PURCHASE ASSISTANCE PROGRAM COMMUNITY DEVELOPMENT DEPARTMENT CITY OF NORTH LAUDERDALE 701 SW 71 AVENUE NORTH LAUDERDALE, FLORIDA 33068 If you have not owned a home in the past three years and are interested in becoming a homeowner, the City of North Lauderdale may have funds available for down payment, and closing costs to income eligible homebuyers. This assistance will help you to purchase an eligible property focusing on vacant, abandoned, and/or foreclosed properties located anywhere in the City of North Lauderdale. Low-income eligible applicants will be awarded a maximum of $15,000 each in grant funds for lender required down payment and closing cost assistance. Assistance will be in the form of an interest free loan requiring no repayment if program requirements are met. To be eligible, you must be under the income eligibility limits below and able to verify income and assets. The property must be owner-occupied as the primary residence for five years after closing on the home is required. Applicant is responsible for contributing 1%, or $1000, whichever is greater, towards the down payment amount required by the lender, and must already be qualified for a thirty (30) year fixed rate first mortgage with an escrow account. If a default occurs, you sell or rent your home, you will be subject to repayment as this constitutes the instance that the five-year requirement is not met. Eligibility: Your household income may NOT exceed the income limits below. Household-Size Income Eligibility 1 2 3 4 5 6 7 8 $38,150 $43,600 $49,050 $54,500 $58,900 $63,250 $67,600 $71,950 Established by Federal Guidelines Subject to Change. Application process: You must fully complete the application and provide copies of the required documentation as described in this application in order to be considered for any assistance. Applicants must also complete an eight-hour HUD approved first-time homebuyer certification class. As soon as your application is returned with all copies of the required documentation, it will be reviewed for eligibility. Please call (954) 724-7065 if you need assistance or for information about the application.
APPLICATION SUPPORTING DOCUMENTATION LIST Dear Applicant, Thank you for showing interest in the Purchase Assistance Program. In addition to filling out the Borrower Application, COPIES of the following information are required: Income category: This information is needed to document your income. 1. Most recent Tax Return with corresponding W-2 Forms from each employer for each working individual and/or adult in the home. 2. IRS Tax Transcript (Call 1-800-829-1040 to obtain). 3. The last three consecutive pay-stubs for each working individual in the home. 4. Six months of consecutive bank statements for all accounts for all individuals that have accounts. 5. Award or benefit letter prepared and signed (i.e., Social Security, Disability, pension, etc.) 6. Employment Verification completed by the employer for each working individual in the home. (see last page of application) 7. Alternative Income Affidavit (see page eight) 8. Financial Records Release (see page nine) 9. Divorce, Alimony, Child Support Documents 10. Statement of household size (number of people in household). 11. Loan Pre-approval from Lender 12. First-time Homebuyers Class Certificate Members of your household: This information is needed to verify your household size and number of dependents so that we can correctly determine your ability to qualify for the program. COPIES of the following that apply: 13. Driver s License (any state) or State ID card (any state) and copy of social security card, from all members of your household that are of age to have these documents. 14. Birth certificates for all children whether adult or minor that you intend to claim as a member of your household. 15. If you have an elderly member of your household that you will be claiming as a dependant we will need proof of age and retirement status. This can be done through a State ID, Driver s License, Passport, Birth Certificate, Social Security Payment (if applicable) and Social Security card. 16. Passports and/or Alien Registration cards will also be needed if this is applicable to your household for each member. 17. Marital status MUST be verified. If you are married a copy of your marriage certificate from the Church of State will suffice. If you are divorced we MUST have a COMPLETE copy of your divorce decree. If you are separated we must have a copy of the court order. If you are in the process of seeking a divorce we need a statement on letterhead and signed from your attorney. If you are unable to prove your marital status you must either have your spouse apply as a co-applicant or provide a statement from the State of Florida, Department of Revenue, Division of Child Support Enforcement that you are seeking support from an absentee parent. Page 2 of 10
