f
you are interested in owning your own home, the City of North Lauderdale has funds
available for down payment, and closing costs to low-income eligible home buyers.
This assistance will help you to purchase a unit located anywhere in the City
of North Lauderdale, if you have not owned a home within the last three years. The
City of North Lauderdale has been approved to receive approximately $1.9 million
from the Department of Housing and Urban Development (HUD) through the Community
Development Block Grant (CDBG), Neighborhood Stabilization Program (NSP) to facilitate
the purchase and rehabilitation of vacant foreclosed and abandoned properties
that might otherwise become sources of blight within the community. Down
payment and closing cost assistance is in the form of a no-interest deferred
loan. Since this is a deferred loan program, owner occupancy for up to
fifteen years after closing on the home will be required. Applicant is responsible
for contributing 1%, or $1,000, 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. NSP Maximum Income
Eligibility Limits: Based on family size, your household income may not exceed
the income limits below.
Household-Size Income Eligibility
| Household
Size | 0-30%
AMI
Very Low Income
| 31-50%
AMI
Low Income
| 51-80%
AMI
Moderate Income
| 81-120%
AMI
Middle Income
|
| 1 | $16,050 |
$26,800 | $42,850 |
$64,250 |
| 2 | $18,350 |
$30,600 | $48,950 |
$73,450 |
| 3 | $20,650 |
$34,450 | $55,100 |
$82,600 |
| 4 | $22,950 |
$38,250 | $61,200 |
$91,800 |
| 5 | $24,800 |
$41,300 | $66,100 |
$99,150 |
| 6 | $26,600 |
$44,350 | $71,000 |
$106,500 |
| 7 | $28,450 |
$47,450 | $75,900 |
$113,850 |
| 8 | $30,300 |
$50,500 | $80,800 |
$121,200 | Effective
March 19, 2009 – Established by Federal Guidelines – Subject to Change Please
call (954) 724-7065 for information about the application. As soon as your application
is returned with all COPIES of the required documentation, it
will be reviewed for eligibility. You must be pre-qualified for
a first mortgage prior to submitting your application for this program. Click
Here For Pre-Qualification Information |
