Unlock Up to $80,000 in Homebuyer Assistance in Broward County

Exciting news for Broward County homebuyers! If you've been dreaming of owning a home but are worried about the high upfront costs, this might be your golden opportunity. Broward County is now offering up to $80,000 in down payment and closing cost assistance through its Homebuyer Purchase Assistance (HPA) program. Let's break down how this program works and what it could mean for your journey to homeownership.

What is the Homebuyer Purchase Assistance (HPA) Program?

The HPA program is designed to help first-time homebuyers with the cost of purchasing a home. It offers a deferred-payment, 0% interest loan that can be used for down payments, closing costs, and even to buy down the interest rate on your mortgage. Here are the key details:

Loan Type: Deferred payment, 0% interest.
Loan Term: 15 years.
Repayment: No monthly payments are required, and if you maintain the home as your primary residence for the full 15 years, the loan is forgiven!
Maximum Amount: Up to $80,000, depending on your city and household income.
Eligible Properties: Single-family homes, townhomes, condos, villas, and manufactured homes with real property.

Who Can Qualify?

To be eligible for the HPA program, applicants must meet specific criteria:

Income Requirements:
- Most communities set the maximum household income limit at 80% of the Area Median Income (AMI).
- In Hollywood, the income limit is higher, at 120% of AMI.
First-Time Homebuyer:
- You must not have owned a residential property in the last three years.
Primary Residence:
- You must use the purchased property as your primary home for the duration of the 15-year loan term.
Purchase Price Limit:
- The maximum home purchase price is $568,557.
Credit and Employment:
- You must qualify for a first mortgage with a 30-year fixed rate from a participating lender.

How to Apply for Up to $80,000 in Assistance:

Broward County has simplified the process into five steps:

Check Fund Availability:
- Confirm that funds are available in your city. Funding is on a first-come, first-served basis, so act quickly!
Verify Your Income:
- Check if your gross annual household income falls within the limits for your household size. For example, the 80% AMI limit for a family of four is $84,450, while the 120% limit is $126,720.
Ensure Property Eligibility:
- Verify that the property type qualifies for the program (e.g., single-family home, townhome).
Meet with a Lender:
- Talk to a participating lender to get pre-approved for a mortgage that meets the HPA guidelines.
Complete a Homebuyer Education Class:
- Attend a HUD-approved class to receive a certificate, which is required to complete the process.

Why This Program is a Game-Changer

Broward County’s HPA program makes homeownership more accessible by removing significant financial barriers:

Lower Initial Costs: Covering down payments and closing costs can make purchasing a home possible for more people.
Build Wealth: Owning a home is one of the best ways to build long-term wealth, and the HPA program helps residents start on that path sooner.
No Immediate Repayment: Because there are no monthly payments, homebuyers can focus on building equity without the pressure of an extra monthly bill.

Final Thoughts

If you’re considering buying a home in Broward County, the HPA program is worth exploring. It’s an incredible opportunity to make homeownership more affordable and accessible, especially for first-time buyers.

Need guidance on how to get started? Feel free to reach out! As your trusted Florida Real Estate Hero, I’m here to help you navigate this process and find the perfect home.

For more details and lender guidelines, feel free to explore the documents below: