Hey there! Navigating the home-buying process can be daunting, especially for first-time buyers. But don’t worry—there are programs designed to make this journey smoother. Let’s talk about the City of Hollywood First-Time Homebuyer Purchase Assistance Program. This initiative aims to help individuals and families like yours achieve the dream of homeownership in Hollywood, Florida.

Program Overview

The City of Hollywood offers a deferred payment loan of up to $50,000 at 0% interest with a 15-year term. This loan assists with down payments, closing costs, and other related expenses for purchasing a home within Hollywood’s eligible Neighborhood Pride areas.

The best part? If you maintain the home as your primary residence for the entire 15-year term, the loan is fully forgiven. However, if you sell, rent, or transfer the property before then, you’ll need to repay a prorated amount based on the time you’ve lived there.

For more details, visit the official program page: City of Hollywood First-Time Homebuyer Purchase Assistance Program.

Eligibility Criteria

• Be a First-Time Homebuyer: You haven’t owned a residential property in the last three years. Exceptions include single or divorced parents who only owned a home with a former spouse, displaced homemakers who owned with a spouse, or individuals who owned a primary residence not permanently affixed to a foundation.
• Meet Income Requirements: Your household’s annual gross income shouldn’t exceed 120% of the Area Median Income (AMI). For example, a four-person household can earn up to $126,720.
• Choose an Eligible Property: The home must be a detached single-family house, townhome, or condominium located within the designated Neighborhood Pride areas of Hollywood. The purchase price shouldn’t exceed $568,557. Mobile homes, multi-unit dwellings, and co-operatives aren’t eligible.

Benefits

• Financial Assistance: Receive up to $50,000 to cover essential home-buying expenses.
• No Monthly Payments: The loan is deferred with 0% interest, meaning no monthly payments.
• Loan Forgiveness: Live in the home as your primary residence for 15 years, and the loan is forgiven entirely.

Potential Drawbacks

• Residency Requirement: Selling or renting the home before the 15-year term ends means repaying a portion of the loan.
• Property Restrictions: Not all property types are eligible, limiting your options.

Application Process

1. Homebuyer Education: Attend a homebuyer education class from a HUD-approved counseling agency.
2. Mortgage Pre-Approval: Secure a first mortgage approval from a lender of your choice.
3. Property Selection: Find a qualifying property within the eligible areas.
4. Application Submission: Work with your lender to submit the purchase assistance application to the City of Hollywood.

Remember: Funds are available on a first-come, first-served basis, so it’s essential to act promptly.

For official details, visit the Broward County Housing Division website.

Final Thoughts

Embarking on the path to homeownership is exciting, and with programs like this, it’s more attainable than ever. If you think you meet the criteria, consider reaching out to a participating lender or the City of Hollywood’s Housing Division to get started. Happy house hunting!

Additional Information

• Geographic Availability: This program is specific to the City of Hollywood, located in Broward County, Florida.
• Funding Source: The program is funded by the City of Hollywood, often in collaboration with Broward County’s Housing Finance Division.

Pros and Cons

Pros

• Significant Financial Support: Up to $50,000 in assistance.
• No Interest or Monthly Payments: Eases the financial burden.
• Loan Forgiveness: Encourages long-term residency.

Cons

• Strict Residency Requirement: Early sale or rental triggers repayment.
• Property Type Limitations: Not all homes qualify.

Application Steps

1. Complete Homebuyer Education: Mandatory for all applicants.
2. Obtain Mortgage Pre-Approval: From your chosen lender.
3. Identify an Eligible Property: Within the specified areas and price range.
4. Submit Application: Through your lender to the city’s Housing Division.

Program Type

This is a deferred payment loan with potential for full forgiveness after 15 years.

Program Availability

The program has been active for several years, with periodic updates to terms and conditions. As of the latest information, it remains active.

Categories

• Florida First Time Homebuyer Program
• Broward County