The Housing Finance and Community Redevelopment Division Home Buyer Programs are for first time home buyers. Assistance is in the form of a second mortgage up to $40,000, 0% interest, 15 year term. Funds are available on a first come, first qualified, first served basis.
Thanks to a special loan partnership between the Housing Finance Authority of Broward County and local home mortgage lenders, first time home buyers purchasing in Broward County now have a chance to own a home of their own at below-market mortgage rates. If you are a first time home buyer looking for a manageable mortgage, the First Time Home Buyer Program may make it possible for you to buy the home you want.
- Take a Homebuyer Education class from a U.S. Department of Housing and Urban Development (HUD) approved counseling agency by visiting http://www.hud.gov or call 202-708-1112 (TTY 202-708-1455) if you do not have computer access.
- Below market fixed mortgage interest rate
- Private Mortgage Insurance (PMI) is not required
- Down payment is 3% of real estate contract sales price. One percent (1%) of the down payment funds must come from your own savings and cannot be borrowed or received as a gift.
- A comprehensive Home Inspection report is required.
- Borrower pays a $750 transaction fee to the Housing Finance Authority of Broward County.
- You may purchase an existing home or a new construction home
- You must owner occupy the home as your primary residence.
- Eligible properties include single family residences, condominiums, villas and town homes located within Broward County. Mobile homes and cooperatives are not program eligible properties.
- Obtain a first mortgage approval from a lender or you can select a lender from the Participating Lenders List and contact them directly.
- Eligible properties must be in one of the following areas:
- Homebuyer's gross annual household income must be certified by Broward County. Please review our Income Chart for the household size maximum income limits.
Disclaimer: The Housing Finance and Community Redevelopment Division is not responsible for the borrower's selection of lender, financing terms, actions or decisions made by lenders. Lender decisions are final.
The Broward County Income Category Chart is based on the U.S. Department of Housing and Urban Development (HUD) Income Limits Documentation System. Note: Broward County's Median Income is $65,700
Effective: April, 2018
Purchase Assistance Program
The Homebuyer Purchase Assistance Program provides eligible residents (with gross household income certified below 80% of the Area Median Income) with a deferred payment loan to be applied towards the down payment for the purchase of eligible owner-occupied affordable housing.
Available Purchase Assistance
New applications for Homebuyer Assistance are being accepted, for the cities of Plantation, Margate and Weston, as well as for the Unincorporated areas of Broward County, and the smaller citites. Funds are limited and available on a first come, first qualified basis.
PLEASE NOTE, if you plan on purchasing in an ENTITLEMENT CITIES, please contact that particular city directly to inquire about any program(s) they may offer for First Time Homebuyers/Down Payment Assistance. Please be advised the Down Payment Assistance program is available on a First Come, First Qualified, First Served basis.
Earn tax credit for buying a home with the Mortgage Credit Certification Program