City of Hollywood First-Time Homebuyer Purchase Assistance Program
Qualified buyers can receive a deferred payment loan at 0% interest, 15-year term, up to $50,000 to purchase property within Hollywood's eligible Neighborhood Pride areas. There is no monthly payment and if the home is used as the primary residence for the 15-year loan term, the mortgage is satisfied. The loan would only need to be repaid if, during the 15-year loan term, the use changed, or the home was sold.
There is an annual reduction of 1/15th of the City’s total investment. If the home is sold, rented, ceases to be the primary residence of the beneficiary, or is transferred or conveyed by any other means during the Affordability Period, the City Lien or other security interest shall be immediately due and payable, with the amount due reflecting an annual reduction of 1/15th of the City’s total investment beginning on the date the Conditional Grant was issued and ending on the date the status of the property changed.
First-Time Homebuyer eligibility:
An eligible First-Time Homebuyer is defined as an individual who meets any one of the following criteria:
An individual who has had no ownership in a residential dwelling during the 3-year period prior to the date of the initial application for financial assistance.
A single, divorced parent who has only owned a residential dwelling with a former spouse while married.
An individual who is a displaced homemaker and has only owned a primary residence with a spouse and provides evidence of displacement suitable to City staff.
An individual who has only owned a primary residence not permanently affixed to a permanent foundation.
Eligible annual gross Homebuyer’s household income may not exceed 120% of the Area Median Income.
|120% AMI|| $80,640|| $92,160|| $103,680|| $115,200|| $124,440|| $133,680|| $142,920|| $152,160|
Detached single family homes, townhomes, and condominiums whose purchase price does not exceed $568,557.
Property must be located within the Neighborhood Pride Eligibility Area.
Note: Mobile homes, multiple dwellings units and co-operatives are not eligible.
Step by Step
Step 1: Property Eligibility
Confirm that your property of interest is located within the Neighborhood Pride Eligibility area. Click here to view the map and enter the property address. If the property is within the blue shaded area the location is eligible.
Step 2: 3% Down
At the time of application for assistance, you must have documented proof of liquid assets on deposit of no less than 3% of the first mortgage loan amount. You must contribute minimum of 3% of their own furnds; no variance for VA, no credit towards prepaids (appraisal, inspections, loan application fee, etc.)
Step 3: First Mortgage Capacity
The First Time Home Buyer Purchase Assistance Program is driven by the lender who provides the first mortgage loan on the purchase. The first mortgage lender of your choice will determine your loan capacity. The First Time Home Buyer Purchase Assistance Program will fill the gap up to $50,000.00. The City or County do not recommend any particular lender. If you have difficulty finding a first mortgage lender, review list of lenders who have participated in Broward County run home buyer subsidy programs, there are lending guidelines associated with this program. Review lender guidelines here.
Step 4: Pre-Approval
Obtain first mortgage loan pre-approval. Your first mortgage lender must provide a loan pre-approval.
Step 5: Home Buyer Education Class
Complete a Home Buyer Education Class. The program requires that the purchaser complete a Home Buyer Education class provided by a local HUD approved Counseling Agency within 12 months of closing. Review the list of HUD approved housing counserlors here in Broward County.
Step 6: Funding Availability
Funds are provided on a first-come, first-qualified, first-served basis. The first mortgage lender should contact Broward County at firstname.lastname@example.org to confirm that funds are available for the next 60-90 days and make a "soft reservation".
Step 7: Purchase Contract
Fully execute a purchase contract. Before income certification can begin, you must fully execute a purchase contract.
Step 8: City of Hollywood Inspection
Lender provides the signed purchase contract and information for listing agent, seller, lock box, etc. for inspection access to Broward County. City of Hollywood performs initial inspection due to unpermitted or illegal structures. A whole house inspection is required. Lead-Based Paint inspection is NOT required for dwelling built before 1978.
Step 9: Application package
Once City of Hollywood confirms property eligibility, the lender submits a hard copy, paper package after which Broward County will contact you for an income certification appointment.
Step 10: Income Certification
Broward County will certify your income proving eligibility for assistance for the program.
Step 11: Funding
Via wire transfer. After you are income certified and a closing disclosure is prepared by the lender and closing agent, City of Hollywood wire transfers funds to your title company.
Step 12: Closing on home
Officially take possession of the new property.
For detailed information concerning the Program contact Broward County Housing Finance Division at (954) 357-4905 or email@example.com.