualifying Ratios:
Housing Ratio: Between 25% and 45% Total DTI: Up To 50% Housing ratio is 45% for the HOME Program (If first institutional mortgage lender is satisfied that the household can afford mortgage payments that are slightly in excess of 45% benchmark) Total debt ratio is 50%. Floor is set at 25% and the City will approve on a case by case basis.
