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Hallandale Beach Community Redevelopment Agency (HBCRA) First Time Homebuyer Program

Special Alert

Maximum Purchase Price

$331,888

Contact Info:

https://cohbcra.org/ 400 South Federal Highway, Hallandale Beach, FL 33009 654-457-2228

Limitations

Credit Score Requirements

Minimum Credit Score: 640 A minimum credit score of 640 is required to participate in this program.

Deferred Payments?

Waiting Period: 5 years Affordability Period: 10 years Forgiveness Increment: 20% per year Forgiven Portion: 100%

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?

The assistance will become a second mortgage and take the form of a 0% forgivable loan for a ten-year period. The loan is forgiven 20% per year for years 6 through 10.

Location:

Hallandale Beach Property must be located in the community redevelopment area of the city of Hallandale Beach.

Income Limitations:

Yes, based on Compliance Income Income limits from HUD 2022 140% AMI guidelines Assistance amounts are determined using income between 50 and 120 percent of the Broward County median income guidelines) to be used for gap funding and closing costs. The program also provides an incentive for workforce housing buyers whose income is above 120% but not more than 140% median; therefore our program model uses the highest income range of 140% AMI (Broward County).

Maximum Assistance

$140,000 Up to $100,000 in down payment assistance to affordable housing buyers (whose income is between 50 and 120 percent of the Broward County median income guidelines) to be used for gap funding and closing costs. In addition, to assist buyers who are purchasing condominiums where the lender is requiring mandatory equity contributions, the HBCRA would provide an initial forgivable loan of up to $25,000 to cover this cost. Therefore, this portion of the loan will not be considered part of a second mortgage but an outright grant. The program also provides an incentive of up to $10,000 in down payment assistance for workforce housing buyers whose income is above 120% but not more than 140% median. Additional $5,000 incentive is available for first responders, teachers and nurses.

Education Requirements Info:

Applicant is required to attend an 8 hour HUD certified first time home buyer’s course, get a certificate and submit it along with application. https://cohbcra.org/wp-content/uploads/2021/09/FIRST-TIME-HOMEBUYERS-CLASSES.pdf

Eligible Property Types:

Single Family Detached Condo Townhome/PUD

Income By Household Size:

$2,000 Applicant must contribute at least $2,000 of his/her own monies towards the purchase price.

Qualifying Ratios:

Housing Ratio: Up To 38% Total DTI: Up To 45% No more than 38% of the applicant’s gross income can be spent on housing (mortgage payment, mortgage insurance, property taxes and property insurance) and 45% for total expenses.
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