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City of Miramar Blog

Posted on: January 5, 2022

HOMEOWERSHIP BASICS

Is 2022 the best time to buy a home?  The good thing is there are no “acceptable” or “unacceptable” answers to this question.  The most important question to ask yourself and answer is, are you ready personally or financially to buy a house?  There are a few questions you need to ask yourself as you contemplate the one of biggest financial decisions of your life.  1). How much do I want to spend on this home?  2). Which neighborhood would I like to live in?  3). What’s important to you as a buyer? Here a few more questions to consider before you make that huge commitment:  

  • What price house can I afford?
  • Am I going to finance or pay cash?
  • How much do I have saved for a down payment (FHA or Conventional)?
  • Can I afford my desired neighborhood?
  • Are home values increasing or decreasing in the neighborhood?
  • How long will my commute take from work or my extended family (that could be important)? 
  • What kind of schools are in the neighborhood? 
  • Are there surrounding amenities and activities to entertain my family, within walking distance?

Once you have the answers to these questions nailed down, you can start your home search. 

Before your make the decision to buy, here are a few things to pay attention to as you move along the road to homeownership.  

  1. Check your credit score
  2. Know your buying power
  3. Save for a down payment 
  4. Get pre-approved and choose a lender
  5. Hire a trustworthy agent
  6. Find the perfect home (Consider the neighborhood)
  7. Make the best purchase offer
  8. Hire a Real Estate Attorney
  9. Make sure to do a home inspection
  10. Prepare for closing
  11. Close on your new home

 

Miramar Homebuyer/Purchase Assistance Program:

The City of Miramar, Florida offers a “Purchase Assistance” program.   This program provides down payment and closing cost assistance to very low- and low-income first-time homebuyers.    A first-time homebuyer, according to the U.S. Department of Housing and Urban Development (HUD), is someone who meets any of the following conditions: 

-An individual who has not owned a principal residence for three years

-If you’ve owned a home, but your spouse has not, then you can purchase a place together as first-time homebuyers. 

The amount of assistance varies with income level (see table below), and is available on a first-come, first-qualified basis until no more funding remains under the program.   The maximum home value for purchase of new and existing units is established by the U.S. Treasury Department.   Currently for the Miramar areas is $331,888 ( amount subject to change in April) and meet purchaser must meet the income limits to qualify for the program.  

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