CITY OF NORTH LAUDERDALE 701 SW 71 st Avenue North Lauderdale, Florida 33068 Purchase Assistance Program APPLICATION FOR ASSISTANCE DATE: *Information contained herein shall be kept confidential and shall be used only for the purpose of determining eligibility in the Purchase Assistance Program. All information supplied will be verified at a later date through supporting documentation, including income tax returns and bank statements. PLEASE PRINT CLEARLY. IMPORTANT: IF YOU HAVE OWNED RESIDENTIAL PROPERTY OR COMMERCIAL PROPERTY WITHIN THE LAST THREE (3) YEARS, YOU ARE NOT ELIGIBLE FOR THIS PROGRAM. THE APPLICANT IS THE PERSON WHO WILL OWN THE HOUSE AND IS RESPONSIBLE FOR THE MORTGAGE PAYMENT. IF YOU INTEND TO OWN THE HOUSE WITH SOMEONE ELSE, CO- APPLICANT INFORMATION MUST BE PROVIDED. PERSONAL INFORMATION APPLICANT CO-APPLICANT NAME: NAME: DATE OF BIRTH: DATE OF BIRTH: SOCIAL SECURITY NUMBER: SOCIAL SECURITY NUMBER: ADDRESS: ADDRESS: PHONE (HOME): PHONE (HOME): PHONE (CELL): PHONE (CELL): PHONE (WORK): PHONE (WORK): How long at present address: How long at present address Landlord Name: Landlord Name: Landlord Address: Landlord Address: Landlord Phone: Landlord Phone: Monthly Rent: Monthly Rent: Utilities Included: Yes No Utilities Included: Yes No Previous Address: Previous Address: How long at previous Address: How long at previous Address: Page 3 of 10
APPLICANT CO-APPLICANT MARITAL STATUS: MARITAL STATUS: Married Single Divorced Married Single Divorced Widower Separated Widower Separated Relationship to Co Applicant Relationship to Co Applicant Race Race US Citizen? Yes No US Citizen? Yes No If no, Alien Registration # If no, Alien Registration # LIST DEPENDENTS OR MEMBERS OF HOUSEHOLD WHO WILL RESIDE IN PROPERTY WITH YOU AND CO-APPLICANT: Full Name Relationship Age S.S.# Occupation 1. 2. 3. 4. 5. 6. FINANCIAL INFORMATION Note: Be sure to include ALL SOURCES OF INCOME RECEIVED within the last 24 months. APPLICANT EMPLOYER NAME: EMPLOYER ADDRESS: CO-APPLICANT EMPLOYER NAME: EMPLOYER ADDRESS: POSITION HELD: LENGTH OF EMPLOYMENT: GROSS MONTHLY SALARY: POSITION HELD: LENGTH OF EMPLOYMENT: GROSS MONTHLY SALARY: PREVIOUS EMPLOYER S NAME & ADDRESS: PREVIOUS EMPLOYER S NAME & ADDRESS: POSITION HELD: LENGTH OF EMPLOYMENT: GROSS MONTHLY SALARY: POSITION HELD: LENGTH OF EMPLOYMENT: GROSS MONTHLY SALARY: Page 4 of 10
LIST ANY OTHER HOUSEHOLD INCOME (If any, include Child Support, Alimony, Interest, Dividends) NAME EMPLOYER/SOURCE GROSS MONTHLY INCOME 1. 2. 3. 4. OTHER INCOME NOT SHOWN ABOVE (social security, child support, alimony, etc.) WHAT IS YOUR HOUSEHOLD S TOTAL GROSS MONTHLY INCOME: (Attach copy of latest Income Tax Returns.) TOTAL ANNUAL INCOME $ $ ASSETS Checking or Savings Accounts Bank Name Account No. Type Balance OUTSTANDING LOANS OR OTHER DEBTS (Including all charge cards): Lender/Creditor Account No. Monthly Pmt Balance LIST ANY ADDITIONAL NAMES UNDER WHICH CREDIT HAS PREVIOUSLY BEEN RECEIVED: APPLICANT: CO-APPLICANT: Page 5 of 10
THESE QUESTIONS APPLY TO BOTH APPLICANT AND CO-APPLICANT. IF YOU ANSWER YES TO ANY OF THESE QUESTIONS, PLEASE EXPLAIN IN SPACE PROVIDED. APPLICANT YES NO CO-APPLICANT YES NO Are there any outstanding judgments against you? Have you declared bankruptcy within the past seven years? Been party to a lawsuit? Are you obligated to pay alimony, child support, or separate maintenance? Are you a co-maker or endorser on a note? Are there any outstanding judgments against you? Have you declared bankruptcy within the past seven years? Been party to a lawsuit? Are you obligated to pay alimony, child support, or separate maintenance? Are you a co-maker or endorser on a note? EXPLANATION: Page 6 of 10
AGREEMENT AFFIDAVIT AND RELEASE The undersigned applies to participate in the Purchase Assistance Program indicated in this application, which requires a loan to be secured as a second mortgage on the property received through this program. The undersigned further understands that he/she must own and live in the unit for a least a period of 5 years and the City of North Lauderdale is not responsible for any damage, and I the undersigned release and hold harmless the City from any and all liabilities to myself and personal property. The undersigned further understands that all statements made in this application are true and made for the purposes of participating in this Purchase Assistance Program. The undersigned warrants that all income from every person in the household is accurately listed on this application. Verifications may be obtained from any source named in the application. The undersigned fully understands that it is a federal crime punishable by fine or imprisonment or both, to knowingly make any false statements concerning any of the above facts, as applicable under the provisions of Title 18, U.S. Code, Sections 1001 and 1014. _ Applicant Signature Date _ Co-Applicant Signature Date ----------------------------------------------------------- AUTHORIZATION FORM REQUIRED BY FEDERAL PRIVACY ACT IMPORTANT APPLICANT(S) READ BEFORE SIGNING: Under the Privacy Act of 1974, it will be necessary for the Program/Lender to supply the appropriate agencies you listed on your application with written approval from you to allow them to release information from your files to verify the information you provided on your application. Please sign the appropriate space below to authorize these verifications if required. This authorizes the Program/Lender to have free access to my information and records relative to my employment, sources of other income, creditors and mortgage verifications as may be required to process my Purchase Assistance Application. SIGNATURE OF APPLICANT SOCIAL SECURITY # DATE SIGNATURE OF CO-APPLICANT SOCIAL SECURITY # DATE Page 7 of 10
