By Phil Ganz
Edited by Ryan Skerritt
Are you dreaming of owning your first home in Hallandale Beach? Your dream might be closer to reality than you think!
The City of Hallandale Beach Community Redevelopment Agency (HBCRA) offers a First Time Homebuyers Program that provides up to $50,000 in down payment and/or closing cost assistance to eligible buyers
If you don’t qualify for the Hallandale Beach Grant, don't worry. There are 25 first-time homebuyer grants and programs in the state of Florida that might fit your needs.
Check Your Eligibility for the $50,000 Hallandale Beach First Time-Homebuyers Program
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What is The Hallandale Beach First-Time Homebuyer Program?
The Hallandale Beach First-Time Homebuyer Grant helps people buy their first home.
It gives up to $50,000 to people who qualify to make buying a house easier.
This program is for folks who haven't owned a home before and need some help with the costs. It's a way for the city to help more people become homeowners. If you're thinking about buying your first home in Hallandale Beach, this program might be able to help you.
Here are the key features:
- Up to $50,000 in down payment and/or closing cost assistance
- 0% forgivable loan over a ten-year period
- Applicants must contribute a minimum of $2,000 towards the down payment
- Available for those earning up to 120% of Broward County's median income
Check Your Eligibility for the $50,000 Hallandale Beach First Time-Homebuyers Program
Program Benefits
The Hallandale Beach First-Time Homebuyer Program offers several advantages to eligible applicants:
- Up to $50,000 in financial assistance for down payment and/or closing costs
- 0% interest rate on the assistance provided
- Loan is forgivable over a ten-year period
- No monthly payments required on the assistance amount
- Available to those earning up to 120% of Broward County's median income
- Allows for additional funding from other sources
- Includes access to an 8-hour HUD-certified first-time homebuyer course
- Flexible use of funds for either down payment or closing costs, or both
- Minimum contribution required from the buyer is only $2,000
- Assists in making homeownership more achievable for first-time buyers
Check Your Eligibility for the $50,000 Hallandale Beach First Time-Homebuyers Program
Eligibility Requirements
To qualify for this program, applicants must:
- Be first-time homebuyers (never owned a home or haven't owned one in the last three years)
- Meet income requirements based on Broward County median income guidelines
- Be employed or retired
- Have a minimum credit score of 640
- Obtain a first mortgage from a financial institution
- Complete an 8-hour HUD-certified first-time homebuyer course
- Be a U.S. citizen or permanent legal resident
- Have resided in Florida for at least 12 months
Check Your Eligibility for the $50,000 Hallandale Beach First Time-Homebuyers Program
Hallandale Beach First-Time Homebuyer Grant Income Limits
Understanding income limits is crucial when applying for the Hallandale Beach First-Time Homebuyer Grant. These limits, based on Broward County's Area Median Income (AMI) for 2024, determine your eligibility for the program.
The table below shows the maximum income allowed at 120% AMI, which is the upper limit for this grant. If your 2024 household income falls at or below these limits, you may qualify for assistance.
| Household Size | 120% AMI Income Limit |
|---|---|
| 1 Person | $88,725 |
| 2 Person | $101,325 |
| 3 Person | $114,075 |
| 4 Person | $126,675 |
| 5 Person | $136,800 |
| 6 Person | $147,000 |
| 7 Person | $157,125 |
| 8 Person | $167,250 |
Check Your Eligibility for the $50,000 Hallandale Beach First Time-Homebuyers Program
Frequently Asked Questions
Here are answers to some common questions about the Hallandale Beach First Time Homebuyers Program.
These FAQs will help you better understand the program's details and requirements.
What is considered a "first-time homebuyer" for this program?
A first-time homebuyer is someone who has never owned a home or has not owned a home in the last three years. This definition allows previous homeowners who have been renting for at least three years to qualify.
How much assistance can I receive through this program?
Eligible applicants can receive up to $50,000 in assistance for down payment and/or closing costs. The exact amount depends on your income and other factors determined by the HBCRA.
Do I have to repay the assistance?
The assistance is provided as a 0% interest, forgivable loan. If you live in the home for ten years, the loan is fully forgiven and does not need to be repaid.
What are the income limits for the program?
Income limits are based on 120% of the Area Median Income (AMI) for Broward County and vary by household size. For example, in 2024, a family of four could earn up to $126,675 and still qualify. Check the current income limit table for your household size.
Can I use this program to buy a home anywhere in Hallandale Beach?
The program is specifically for homes within the Community Redevelopment Agency (CRA) district of Hallandale Beach. The HBCRA can provide you with a map of eligible areas.
Is there a minimum credit score requirement?
Yes, applicants must have a minimum credit score of 640 to qualify for the program. This requirement helps ensure that recipients are in a good position to maintain their mortgage payments.
Do I need to complete a homebuyer education course?
Yes, all applicants must complete an 8-hour HUD-certified first-time homebuyer course. This course provides valuable information about the home buying process and homeownership responsibilities.
Can I use additional funding sources along with this program?
Yes, applicants are encouraged to seek additional funding from other sources. However, the City's mortgage must remain in second place behind your primary mortgage.
How long does the application process take?
The application process timeline can vary depending on individual circumstances and the completeness of your application. Generally, it can take several weeks to a few months from initial application to approval.
What if I sell my home before the ten-year forgiveness period is up?
If you sell your home before the ten-year period is complete, you may be required to repay a portion of the assistance. The amount due would be prorated based on how long you lived in the home.
Check Your Eligibility for the $50,000 Hallandale Beach First Time-Homebuyers Program
Ready To Get Started? Apply Online Today
To apply for the Hallandale Beach First Time Homebuyers Program, follow these steps:
- Start by checking your eligibility online with MakeFloridaYourHome. This quick pre-screening can help you determine if you meet the basic requirements before proceeding with the full application.
- Complete the official application form.
- Submit your application and all supporting documents.
- Wait for approval and further instructions from the HBCRA.
Check Your Eligibility for the $50,000 Hallandale Beach First Time-Homebuyers Program
With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.
About Author - Phil Ganz
Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.
About Editor - Ryan Skerritt
Ryan Skerritt has over 10+ years of experience in the residential financing space. With over two hundred and fifty million of funded loan volume, Ryan has the skill set to help any homebuyer configure the perfect mortgage plan.
