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By Mike Benton
Here is some exciting news for those of you interested in living in the Fort Lauderdale area. Sunrise is a suburban area lying just west of Fort Lauderdale near Nova Southeastern University (NSU) and Broward Community College (BCC). This area is where the infamous shopping outlet mall, Sawgrass Mills is located. The City of Sunrise has announced a New Homebuyer Incentive Program to attract new residents to Sunrise.
The City of Sunrise will reimburse homebuyers up to $2000 for select improvements to a newly purchased single family foreclosure or short sale home in Sunrise, FL. This innovative New Homebuyer Incentive Program is an effort to attract new residents to Sunrise and benefit existing residents by helping to improve the appearance and property values in the surrounding neighborhoods. To search for available properties in Sunrise, FL, click the link below or read more for further details regarding this new home buyer incentive in Sunrise, FL.
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If you happen to find a home for sale in Sunrise that is also approved or Fannie Mac HomePath Mortgage and Renovation financing, you could put as little as 3% down on a home or condo for sale there and be reimbursed for much of that cost with this new Homebuyer Incentive Program. Now thats food for thought! This initiative should spark home sales in that area and improve the homes and condos conditions there over the next several years. This is one of the many newer incentives that we have seen happen for home buyers and investors in 2012.
Note that this new initiative is geared toward home buyers who plan to live there as their primary residence only. This is not an initiative that will benefit investors, which makes sense since distressed home sales make up the bulk of the real estate sales in Fort Lauderdale now anyway.
Here is the remainder of the memo sent out to Fort Lauderdale realtors this afternoon:
The New Homebuyer Incentive Program is administered by the Redevelopment & Grants Division of the City of Sunrise Community Development Department. In order to claim a rebate, homebuyers should:
Get prequalified for a conventional, fixed-rate mortgage or FHA mortgage
Work with their Realtor to find a single-family foreclosure or short sale in Sunrise
Get prequalified for the Citys New Homebuyer Incentive Program grant
Purchase the foreclosure or short sale for use as their primary residence
Make one or more eligible improvements (including landscaping improvements, exterior house painting, roof replacement, or installation of energy-efficient appliances)
Submit their supporting documentation to the City of Sunrise
The Greater Fort Lauderdale Realtors is working very closely with the City of Sunrise to promote this program in effort to spark home sales in the Sunrise area.
For those of you interested in this incentive, here is some further information regarding eligibility, requirements, and the application process.
ELIGIBILITY:
In order to be eligible for an incentive award under this Program, Owner/Buyer must meet the following requirements:
Type of Property
Only single-family homes, townhomes, or villas, used for residential purposes as a primary residence that are purchased as a foreclosed property or short sale are eligible for participation in the Program. Condominiums and Rental properties, including apartments, and dwelling units not occupied for primary residential use by the property owner, are not eligible.
Ownership
The Owner/Buyer must reside in the single-family homes, townhomes, or villas, as their primary residence. The source for verification of ownership is the Broward County Property Appraiser (BCPA) records, Warranty Deed, HUD-1 Settlement Statement showing buyer and seller, along with completed Primary Resident Certification.
In the event that an otherwise qualified person believes they should be determined an owner for purposes of program eligibility, they may submit documentation for eligibility consideration.
Occupancy
The home must be occupied as a primary residence within six months of purchase and the applicant must complete the Primary Resident Certification form at time of application.
The certification requires the Applicant to occupy the home as their primary residence and obtain a Homestead Exemption from the Broward County Property Appraiser within twelve months from the purchase of the home.
INCENTIVE AWARD:
The incentive is a maximum reimbursement of $2,000 for any one or combination of the items purchased below. The incentive award also includes certificates for six free rounds of golf at the Seven Bridges of Sunrise Golf Course.
BUILDING SYSTEM IMPROVEMENTS ELIGIBLE
1.
Landscaping improvements including new irrigation system 2. Roof replacement 3. GFI outlets, smoke detectors, electrical upgrade to 150 amps 4. Hurricane Mitigation to include storm shutters, impact resistant windows and doors. 5. Air-conditioning (gas or electric), 16 SEER
6.
Hot water heater (gas or electric) 7. Energy Efficient Appliances include: stove, washing machine, dryer, garbage disposal,
and dishwasher 8.
Exterior House painting
Items 1 through 6 require an approved Building Permit and/or Engineering Permit from the Community Development Department. The owner is responsible for obtaining all applicable permits either through the contractor or as an owner. All materials and supplies purchased through the Program shall be new or replacements. Repairs are not eligible for Program reimbursement.
All Building or Code violations are to be corrected by the owner and may result in additional costs borne by the owner but not eligible for reimbursement. Where alterations to patios or garages have been completed in the absence of the required City of Sunrise Building Permit(s), the owner must obtain all applicable permits and perform necessary work at owners expense prior to determination of eligibility.
REQUIREMENTS:
Applicants will be required to provide any documentation the City may request to determine that all eligibility criteria for assistance are met. Failure to provide any requested information may result in a delay or determination of ineligibility.
For further information or to apply for the new homebuyer incentive, visithttp://www.sunrisefl.gov/index.aspx?page=558
About the Author: Mike Benton is a Fort Lauderdale realtor with over a decade of experience in real estate development and sales. Whether you want to learn more about the best
Fort Lauderdale real estate
orfindthe best
Fort Lauderdale homes for sale
,
FortLauderdaleForeclosures.org
is your one stop shop for the best real estate deals.
Source:
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