City of Pompano Beach First Time Homebuyer Program

Special Alert

Maximum Purchase Price

Inquire for Details

Contact Info:

https://www.pompanobeachfl.gov/residents/housing-and-urban-improvement/ohui-programs 100 W. Atlantic Blvd, Suite 220, Pompano Beach, FL 33060 954-786-4659

Limitations

Buyer must be a first-time home buyer. No funds are to be escrowed for repairs. Repairs must be addressed before purchase Program funds cannot be used towards Discount Points.

Credit Score Requirements

Based on 1st mortgage requirements.

Deferred Payments?

Yes

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?

20 year deferred loan with 0% interest, reduced 20% per year in the last 5 years. Fully forgiven if property has been owner occupied as primary residence for the whole 20 years.

Location:

Pompano Beach Property must be in the corporate limits of the City of Pompano Beach, FL

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2022 80% AMI guidelines HOME Funds is current funding source for the program, therefore, Income cannot exceed 80% AMI

Maximum Assistance

$50,000 Maximum Assistance for First Time Homebuyers up to $50,000 NOTE: Assistance is GAP funding based on need to fit between first mortgage and purchase price.

Education Requirements Info:

Applicant must attend and satisfactorily complete a HUD Approved 8 Hour Homebuyer’s Education Class. We advise you do this as early as possible to help you understand the home buying process. It is valid for 12 months. This must be on file before your scheduled closing. Homebuyer Education Providers are listed on the Application

Eligible Property Types:

Single Family Detached Condo Townhome/PUD

Income By Household Size:

Homebuyers must provide at least 3% towards a down payment and closing costs.

Qualifying Ratios:

Housing Ratio: At Least 28% Total DTI: Up To 45% It is expected that the applicant pays at least 28% of their gross income toward housing expenses The total amount paid for housing and all other debts (back- end ratios) should not exceed 45%.

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