The City of Miramar and Community Revitalization Affiliates, Inc. have teamed up to create a remarkable opportunity for first-time homebuyers. The First-Time Homebuyer Program is designed to help individuals with low and very-low incomes obtain the funds they need for a down payment and closing costs.
The program offers a variety of options for those seeking assistance. Homebuyers can receive a loan of up to $50,000 for a down payment and closing costs, as well as a grant of up to $2,500 to go towards closing costs. The loan does not have to be repaid and the grant does not have to be paid back. Other options include a deferred payment loan of up to $10,000 and a 5 year forgivable loan of up to $7,500 for closing costs.
The program also offers counseling services for those who need help understanding the home buying process. The counselors are available to answer all questions and provide informative information about the home buying process.
For those interested in the program, there are some eligibility requirements. Applicants must be first-time homebuyers, have a credit score of at least 640, and have an income that is at or below 80% of the median income for the area. In addition, applicants must be able to contribute at least $500 towards the purchase of the home.
The First-Time Homebuyer Program is a great opportunity for those who are struggling to come up with the funds for a down payment and closing costs. It is a great way for individuals with low and very-low incomes to get the assistance they need to become homeowners. If you are interested in learning more about the program, contact the City of Miramar or Community Revitalization Affiliates, Inc. for more information.
Local Florida City Home Programs