The City of Plantation

Purchase Assistance

 

 

The City of Plantation is not accepting
any more applications at this time

 

 

See all Programs

 

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 Pembroke Pines . If you are interested in purchasing a house not in the Pembroke Pines many cities in Broward County have similar purchase assistance programs. Please contact them directly.

 

Program Requirements

• Must not 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 30 years and is not written down on a yearly basis. Effective February 16, 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 Needed to Meet Income Eligibility Requirements

• Property must be located within the City.
• Limitations on maximum sales prices
• Income limitations apply
• Must be able to verify cash to close, income and assets.
• Two years of continuous employment
• Property must be primary residence
• All applicants must attend a homebuyer’s workshop
• Applicants are required to sign recapture documents

As a reminder, the City will place a second mortgage on the property for the down payment and principal buy down assistance it has provided. The term is zero interest for 30 years. After 30 years, the loan is forgiven. Should you sell or lease your property during this period, the monetary amount of assistance you received will be due to the City. There are no monthly payments on the second mortgage. In addition, the City has requirements for refinancing of the first mortgage, should you chose to do so in the future. Effective February 22, 2006.