If you want to buy a home in Oakland Park, the City and Broward County have a program to help you. The Home Buyer Purchase Assistance program provides support to qualified home buyers. This assistance comes in the form of a second mortgage that does not have to be paid back immediately. You can receive up to $40,000 with no interest, and you’ll have 15 years to repay it.
The funding is limited and will be given to eligible applicants on a first-come, first-served basis. So, if you’re interested, it’s important to apply as soon as possible. The process involves verifying your income and getting approval, which usually takes about 5-6 weeks from the time the lender receives your application package.
- Most areas up to $40,000 available.
- The buyer must contribute three percent (3%) of the purchase price, of which one percent (1%) must come from the buyer’s own funds and not be a gift or concession.
- A comprehensive Home Inspection report is required.
- You may purchase an existing home or a new construction home.
- You must owner occupy the home as your primary residence.
- Eligible properties include single family residences, condominiums, villas and town homes located within Broward County service areas. Mobile homes and cooperatives are not eligible.
- Take a Homebuyer Education class from a Certified HUD Approved Counseling Agency.
- Obtain a first mortgage approval from a lender or you can select a lender from the Participating Lenders List and contact them directly. If you are a lender and require the County’s Homebuyer Purchase Assistance Program Lender Guidelines, they are located on the City’s official website page under Programs.
- Disclaimer: The Housing Finance and Community Redevelopment Division is not responsible for the borrower’s selection of lender and/or Homebuyer Education class, financing terms, actions or decisions made by lenders or counseling agencies. Lender decisions are final.
Program Eligibility and Loan Terms in Oakland Park
To be eligible for the home buyer purchase assistance program in the City of Oakland Park, various types of properties are considered. These include single-family homes, townhomes, villas, and condominiums located within the city limits. The value of the property must be assessed by a licensed appraiser to ensure fair pricing. Additionally, a home inspection is required to ensure that the property meets all applicable housing codes, ensuring a safe and habitable living environment for potential homeowners.
The assistance loan terms for the home buyer purchase assistance program in Oakland Park are designed to provide financial flexibility and support. Participants in the program will receive a fifteen-year loan with a zero percent interest rate, and no monthly payments are required during this period. After fifteen years, the loan is forgiven, meaning the mortgage is released.
However, if the property is sold, the title is transferred, or the property is no longer used as the primary residence within the fifteen-year loan term, the payment becomes due. The assistance loan can be utilized for various purposes, including closing costs, down payment, and loan and rate reductions. It’s important to note that the combined amount of the first mortgage and the assistance loan should not exceed 105% of the property’s value. These terms aim to provide aspiring homeowners with valuable financial aid while ensuring responsible and manageable loan arrangements.
Next Steps You'll Need to Take
- Meet with a residential mortgage lender to secure a pre-approval for a first mortgage;
- Contact a HUD approved housing counseling agency;
- Visit HUD.gov and select Florida/Broward to find agency information;
- Attend an 8-hour homebuyer workshop;
- Tell your lender to contact Broward County HFCRD when an Oakland Park property is identified and the mortgage process has started.