First Time Home Buyer Purchase Assistance Program

Becoming a first time home buyer is an exciting time, but buying your first home can also be an overwhelming experience. Before you start looking for your dream home in Hollywood, you should be aware of the availability of funding through the City’s First Time Home Buyer Purchase Assistance Program.   

The City of Hollywood Community Development Division offers financial assistance for first time home buyers in conjunction with the City’s Neighborhood Pride Program and Broward County’s Home Buyer Purchase Assistance Program. Limited funding has been identified by the City through an Interlocal Agreement with Broward County for this initiative.

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.


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STEP BY STEP 

 
Step 1: Are You Eligible?
This opportunity is available for buyers purchasing their primary residence-it is not for investment, rental or second homes. The buyer may not have owned a residential property in the previous 3 years, and the buyers’ total household income may not exceed 120% of the Area Median Income based on household size. Click here to view the income chart.

Step 2: Confirm 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 3: 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.

Step 4: 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 does not recommend any particular lender. However, there are lending guidelines associated with this program. Review lender guidelines here. If you have difficulty finding a first mortgage lender, review a list of lenders who have participated in Broward County run home buyer subsidy programs.

Step 5: Obtain Pre-Approval
Obtain first mortgage loan pre-approval. Your first mortgage lender must provide a loan pre-approval.

Step 6: Complete 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 HUD approved Counseling Agency within 12 months prior to closing. Review the list of HUD approved housing counselors in Broward County.

Step 7: Check Funding Availability.
Funds are provided on a first-come, first-qualified, first-served basis. The first mortgage lender should contact Broward County at suweiss@broward.org or ryeargin@broward.org to confirm funds remain available for the next 60-90 days.

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Step 8: Fully Execute Purchase Contract
Fully execute a purchase contract. Before income certification can begin, you must fully execute a purchase contract.

Step 9: Hollywood Inspection
Lender provides the signed purchase contract to Broward County; County contacts Hollywood to inspect home for conforming use without any illegal additions or structures.

Step 10: Lender Submits Package
Once Hollywood confirms property eligibility, the lender will submit a hard copy, paper package after which Broward County will contact you for an income certification appointment.

Step11: Income Certification.
Broward County will certify your income proving eligibility for assistance for the program.

Step 12: Close on home.
Officially take possession of the new property.

For information concerning the Program contact Broward County Housing Finance and Community Redevelopment Division at (954) 357-4946. Your call will be returned within 1 business day.
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