The City of Miramar

Purchase Assistance Program

**There is currently a waiting list for some income categories. Please complete the intake form for assistance.

 

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The Purchase Assistance Program is designed to provide down payment, closing cost, principal reduction, rehabilitation and other costs associated with purchasing a new or existing eligible home. (The purchase assistance program does not reimburse applicants for purchases made before an applicant received approval). Persons can apply for this program if they wish to live in Miramar . If you are interested in purchasing a house not in the Miramar , many cities in Broward County have similar purchase assistance programs. Please contact them directly.

Program Requirements

 

  • Must not have owned a home, in whole or in part, within the last 3 years
  • Have reasonably good credit
  • Meet the program’s current state and federal income guidelines.
  • Very, Low, and Moderate Income Persons (Limited funds exist for moderate income persons)
  • Applicants are selected on a first-come, first qualified, and first served basis with income groups
  • Homeowners who have received any form of grant assistance from the City, cannot re-apply for (5) years. (Effective July 1, 2004)
  • Must sign the City’s Second Mortgage. The City’s Mortgage is forgiven after 10 years and is not written down on a yearly basis. Effective March 15, 2006

*Others that may qualify as first-time home buyers are:

 

  • Single parents with children under the age of 18 who has recently been divorced and displaced,
  • A displaced victim of domestic abuse
  • A person displaced as a result of governmental action.

Program Benefits

  • 1% down payment from buyer
  • Below market interest rates
  • Fixed rate term for 30 to 45 years.
  • Liberal qualifying ratios

Some Participating Lenders

  • American Mortgage
  • Bank Atlantic
  • Bank of America
  • Bank United
  • Mercantile Bank
  • Washington Mutual
  • RAD Financial

Eligible Properties

  • Single-Family Homes
  • Townhomes
  • Condominiums
  • Villas

Documentation Required

  • Completed application form with signatures and date.
  • Federal income tax returns and W-2's
  • Last year
  • Year before last
  • Proof of dependents claimed
  • Proof of Citizenship or Legal Alien Status Documents
  • Three (3) pay stubs for all household members over 18
  • Six (6) bank statements for all household members
  • Assets - 401(K), Retirement/pension, IRA, CD = s, Annuities, etc.
  • Life insurance policy with cash value and type
  • Self-employment income statement with schedule C, E, or F
  • Social Security, Supplemental Security Income (SSI), and Disability benefits
  • Proof of unearned income
  • Child support/Alimony
  • Contributions and Gifts
  • Statement for scholarships, grants, and veterans = s administration benefits
  • $35.00 money order made payable to Community Redevelopment Associates of Florida, Inc.
 
© 2007  Community Redevelopment Associates of Florida