Broward County Offers Financial Support for Prospective Homebuyers
Broward County is keenly aware of the challenges faced by many individuals who are capable of managing monthly mortgage payments but struggle to accumulate the necessary down payment for a home. To address this, Broward County has developed the Homebuyer Purchase Assistance Program, which, when combined with the First Time Home Buyer Program, provides substantial down payment assistance to potential homebuyers.
Comprehensive Financial Assistance for Homebuyers
The Homebuyer Purchase Assistance Program offers income-eligible residents of Broward County down payment assistance in the form of a deferred payment loan. This loan is allocated on a first-come, first-served basis, ensuring fair access to the program. It is designed to work in tandem with Broward County’s First Time Home Buyer Program, which offers a below-market, fixed-rate mortgage option.
Eligibility Criteria for Applicants
To qualify for assistance through the Homebuyer Purchase Assistance Program, applicants must meet specific criteria:
- They must be first-time homebuyers, defined as individuals who have not owned a home in the past three years.
- The annual household income must be below 80 percent of the area median income for Broward County.
- Attendance and completion of a HUD Counseling seminar are mandatory before submitting an application.
- Applicants are required to contribute 1 percent of the down payment from their own funds.
- A transaction fee of $750 is payable to the Housing Finance Authority of Broward County.
Property Eligibility and Inspection Requirements
Properties purchased with assistance from this program must be the borrower’s primary residence. A comprehensive home inspection is required to ensure the property meets all necessary standards. Eligible properties include new or existing single-family residences, condominiums, villas, and townhomes within Broward County. However, mobile homes and cooperatives are not eligible under this program.
Seller-Funded Down Payment Programs and Agency Assistance
It’s important to note that while seller-funded down payment programs were phased out in the Housing and Economic Recovery Act of 2008, state and local government agencies, like Broward County, are still authorized to assist borrowers. They do so through second mortgages and grants, with specific requirements related to property location, purchase price, and income limits.
The Homebuyer Purchase Assistance Program by Broward County represents a significant effort to make homeownership more accessible and affordable, offering a blend of financial assistance and educational resources to empower individuals and families in their pursuit of owning a home.
