Buying your first home can feel overwhelming, especially when it comes to financing. But don’t worry—there are programs designed to help make this journey a bit smoother. Let’s talk about the Broward County Home Buyer Purchase Assistance Program.

What is this program?

This initiative offers financial assistance to first-time homebuyers in Broward County, Florida. The support comes as a deferred payment second mortgage with 0% interest over a 15-year term. If you live in the home as your primary residence for the entire term, the loan is forgiven.

How much assistance can you get?

The amount varies depending on the location of the property:

• Up to $40,000: Most areas in Broward County.
• Up to $50,000: Cities like Davie, Plantation, Hollywood, and Coconut Creek.
• Up to $80,000: City of Weston.

Who is eligible?

To qualify, you must:

• Be a first-time homebuyer: Not have owned a home in the last three years.
• Meet income requirements: Your household income must be at or below 80% of the area median income (AMI).
• Purchase an eligible home: The home must be located in Broward County and meet program standards.
• Contribute your own funds: You must contribute a portion of your own money toward the purchase.
• Complete a homebuyer education course: This is required before receiving assistance.

Pros and Cons

Pros

• Zero-interest loan: You won’t have to pay any interest on the assistance amount.
• Forgivable loan: If you stay in the home for 15 years, you don’t have to pay it back.
• Significant financial help: Up to $80,000 in assistance depending on location.

Cons

• Long-term residency requirement: You must live in the home for 15 years to avoid repayment.
• Income limits apply: Higher-income buyers may not qualify.
• Limited availability: Funding is limited and awarded on a first-come, first-served basis.

How to Apply

The application process includes the following steps:

1. Check eligibility based on income, residency, and first-time homebuyer status.
2. Find an eligible home in Broward County.
3. Complete a homebuyer education course.
4. Work with an approved lender to apply for the assistance.
5. Submit all required documents for review.
6. If approved, receive funds at closing.

Final Thoughts

If you’re a first-time homebuyer in Broward County, this program could be a game-changer for making homeownership more affordable. Be sure to check your eligibility and apply as soon as possible, as funds are limited.