| Program Name | Broward County Homebuyer Purchase Assistance (HPA) Program | ||||
|---|---|---|---|---|---|
| Funding Status | Active NOTE: Funding availability depends on the community the property is located. Please check the Program Flyer for which areas have funding and which don’t. | ||||
| Benefits |
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| Program Provider’s Website | |||||
| Program Provider’s Phone | Housing Finance Division 110 Northeast 3rd Street, Suite 300 Fort Lauderdale, FL 33301 P: 954-357-4900 F: 954-357-8221 | ||||
| Program Guide/Flyer | Program Guidelines: Program Flyer: Local Housing Assistance Plan (LHP): | ||||
| Participating Lenders | May use Lender of choice. Participating Lender List: Lenders who closed HPA transaction will be listed on the County website, which is updated annually to include closings and remove lenders who have not completed a recent transaction. Lenders who | ||||
| Participating Realtors | May use Realtor of choice. | ||||
| Eligible Use of Funds |
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| Program Type | 2nd Mortgage | ||||
| SPCP? | No | ||||
| Program Provider Type | Municipality | ||||
| Employer Assisted Housing Program? | No | ||||
| Bond Funded? | No | ||||
| Funding Source | CDBG, HOME, SHIP | ||||
| Eligible Channels | Retail | ||||
| Limitations |
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| Program Terms | |
|---|---|
| Maximum Assistance Amount | $80,000 NOTE: Maximum amounts depend on the community the property is located. |
| Layering Notes | HPA may go in third position behind Florida Housing Finance Corporation or a municipal CRA purchase assistance loan. HPA may not exceed CRA loan amount, if applicable. HPA cannot be used with an entitlement city’s purchase assistance funds. |
| Maximum Lien Position | 3 |
| Approved 1st Mortgage Types | Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA, USDA / RD |
| Eligible 1st Mortgage Terms | 15-year, 20-year, 25-year, 30-year Fixed Rate, Fully Amortizing |
| Subordinate Loan Term | 15 years |
| Loan Repayment Type | Soft Second (payments deferred) |
| Monthly Payment Components | Not Applicable |
| Balloon Payment | No |
| Repayment Triggers |
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| Maximum LTV/CLTV | 97% / 105% Must not exceed 97% LTV. LTV of the first mortgage to be no less than 50% of the appraised value. Combined LTV not to exceed 105%. LTV on VA loans may differ. |
| Payments Deferred? | Yes, for 15 years |
| Forgivable? | Yes |
| Forgiveness Terms | Waiting Period: 15 years Affordability Period: 15 years Forgiven Portion: 100% |
| Deferral/Forgiveness Notes | Fully forgiven if home remains owner occupied as primary residence for 15 years. |
| Interest Bearing? | No |
| Amortizing? | No |
| Equity Sharing? | No |
| Repayment Notes | No repayment required as long as the loan is in good standing. The loan is to be repaid if the occupancy use changes, title transfers or the home is sold during the 15-year loan term. Refinance Terms: Combined LTV not to exceed 90% LTV. Appraisal required. Cash out on refinance limited to $15,000 for education, home safety repair, or medical expenses only. Broward County must stay in the same lien position. HPA second mortgage is not assumable and is due and payable if first mortgage loan is assumed. |
| Borrower Eligibility | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ownership Status | Must be first-time homebuyer | ||||||||||||||||
| FTHB Definition | Applicants may not have owned a residential property in the prior 3 years. Ownership of land without a dwelling would not be considered residential property. Exceptions for applicants displaced due to domestic violence, or in event of divorce. Additional documents to be provided including 3 years tax returns, divorce decree/marital settlement statement, and/or executed closing disclosure reflecting the former spouse owns or refinanced the marital property or property was sold. | ||||||||||||||||
| Citizenship Status Allowed | May be a US Citizen, or Permanent Resident Alien | ||||||||||||||||
| Citizenship Documentation Required |
