First Time Home Buyer Program City of Davie

By
Real Estate Agent with London Realty Corp.

If you live in the city of Davie and think you may qualify for this program contact me for more information!

The Town is a recipient of the State Housing Initiatives Partnership (SHIP) Grant Program, and works closely with the Broward County Office of Housing Finance (OHF) and the Office of Community Development, to provide the highest quality of housing services. Broward County administers an "Affordable Housing Trust Fund" on behalf of a "Housing Partnership" that includes the cities of Coral Springs and the Town of Davie. Although Davie falls under the County's Local Housing Assistance Plan (LHAP), the Town determines how its share of the SHIP funds are allocated and administered. All housing assistance programs are based on an income-eligibility criteria, based on family size as follows:

           Income Limits Adjusted to Family Size
                2007 Median Income - $58,400
HH Very Low -50% Low-80% Moderate-120%
1 $21,500 $34,350 $51,500
2 $24,550 $39,300 $58,920
3 $27,650 $44,200 $66,360
4 $30,700 $49,100 $73,680
5 $33,150 $53,050 $79,560
6 $35,600 $56,950 $85,440
7 $38,050 $60,900 $91,320
8 $40,500 $64,800 $97,200



The housing assistance funds are secured against the home by a deed restriction.  Every year that the homeowner remains in the home (i.e., does not sell or rent it) the balance of the funds are amortized (reduced) by twenty percent (20%). After five (5) years, the loan is forgiven, and becomes a grant.  During this time, the home must be maintained in good condition.
Purchase Assistance (First-Time Homebuyer) Program - This program is designed to give Davie renters or mobilehome owners an opportunity to purchase a home in Davie. Homeowners may qualify for up to $60,000 down- payment and closing cost assistance, to purchase a home, condominium, townhouse, or villa (by fee-simple title only).The Town does not, however, provide the mortgage financing, but partners with the County and it's Consortium of Lenders.

 

 

 

 

Thanks to the City of Davie's website!

 

 

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