City of Tamarac First-Time Homebuyer Purchase Assistance Program
Special Alert
Maximum Purchase Price
$382,194
Contact Info:
https://www.tamarac.org/443/Down-Payment-Assistance 7525 NW 88th Avenue, Tamarac, FL 33321 954-597-3500
Limitations
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, USDA / RD
Homeowners Education Class:
Required
Is Forgivable?
The loan is secured by a subordinate non-assumable mortgage, second position only. The loan will be a fifteen (15) year, zero percent (0%) interest deferred loan secured by a lien against the property. The loan will be forgiven at a rate of fifty percent (50%) after the anniversary of the fourteenth (14th) year.
Location:
Tamarac Program is available citywide in Tamarac, FL
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2023 120% AMI guidelines To be deemed income-eligible for this program, your total annual gross household income must not exceed the amounts as determined by the income limit categories used by the program: Extremely Low (30% AMI), Very Low (50% AMI). Low (80%) and Moderate (120%). NOTE: Income Limits are subject to change by HUD on an annual basis.
Maximum Assistance
$60,000 The maximum purchase assistance that may be awarded varies based on income limit categories: $60,000 for households with income that does not exceed 50% of Area Median Income (AMI); $50,000 for households with income that does not exceed 80% of Area Median Income (AMI); $40,000 for households with income that exceeds 80% AMI but at or below 120% AMI. Award is subject to City Staff review. Depending on the availability of funds, applicants will be funded on a first-ready, first-served basis. As such, applicants under contract must respond to the request for documents within the given timeframe. Failure to respond to the City by the deadline may result in the denial of your application. Once all required documents are received, staff will review and make a final determination of eligibility. This process can take 3-4 weeks. Please consider this timeframe if you are currently under contract.
Education Requirements Info:
8-Hour First-Time Homebuyer Certificate from a HUD-approved agency for all persons purchasing a property. https://www.tamarac.org/DocumentCenter/View/8938/Certified-HUD-Approved-Housing-Counseling-Agencies-4-7-21-Rev-1
Eligible Property Types:
Single Family Detached Condo Townhome/PUD
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $80,640$92,160$103,680$115,200$124,440$133,680$142,920$152,160 *Income limits as of 05/30/2023
Qualifying Ratios:
Housing Ratio: Up To 35% Total DTI: Up To 45% Maximum debt ratios: 35% front end and a back-end ratio of 45%.
