First Time Homebuyers Purchase Assistance Program
HOMEBUYERS PURCHASE ASSISTANCE PROGRAM
The City of Wilton Manors, together with Broward County Housing Finance and Community Redevelopment Division, offers homebuyer purchase assistance to qualified persons wishing to make Wilton Manors their home.
Maximum Amount of Assistance (per household) is $40,000
Who Is Eligible?
- The Buyer’s gross household income may be up to 140% of Broward County’s Area Median Income as shown on the chart below (released by HUD on 3/30/18).
Max annual income
- Buyer must qualify and secure first mortgage financing that meets County lending guidelines
- Buyer to pay at least 25% but no more than 38% of their gross income for housing expenses
- Total debt (housing plus other debt) may not exceed 45% of gross income
- Buyer must contribute at least 3% of the purchase price (buyer contribution may include inspection costs, appraisal fees, other closing costs)
- Buyer may not have owned a residential property in the prior 3 years
- Buyer must use the purchased residence as their primary domicile for the loan term
What Properties Are Eligible?
- Single family, townhome, villa or condominium within the City of Wilton Manors
- Value must be determined by a licensed appraiser
- Home inspection required-property must meet all applicable housing codes
What are the Assistance Loan Terms?
- Fifteen-year zero percent (0%) deferred payment loan with no monthly payments
- Loan forgiven (mortgage released) after 15 years
- Payment due upon property sale, title transfer or non-domicile use within the 15-year loan term
- Assistance may be used for closing costs, down payment, loan and rate reductions, etc.
- Combined (first mortgage and assistance loan) not to exceed 105%
- Meet with a residential mortgage lender to secure a pre-approval for a first mortgage
- Contact a HUD approved housing counseling agency
- Visit HUD.gov and select Florida/Broward to find agency information
- Attend an 8-hour homebuyer workshop
- Tell your lender to contact Broward County HFCRD when a Wilton Manors property is identified and the mortgage process has started
or call 954/357-4900.
*All funds are expended on a first come, first qualified basis.
*Other terms may apply and are subject to change without notice.
*This program is administered by Broward County on behalf of the City of Wilton Manors.