| If 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 |
