Hallandale Beach Community Redevelopment Agency First Time Homebuyers Program

Transcription

1 Hallandale Beach Community Redevelopment Agency First Time Homebuyers Program Program Overview Under the First Time Homebuyer Program, the Hallandale Beach CRA will provide up to $50,000 in assistance to be used towards a down payment and/or closing costs for the purchase of a first home. An individual who has never owned a home or has not owned a home for at least three (3) years is considered a first time homebuyer and is therefore eligible. A 90-day pre-approval letter is given to the assistance recipient, during which time the recipient must locate a suitable home and secure a primary mortgage lender. Eligible Uses Assistance may only be used for a down payment and closing costs for a residential property that the applicant will reside in as a homestead. Loan Terms Applicants are required to provide a minimum of $2,000 of their own funds toward the down payment. The maximum loan amount will be $50,000. The loan will take the form of a 0% forgivable loan for a ten-year period. HBCRA assistance will be subordinate only to a mortgage on the same property from the primary lender. The property must pass a home inspection. This is the same inspection done by an independent contractor that the primary lender requires and does not incur additional costs to the recipient. The HBCRA should be furnished with a copy of this report. If for any reason the primary lender rejects or disapproves the primary mortgage, the assistance award is not negated, but the recipient must secure another lender within the timeframe of the approval letter issued by the HBCRA. Extensions are considered on a case-by-case basis.

2 If the recipient sells or conveys the property before the tenth year of residency, repayment of the original assistance amount must be paid as follows: Years in Residence at Property Repayment Liability to HBCRA* % 6 80% 7 60% 8 40% 9 20% 10+ 0% *as % of initial assistance amount Should a recipient of HBCRA assistance become deceased prior to repayment of the loan or prior to meeting the requirements for 100% loan forgiveness as outlined in the program, the loan shall be forgiven. The First Time Homebuyers Program was created to assist homebuyers with down payment and closing costs of a primary residential property (i.e., single family home, condominium) within the Hallandale Beach Redevelopment Agency district. Fees There is no application fee for this program. Required Documents (Please provide copies only): COMMITMENT LETTER FROM A LENDER/FIRST MORTGAGEE IDENTIFICATION: (all of the following that apply): ID (Florida driver s license, voter s registration card or FL ID card) Birth Certificates or United States Passport Marriage Certificate Divorce Certificate Verification of residence, i.e. Alien Registration, etc.

3 INCOME: (all of the following that apply): Signed last 2 years Income Tax forms with W2 s Verification of employment: pay stubs to cover last 6 months Profit & Loss Statement (if self- employed) Current Social Security Award letter if applicable Worker s Compensation letter if applicable Unemployment Compensation letter if applicable Pension Statement if applicable Child Support (Court Order) if applicable Alimony (Court Order) if applicable VA Benefits (Award Letter) if applicable Food Stamps (Award letter) if applicable FINANCIAL STATEMENTS: (all of the following that apply): Last 3 months bank statements CHECKING & SAVINGS Gift Letter if a relative is GIVING you funds toward the purchase Latest statement for all IRA s, 401Ks, 457K, Stocks, Bonds, etc. MISCELLANEOUS: Balance due on credit cards, car loans, student loans, etc. Full Credit Report (within the last three months). Rental receipts for last six months. Bankruptcy Papers Certificate of completion for Credit/Home Buyer s training/ education Course (within 12 months) The Affordable Housing Committee will review all applications to determine eligibility. Applicants are required to complete an Affordable Housing/First Time Homebuyer Application. Once completed, applicants can return applications with copies of all required documents to CRA Specialist to review application to ensure documents are received and are in accordance with program requirements. The CRA will not accept incomplete applications.

4 Applicant Name: Address: City: State: Zip: Telephone: Cell: Monthly rent $ How long at this address: Social Security Number: - - Date of birth: Male Female Marital status: Married Separated Unmarried (single, divorced, widow) Household Size Please check one: White Black American Indian Hispanic Asian (Pacific Islander) Other Employed Unemployed Retired Employer #1 (All employment must be listed below) Employer: Telephone: Contact Person for Income Verification: Telephone: Address: Position: Employed since: Monthly income: Bonus: Overtime: Alimony/Child support: SS/Disability/Pension Other (explain): Employer #2 (If applicable) Employer: Telephone: Contact Person for Income Verification: Telephone: Address: Position: Employed since: Monthly income: Bonus: Overtime: APPLICANT'S TOTAL MONTHLY INCOME: $

5 Co-Applicant Name: Address: City: State: Zip: Telephone: Monthly rent $ How long at this address: Social Security Number: - - Date of birth: Male Female Marital status: Married Separated Unmarried (single, divorced, widow) Household Size Please check one: White Black American Indian Hispanic Asian (Pacific Islander) Other Employed Unemployed Retired Employer #1 (All employment must be listed below) Employer: Telephone: Contact Person for Income Verification: Telephone: Address: Position: Employed since: Monthly income: Bonus: Overtime: Alimony/Child support: SS/Disability/Pension Other (explain): Employer #2 (If applicable) Employer: Telephone: Contact Person for Income Verification: Telephone: Address: Position: Employed since: Monthly income: Bonus: Overtime: CO-APPLICANT'S TOTAL MONTHLY INCOME: $ TOTAL HOUSEHOLD GROSS MONTHLY INCOME $