CITY OF NORTH LAUDERDALE COMMUNITY DEVELOPMENT DEPARTMENT NOTE: This form must be filled out, witnessed and notarized in its entirety to be valid. ***WARNING**** Section 817.03, Florida Statutes, provides that willful false statements or misrepresentations concerning income and assets or liabilities relating to financial condition is a misdemeanor of the first degree and are punishable by fines and imprisonment as provided pursuant to Sections 775.082 and 775.083, Florida Statutes. AFFIDAVIT OF ALTERNATIVE INCOME SOURCES I do solemnly swear that I do or do not receive ANY form of alternative income at the present time nor in the past 12 months other than which is reported on my application and this form. I understand that the term alternative income applies to ANY form of funds that I may have received whether taxable or non-taxable. My alternative income sources are as follows: 1. Source Amount 2. Source Amount 3. Source Amount 4. Source Amount 5. Source Amount I do not receive, nor have received, in the past 12 months, ANY source of alternative income. Applicant Name Printed Applicant Address Printed Applicant Telephone Number: Home Work Applicant Signature Signed and sworn to before me this day of,. Notary Date Page 8 of 10
APPLICANT AUTHORIZATION TO RELEASE INFORMATION ***IMPORTANT, READ BEFORE SIGNING*** FINANCIAL RECORDS RELEASE NOTE: This form must be filled out, witnessed and notarized in its entirety to be valid. ***WARNING*** Florida Statute 817 provides that willful false statements or misrepresentations concerning income and assets or liabilities relating to financial condition is a misdemeanor of the first degree and are punishable by fines and imprisonment as provided pursuant to Sections 775.082 and 775.83, Florida Statutes. I/We hereby grant permission and authorize any: bank, employer, insurance agency, lender, creditor and Governmental Agency to release information that is requested by the City of North Lauderdale or its authorized representative. I/We understand this information shall only be used to determine my financial status to qualify for a City of North Lauderdale sponsored program. I/We understand this information is required to process the Purchase Assistance Program application. Refusal to provide this form in a properly completed manner will be grounds for disqualification. I/We understand that incorrect or misleading statements of material fact shall be grounds for disqualification. I/We understand this form is only to be used for determining my status and in no way assures qualification. I/We agree to provide all requested information. I/We certify that I/We have read the terms and conditions of this release. I/We fully understand and grant permission as requested. I/We understand this form will only be valid for 6 (six) months after the date of signing. Applicant Name Printed Applicant Address Printed Applicant Telephone Number: Home Work Applicant Signature Signed and acknowledged before me this day of,. Notary Date Page 9 of 10
CITY OF NORTH LAUDERDALE COMMUNITY DEVELOPMENT DEPARTMENT NOTE: This form must be completed in its entirety to be valid. ***WARNING**** Section 817.03, Florida Statutes, provides that willful false statements or misrepresentations concerning income and assets or liabilities relating to financial condition is a misdemeanor of the first degree and are punishable by fines and imprisonment as provided pursuant to Sections 775.082 and 775.083, Florida Statutes. Date Address Dear Employer, We are currently verifying information regarding the below named individual. Please advise us as to this individual s employment status and pay rate as requested below. Thank you for your assistance regarding this matter. Applicant Name: Applicant Position: Social Security Number: Rate of Pay: Frequency of Pay: Hours worked per week: Dates of employment: Income for last year: Year to date income: Overtime income: Person completing form: Title of person completing form: Company name: Telephone number: Fax number: Company Address: Signature of representative: Thank you in advance for your cooperation in this matter. Should you have any questions, please call my office at (954) 724-7065. This form can be faxed to (954) 720-2064, Attention Community Development or mailed to the address below or returned with the employee. City of North Lauderdale Community Development Department 701 SW 71 st Avenue North Lauderdale, FL 33068-2395 Page 10 of 10