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| Citizenship Notes | Lawful permanent residents (Green Card holders), or those granted political asylum and approved for permanent residence (in process of receiving a Green Card) are eligible. These applicants must have three years of employment, three years of US residency and three years of established credit to secure first mortgage loan approval. Applicants with pending political asylum application or Temporary Protected Status are ineligible at this time. | ||||||||||||||||
| Occupancy Requirements | Non-Occupant Co-Borrowers Allowed Non-Borrower Occupant Allowed Co-Borrower (non-occupying): Use all income/all debts to arrive at ratios for qualification purposes only, not to offset poor credit. Primary borrower source of income must represent at least 75% of the qualifying income. | ||||||||||||||||
| Income Limits Apply? | Yes, based on Compliance Income (including household income) Income limits from HUD 2025 80% AMI guidelines Income categories served: Very-Low (50% AMI) and Low (80% AMI). NOTE: Hollywood serves up to Moderate (120% AMI). (DPR program model reflects the 80% AMI limit) Area Median Income (AMI) is based on Broward County and adjusted for family size. Income from all household members 18 years and older must be included in the calculation. Primary borrower source of income must represent at least 75% of the qualifying income. | ||||||||||||||||
| Maximum Annual Household Income by Household Size |
*Income limits as of 04/04/2025 | ||||||||||||||||
| Minimum Buyer Contribution | 3% of purchase price Buyer down payment with a VA first mortgage may differ. | ||||||||||||||||
| Cash Back Allowed? | None | ||||||||||||||||
| Maximum Assets Allowed | Applicants with liquid assets of $100,000 (excluding retirement, 401ks, etc.) or more are ineligible. Applicants may not have liquid assets exceeding $50,000 after closing. All assets verified by a Verification of Deposit and/or 3 months of consecutive bank statements. | ||||||||||||||||
| Maximum Qualifying Ratios | |||||||||||||||||
| Credit Score Requirements | Based on 1st mortgage requirements. | ||||||||||||||||
| Homebuyer Education | Required | ||||||||||||||||
| Approved Education Providers | Applicants must attend a Home Buyer Education workshop provided by a HUD approved housing counseling/education agency located in South Florida. Online education certificates accepted only from South Florida agencies. Workshop certificate may be no older than 12 months prior to closing. | ||||||||||||||||
| Approved Online Education Providers | |||||||||||||||||
| Homebuyer Obligations |
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| Property Eligibility | |||||
|---|---|---|---|---|---|
| State | Florida | ||||
| Geographic Coverage | 1 County: Broward Eligible properties must be in one of the following areas: Unincorporated Broward County Coconut Creek Cooper City Coral Springs Dania Beach Davie Hallandale Beach Hillsboro Beach Hollywood (for more information click here: https://www.broward.org/Housing/Pages/Hollywood%20Homebuyer%20Purchase%20Assistance%20Program.aspx) Lauderdale Lakes Lauderdale by the Sea Lazy Lake Village Lighthouse Point Margate North Lauderdale Oakland Park Parkland Pembroke Park Plantation Sea Ranch Lakes Southwest Ranches Sunrise Weston West Park Wilton Manors | ||||
| Eligible Property Types |
Owner-occupied single-family residences, condominiums, townhomes, and manufactured homes that include real property; at time of applicants’ initial occupancy, dwelling must meet at a minimum, Section 8 Housing Quality Standards, local and Broward County building codes and ordinances. Maximum sales price is $636,806. (A higher maximum price may be available in certain Property value is determined by an appraisal acceptable by the first mortgage lender and prepared A comprehensive home inspection by a licensed home inspector is required for all existing AND new Lead-Based paint inspection by a licensed inspector with EPA certification is required for all homes built before 1978. | ||||
| Property Status Requirements | Not Applicable | ||||
| Occupancy Type(s) Allowed | Owner-occupied primary residence | ||||
| Maximum # Units Allowed | 1 | ||||
| Maximum Purchase Price | $636,806 | ||||
| Application Requirements | ||||
