2007 Home Ownership Program

If you’ve dreamed of home ownership but felt that buying a home was a little beyond your reach, the Broward County Housing and Community Development Division and the Housing Finance Authority of Broward County may be able to help make your dream a reality. For more information, contact the Broward County Call Center at 954-831-4000; TTY: 954-831-3940.

The 2007 Home Ownership Program offers
• a 30 year, fixed rate mortgage at 6.60% AND
• 4.00% of the full loan amount to be credited at closing to down payment or closing costs
• Zero origination fees and zero discount
• First mortgage bond program mortgage and note are exempt from documentary stamps and intangible tax. This represents a significant saving for homebuyers.

Qualifications
Available for purchase of new or existing single family home, condo or town home located in Broward County, Florida
• Maximum sales price of $525,090
• Not limited to first-time buyers
• Buyers must meet standard credit requirements
• All buyers must attend an approved homebuyer counseling course.
• Maximum household income limits apply:
$73,680 for 1-2 household members
$85,960 for 3 or more household members

Cost and Savings
There is a program fee of $225 that is due at closing.

Home Inspection Report
A home inspection report is not required, however, homebuyers are encouraged to obtain one. For a listing of home inspection companies, consult the Yellow Pages.

Recapture Tax
The benefits provided by these mortgage loan options are considered a federal subsidy of your mortgage loan. Federal law requires a “recapture” of some of the benefit if all three of the following occur:

1) The property ceases to be your primary residence during the first full 9 years of ownership; and
2) You make a net profit on the sale of the home; and
3) Your household income exceeds the allowable income at the time of the sale.

Your tax preparer can assist you with determining if you owe “recapture tax.”

How to apply

Step 1:
Complete the “Quick Qualifier” below. If you answer “no” to all six questions, go to Step 2.

Step 2:
Contact a participating lender from the list below so that they can pre-qualify you for a mortgage loan.

Step 3:
The lender will determine your eligibility for a loan and notify you.

2007 Home Ownership Program “Quick Qualifier”
 
Is the property you want to purchase located outside of Broward County?
 Yes  No

Is the price of the property more than $525,090?
 Yes  No

Is the current annual income of all adults residing or intending to reside in the property more than $73,680 (for 1-2 household members) or $85,960 (for 3 or more household members)?
 Yes  No

Are you living in the United States with a work visa, Student Visa or Temporary Visa?
 Yes  No

Do you plan to rent the property or occupy it on a part-time basis?
 Yes  No

Have you had a bankruptcy or foreclosure in the last few years?
 Yes  No

If you answer “no” to all six questions, contact a participating lender from the list below. If you answer “yes” to any of these questions, you may not be eligible for this program.

Qualifying Lenders

HFA of Broward County - 2007 Program Lenders   (Rev. 10/5/07)

Chase Home Finance 8151 Peters Rd. Ste. 3200 Plantation Ignacio Medir: 954-888-5022 Richard Gasbarro: 954-423-0660 Jaime Luna: 954-888-5021 Dorothy Rifkin: 954-888-5017 Emanuel Flacone: 954-888-5046 Linda Paulino: 954-478-6095 Derene Labarr-Excell: 954-494-2467 Mike Biggerman: 954-888-5078 BB & T 300 S. Pine Island Rd. Plantation Pearl Gallimore: 954-474-8549 CitiMortgage 4807 Coconut Creek Pkwy. Coconut Creek Winston Brown: 954-684-2545 Chase Home Finance 8500 SW 117 Rd. Ste. 130 Miami Wendy Durant: 305-273-5926 Mary King: 305-598-7700 Colonial Bank 15870 Sawgrass Corporate Pkwy. Sunrise Marilyn Oliver-Lopez: 954-839-1078 Bank Atlantic 2100 W. Cypress Rd. Fort Lauderdale Edith Bynes: 954-940-5435 Bank of America 888 W. Cypress Creek Rd. Fort Lauderdale Ronnie Sylvester: 954-489-7542 John DeFelice: 954-489-7557 James Pemberton: 954-489-7544 Shannon Young: 954-351-0101 Travis King: 954-351-0101 Chase Home Finance 9130 S. Dadeland Blvd. #1803 Miami Oscar Sanchez: 305-670-8813 Gabriel Calero: 305-670-8815 Gilberto Moreda: 305-670-8822 Catalina Retes: 305-670-8811 Ricardo Sanchez: 305-670-8820

Countrywide Home Loans 200 S Park. Rd. Hollywood Chris York: 954-270-6468 Countrywide Home Loans Weston Eugenia Ashley: 954-660-3940 James Swinson: 954-660-3943 Mike Bonkosky: 954-660-3954 Stan Cohen: 954-804-4720 Countrywide Home Loans Deerfield Beach Tim Austin: 561-732-9197 Flagship Financial Services 1500 N.W. 62 Ste. #206 Fort Lauderdale Lisa Kislia: 954-771-8984 Barbara Serra-Mannion: 954-771-8984 Debbie Healy: 954-771-8984 Ealie Blaine: 954-771-8984 Dennis Stecker: 954-771-8984 National City Mortgage Co A Division of National City Bank 6943 S.W. 18th Street Boca Raton Terri Darvish: 561-926-7001 Keith Kebe: 561-703-6023 Universal American Mortgage Company 8151 Peters Rd. Ste. 205 Plantation Ronald Resha: 954-475-8262 Jon Jacoby: 954-475-8262 Washington Mutual 200 S. Pine Island Rd. Ste 102 Plantation Ertha Brathwaite: 954-635-6010 Chelsa Arscott-Douglas: 954-635-6006 Monica Coward: 954-635-6005 Todd Knies: 954-635-6025 Michael Cantwell: 877-226-3517