City of Pompano Beach Purchase Assistance

City of Pompano Beach Purchase Assistance is a forgivable loan for homebuyers in Pompano Beach, Florida. City of Pompano Beach provides $40,000-$55,000 in deferred 0% interest assistance (income-tiered) for eligible homebuyers. Converts to grant if primary residency conditions are met over 20-year term. Funding comes from Federal.

City of Pompano Beach Purchase Assistance is forgiven after 20 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, Refinance, and No longer primary within forgiveness period. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Pompano Beach Purchase Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required.

City of Pompano Beach Purchase Assistance limits household income to 120% of the area median income, which varies by county and household size. Income up to 120% AMI. Higher amounts for lower income tiers. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Pompano Beach Purchase Assistance can be used for Single Family, Condo, and Townhouse.

City of Pompano Beach Purchase Assistance serves homebuyers purchasing in Pompano Beach, Florida.

Applications for City of Pompano Beach Purchase Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.