HomeBuyer Purchase Assistance (HPA) Program

• Eligible first mortgages must be fixed rate

• FHA, Conventional, VA or other government loans are Accepted

• Interest only, balloon, adjustable rate mortgages, subprime are Not Eligible.

• The maximum interest rate to be charge may not exceed 2% over the Fannie Mae 30 year, and charge the first business day of each month.

• Term: 30 year fixed. No prepayment penalty.

• Escrows: Property tax and insurance are required.

• Value is based by an appraisal done by Florida licensed appraiser.

• Minimum down payment is 3% . 1% from borrower(s) - 2% can be gift from realtor, lender, seller, nonprofit housing agency, relative, incentive.

• Ratios: Housing expenses up to 38% Total debt ratio may not exceed 45%. FHA max ratio is 46%

• The maximum sales price is $382,194. Except properties in Weston

• Purchase up to 97% LTV and not to exceed 105% combined LTV

• LTV not to be less than 50% LTV

• Refinance cannot exceed 90%LTV, and cash-out max $15,000. County must stay in 2nd lien position.

• Owner-occupied single-family residences

• Condominiums, townhomes and manufactured homes that include land.

• Household income not to exceed 80% of Broward County's Area Median Income (AIM) . Hollywood buyers may have household income up to 120%

• Applicants cannot have owned residential property within the past 3 years.

• Must show 3 years federal tax return to proof property history.

• Exception: Proof of divorce - Divorce decree / marital settlement statement

• Citizens, residents with green card, granted political asylum, approved for permanent residence (in process) are eligible.

• Applicants must have 2 years of employment, two years US residency, and two years of established credit.

• Pending political asylum application or temporary protected status are ineligible.

• Co-borrowers/ non-occupying borrower allowed

• Primary borrower source of income must represent at least 75% on qualifying income.

• Applicants may pay closing costs with applicant's own fund, a gift, seller concessions or these purchase assistance funds. 

• Up to 6% sellers contribution.

• Self Employed and Independent Contractors: Income calculated on net income from most current P&L annual statement and/or adjusted gross income from the prior 3 years tax returns.

• W-2 Recipients: Need 2 months most recent pay vouchers, W-2 for the last 3 years and/or verification of employment.

• Alternative Income Sources: Disability income, social security, pension, alimony, child support. 1 year history minimum, 3 years remaining term.

• All assets verified by a verification of deposit and/or 6 months consecutive bank statements.

• Liquid Assets: Liquid assets of $100,000 or more are not eligible.

• Applicants with liquid assets in excess of $50,000 after closing are not eligible.

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• Inspections: Must be dome by a licensed home inspector

• Lead-Based paint by a licensed inspected with EPA certification

• Home Buyer Education Program located in South Florida

• Mortgage Credit Certification Program (MCC) under the Broward County's Program.