Homebuyer Purchase Assistance

We are pleased to announce that the City of Margate, through Broward County, 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, and funding is limited. 

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 Broward County at 954-357-4943, to 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 954-357-4943.

Helpful Documents:

New! Home Rehabilitation Assistance

Applications are now being accepted for Owner Occupied Rehabilitation programs through the Broward County Housing Finance Division (BCHFD). These services include hurricane hardening-reroof or roof repair, installation of impact windows and exterior doors, minor home repairs such as air conditioning system replacement and electric panel replacement, water-sewer connection, and special needs/barrier-free rehab for income-eligible homeowners within communities served by BCHFD. 

 After a completed Pre-Application form is received and reviewed, a full application with a list of required documents and information will be sent to the interested homeowners, and the BCHFD staff will review and certify client eligibility. Participating homeowners must sign a deferred payment forgivable mortgage and note (0% interest, no monthly payments, 10-year term), which will be forgiven if the homeowners continue to use their property as the primary residence during the entire 10-year loan.

 The application period will remain open until BCFHD receives sufficient qualified applications to expend available funds.

For more information and an application form, click here. 

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.