Today Sept 12 2016 the city of Miramar has made available approximately $900,000 in housing rehabilitation funds for SHIP and CDBG and $280,000 in purchase assistance for SHIP. If you fit the income limits go to this website to download an application: CRAFLA Miramar homepage Note that this is for down payment assistance, home repair applications need to be picked up in person and is limited to the first 100 people.
Minimum Contribution from Borrower’s Own Funds: 1% (one percent)
First Mortgage Maximum LTV (Loan to Value): 99% (ninety-nine percent)
Maximum Combined LTV (Loan to Value): 105% (one hundred five percent)
Second Mortgage Purpose: Closing costs plus down payment
Maximum Amount of Assistance: Very Low: 50% AMI or Lower - Up to $50,000 Low Income: 51% AMI to 80% AMI – Up to $40,000 Moderate Income: 81% AMI to 120% AMI - Up to $30,000
Second Mortgage Interest Rate: 0%
Second Mortgage Repayment Terms: Ten-year, 0% interest, deferred payment loan secured by a mortgage and note. The loan is forgivable in its entirety at the end of ten (10) years from the date of the closing, provided the title remains under the ownership of the original purchaser. There will be no yearly write-down of the loan. Full repayment of the loan is due if the home is sold, title is transferred or conveyed, or the home ceases to be the primary residence of the applicant during the ten (10) year occupancy period of the property. Applicants will be allowed to refinance subject to the terms and conditions of the City’s Subordination Policy, which does not permit cash out to the homeowner. If an applicant receives assistance towards the purchase of his/her home from both the City of Miramar and Broward County, a percentage of the total amount of the property’s appreciation will be recaptured by Broward County as stipulated in the County’s LHAP.
Borrower Income Limitations: Up to 120% of the area median income (AMI) based on family size.
Funding availability for income categories is subject to program requirements.
Property Eligibility: Single-family detached, condominium and townhouse units, and villas, including units in Planned Unit Developments, located in the City of Miramar.
NOTE: Pre-Construction single-family detached, condominium, and town house units, including units in Planned Unit Developments, are not covered as part of the First Time Homebuyer Purchase Assistance Program. Purchase Price for homes may not exceed $325,301 (or current 90% cap of the median area purchase price in the MSA, as established by the U.S. Treasury Department).
