Homebuyer Purchase Assistance
We are pleased to announce that the City of Margate has a Homebuyer Purchase Assistance Program that provides up to $40,000 in Homebuyer Purchase Assistance (HPA) for eligible buyers. This is a very popular opportunity to assist in purchasing a home in the City of Margate Margate and funding is limited. While there is not funding available at this time, it is anticipated that funding will be made available in December 2020 or early 2021.
HPA is “driven” by the lender who provides the first mortgage loan on the purchase. The buyer may select any lender that provides a loan that meets County guidelines (these guidelines can be provided to your lender upon request). Funds are available on a first-come, first-qualified, first-served basis. Some HPA details are:
• HPA funds may be used for a down payment, mortgage buydown and closing costs – up to $40,000 is available per transaction
• Household gross annual income must be at or below 80% Area Median Income (AMI)
• HPA is in the form of a recorded second mortgage, at 0% interest, with a 15-year term
• The homebuyer may not have owned a home in the previous 3 years
• Eligible properties within Margate include single-family homes, townhomes, villas and condominiums; mobile homes are not eligible
• The homebuyers must use the home as their primary domicile for the 15-year term, after which the second mortgage is forgiven
Step 1: Lender or buyer to confirm that the buyer’s GROSS ANNUAL HOUSEHOLD INCOME (all household income, including social security benefits, interest income from a savings or checking account) is at or below 80% AMI
Step 2: Buyer qualify for and obtain a loan pre-approval that meets County guidelines
Step 3: Confirm the property is within the City of Margate
Step 4: Buyer must complete a Homebuyer Education class from a HUD-approved Counseling Agency before closing
Step 5: Once the lender issued a loan pre-approval or commitment (for a 1st mortgage that meets the County guidelines) and the buyer has identified a home or is under contract within the City of Margate, the lender should contact Richard Yeargin, Purchase Assistance/Income Certification Specialist (954-357-4947, firstname.lastname@example.org). Richard will confirm that funds are still available for that area for the next 60-90 days. The lender will submit a hard copy, paper package after which the County will contact the buyer for the income certification appointment. The income certification begins only with a fully executed purchase contract.
This program is administered by Broward County. For additional information, visit Broward Housing Finance and Community Redevelopment website or call (954)357-4900.
Home Rehabilitation Assistance
The City of Margate Home Rehabilitation Program is closed at this time. While there are not program funds available at this time, it is anticipated that funding will be made available in late-2021.
This program is administered by Broward County. For additional information, please contact the Housing Finance and Community Development Division at (954)357-4900.
Minor Home Repairs for Seniors
The Area Agency on Aging of Broward County can provide seniors with resources for minor home repairs. For additional information, visit the Area Agency on Aging website or call (954)745-9779.
COVID-19 Rental and Business Assistance
If you have been impacted by COVID-19, you may be eligible for rental or business assistance. These programs are administered by Broward County. For additional information, visit the Broward County Housing Finance and Community Redevelopment website or contact the Broward County Housing Finance and Community Development Division at (954)357-4900.