Florida homebuyer aid offers up to $100,000, with forgiveness after a decade in the home

First-time buyers in Hallandale Beach, Florida, may qualify for as much as $100,000 in homebuying assistance, with no repayment required if they remain in the property as their main home for 10 years.

What to know

Hallandale Beach's redevelopment agency is taking applications for its homebuyer assistance program, according to CubaHeadlines.

The program is limited to homes within the city's redevelopment district in Broward County.

The median income figure used for the program is $102,500, as set by the Department of Housing and Urban Development.

Eligible applicants are those earning between 50% and 120% of Broward County's median income.

Condominiums, newly constructed homes, townhouses, and existing single-family houses in the district can all qualify.

Assistance may be used for a down payment, closing costs and gap financing. Funding is limited, though, so the application window could close early if the money is exhausted.

Otherwise, buyers have until June 30, 2027, to submit an application.

More details

The $100,000 benefit is structured as a 0% interest loan rather than an unconditional grant.

If the home is sold or transferred within the first 10 years, the full amount must be repaid.

Forgiveness applies only if the owner lives in the house as a primary residence throughout that period.

If a homeowner decides to sell, the agency may purchase the property at its appraised value. That right of first refusal gives the agency 30 business days to act.

Up to $25,000 of a condominium buyer's total assistance can be issued as a direct grant instead of being wrapped into a second mortgage.

The agency can make that adjustment if a lender requires mandatory capital contributions.

How to apply

The program office at 400 South Federal Highway does not accept walk-ins.

Applicants need an appointment, and submissions are handled on a first-come, first-served basis.

Required documents include a credit report dated within the past 90 days.

Buyers must also provide three months of bank statements, six months of pay stubs, copies of identification, and two years of tax returns with W-2s.

Teachers, nurses and first responders can receive an additional $5,000 incentive.

A separate workforce-housing category offers up to $10,000 for buyers earning 120% to 140% of the county median, with forgiveness over five years.

According to CubaHeadlines, applicants should be aware that the Spanish-language link on the agency's website points to a form for an earlier program year rather than the current application.

More background

The Hallandale Beach program can help with upfront costs, but buyers still need to plan for the ongoing expense of homeownership. Related stories look at resale losses, homeowners association fees and mortgage affordability.

• Florida homebuyers from an earlier year are now selling at a loss, with St. Johns County leading the way.

• Florida has seven of the 10 metro areas where HOA fees take the biggest bite relative to mortgages.

• A first-time buyer approved for $440,000 faces a $3,600 monthly mortgage that would take up half their pay.