|---|---|---|---|---|
| Purchase Contract | Purchase contract required prior to approval | |||
| Application Submission | By Originating Lender | |||
| Lender Approval | Pre-Approval Letter is required prior to application | |||
| Online Application Docs | No | |||
| Required Application Docs |
| |||
| Credit Report | Provided by originating lender | |||
| Application Notes | Application submittal information requested from the agency but not yet received. | |||
| Closing Requirements | ||||
|---|---|---|---|---|
| Closing Funds Provider | Program Provider | |||
| Closed in the Name of | First Lien: Originating Lender Subordinate Lien: Program Provider | |||
| Wet Signed Documents Required? | Yes | |||
| Closing Requirements Notes | Closing Requirements information requested from the agency but not yet received. | |||
| Closing Documents Prepared By | Program Provider Closing docs not available online | |||
| Required Closing Documents |
| |||
| Post Closing Requirements | ||||
|---|---|---|---|---|
| Post Closing Documents Required? | Yes | |||
| Required Post Closing Documents |
| |||
| Post Closing Delivery Requirements | Provider must receive the following documents from Settlement/Title Agent within 3 days of note via mail to Broward Housing Finance Division 110 NE 3rd Street Fort Lauderdale, FL 33301 original signed: Closing Disclosure, Broward County Mortgage/Note | |||
| Post Closing Notes | Per agency: Copies of the recorded 1st mortgage to be provided within 30 days of closing. | |||
| Servicing | |
|---|---|
| Interim Servicing Provider | Not Applicable |
| Ongoing Servicing Provider | Not Applicable |
| Disclosures | |
|---|---|
| Required Upfront Disclosures | Disclose on 1st Mortgage |
| Program-Specific Documents | Program-Specific Documents Required Prior to Closing:
|
| Program Document Notes | HPA income certification approval and funding process takes 5-6 weeks after receipt of a package from the lender. Broward County (or the funding jurisdiction) is to be named as “Additional Mortgagee” on all property |
| Fees | |
|---|---|
| Lender Fees Allowed on 1st | Yes, Up to 2.5% Total Loan |
| Program Fees for 1st Mortgage | Origination Fee is allowed, Paid To Lender, Charged To Borrower, Paid At Closing, up to 2.5% |
| Lender Fees Allowed on Subordinate Loan | No |
| Lender Fees Notes | Lender may not charge mortgage broker fees, or collect yield spread premium. Origination charges must be capped at 2.5% of the first mortgage amount, sufficient to cover the following costs: loan origination fee, document prep fee, underwriting fee, processing fee, closing fee, application fee, settlement fee, and notary fee. Lenders that charge a flat rate that may not conform in the case of low loan amounts must have prior approval by Housing Finance Division. Seller Concessions: Up to 6% of the Sales Price. Buyer can not contribute to any seller’s expenses. |
| Provider Info | |
|---|---|
| Agency Name | Broward County |
| Contact Info | https://www.broward.org/Housing/Pages/Homebuyer.aspx 110 Northeast 3rd Street, Suite 300, Fort Lauderdale, FL 33301 954-357-4900 |
| Provider Type | Municipality |
| EIN/Tax ID # | 59-6000531 |
| Lender Participation Requirements | None |
| Agency Notes | Lenders who closed HPA transaction will be listed on the County website, which is updated annually to include closings and remove lenders who have not completed a recent transaction. Lenders who consistently submit packages that do not meet guidelines, cause unnecessary hardship to clients, or who cause applicants to lose funds, will be dropped from the website listing without notice and future packages will not be accepted. |
| Investor/Insurer Eligibility | |
|---|---|
| Fannie Mae | Eligible as of February 24, 2025 per Fannie Mae Community Seconds Checklist (November 2024). |
| Freddie Mac | Eligible as of February 24, 2025 per Freddie Mac Affordable Seconds Checklist (December 2024). |
| Documents | |
|---|---|
| Ship Mortgage And Note | Broward County_SHIP Mortgage and Note.pdf |
| Revision History | ||||||||||||||||||||||||||||||||||||||||||||
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| Since 04/27/2024 |
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