6 ALL OTHER HOUSEHOLD MEMBERS (Do not include Applicant and Co-Applicant listed on Page 1) Name Date of Birth Relationship Income ASSETS (For Applicant, Co-Applicant and Other) Bank accounts: Checking, Savings, Retirement, Certificates of Deposit, etc. Use additional pages if needed. Type of account BALANCES Bank/Institution Applicant Co-Applicant Other TOTAL Checking Savings Retirement Stocks Bonds Mutual Funds Other Vehicles, Boats TOTAL ASSETS $$ LIABILITIES (For applicant, co-applicant, other) Installment (Bank) loans, Auto loans, Credit cards, Student loans, Hospital bills, and other debt. Include child support and alimony payments. (Rent, Utilities & cable should not be included) Place amount under proper person. Bank or Creditor Application Co-Applicant Monthly Payment Balance Due TOTAL DEBTS: $

7 CERTIFICATIONS: Applicant (s) represent that all of the above statements are true and correct and hereby authorize verification of the above information, references and credit records. I / we consent to the disclosure of such information for the purpose of income verification related to my/ our application for housing assistance. I / we understand that any willful misstatements will be grounds for disqualification. I/we understand that verification of my income will be verified with the employer(s) listed above. I / we understand that this program provides assistance only to first time homebuyers and I / we state that I / we have not owned any property for the last three (3) years prior to this date. I/we agree to participate in the promotion of this program, and agree to be interviewed and accept pictures to be taken. I/we understand that if assistance is provided and a residence is not constructed or if I/we cease to occupy the property as my/our principal residence or if I/we sell the property, then the total assistance provided will be due plus any penalties and appreciation applicable will be payable to the HBCRA. I/we understand the terms of this program and sign acknowledging the following terms may apply to me: I/we must remain in the home for at least ten (10) years to avoid penalties. I/we will owe back to the HBCRA at time of sale, the Shared Appreciation amount, with any deductions that may apply. I/we acknowledge the HBCRA has first-right-of-buy-back at which time I/we decide to sell the property. ** I/we agree to provide a minimum of $2,000 (whichever is applicable) of closing costs at time of closing. IN WITNESS WHEREOF, we have set our hands and seal this, 20. WITNESSES: Print Name: Print Name: Applicant Co-Applicant STATE OF FLORIDA COUNTY OF BROWARD On, 20, before me, the undersigned authority, personally appeared and who are personally known to me or produced as identification, and executed this Application. Notary

8 HALLANDALE BEACH COMMUNITY REDEVELOPMENT AGENCY 400 S. Federal Highway, Hallandale Beach, FL REQUEST FOR VERIFICATION OF INCOME A. APPLICANT S NAME, ADDRESS & PHONE Name: Telephone: Cell: Address: B. EMPLOYER S NAME, ADDRESS & PHONE # Name: Telephone #: Address: NOTICE TO EMPLOYER The applicant identified in Section A. has applied for Hallandale Beach CRA s Neighborhood Improvement Program. The applicant has authorized the HBCRA in writing to obtain verification of employment income and is confidential. Please furnish the information requested below and return this form via fax to (954) EMPLOYER S VERIFICATION 1. Position Held: 2. Dates of employment: From To 3. Probability of Continued Employment Rate of Pay (Estimated, if not actual). Present Base Salary $ Weekly Monthly Bi-Weekly Other (List number of hours work per week) Additional Compensation Received $ Overtime $ Commission $ Bonus Anticipated earnings for next 12 months If applicant is Military, given income on a monthly basis as follows: $ Base Pay $ Flight or Hazard $ Duty Allowance $ Other Assistance Has employment been terminated? Yes No [if yes, is the individual eligible for unemployment benefits? (yes/no)] EMPLOYER S CERTIFICATION The above information is furnished in strict confidence in response to the HBCRA s request. Employer s Signature Date Employer s Title APPLICANT S AUTHORIZATION I hereby authorize the release of the above requested information. Signature of Applicant

9 HALLANDALE BEACH CRA REQUEST FOR VERIFICATION OF INCOME A. APPLICANT S NAME, ADDRESS & PHONE Name: Telephone: Cell: Address: B. EMPLOYER S NAME, ADDRESS & PHONE # Name: Telephone #: Address: NOTICE TO EMPLOYER The applicant identified in Section A. has applied for Hallandale Beach s First Time HomebuyersAffordable Housing Assistance Program. The applicant has authorized the HBCRA in writing to obtain verification of employment income and is confidential. Please furnish the information requested below and return this form via fax to (954) EMPLOYER S VERIFICATION 1. Position Held: 2. Dates of employment: From To 3. Probability of Continued Employment Rate of Pay (Estimated, if not actual) Present Base Salary $ Weekly Monthly Bi-Weekly Other Additional Compensation Received $ Overtime $ Commission $ Bonus If applicant is Military, given income on a monthly basis as follows: $ Base Pay $ Flight or Hazard $ Duty Allowance $ Other Assistance EMPLOYER S CERTIFICATION The above information is furnished in strict confidence in response to the HBCRA s request. Employer s Signature Date Employer s Title APPLICANT S AUTHORIZATION I hereby authorize the release of the above requested information. Signature of Applicant

10 HOMEBUYER S CLASSES Classes are free, but you must pre-register Classes available through: Agency Urban League of Broward Broward Housing Authority Haven Economic Develop. Housing Foundation of America, Inc FTHB Workshop. Homebuyer Funds Phone Number ext ext Schedule/ Links 2 nd Saturday of each month 2 nd Saturday of each month 4 th Saturday of each month