The Housing Finance and Community Redevelopment Division offers Home Buyer Purchase Assistance to qualified home buyers. Assistance is in the form of a deferred payment second mortgage up to $40,000, 0% interest, 15-year term. Funds are available on a first come, first qualified, first served basis.
Note: Income certification approval and funding process is taking 5-6 weeks after receipt of a package from the lender.
Maximum Amount of Assistance (per household) is $40,000
Take a Homebuyer Education class from a Certified HUD Approved Counseling Agency. For your convenience, here is a list of local agencies.
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.
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 our home 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.
What Properties Are Eligible?
Single family, townhome, villa or condominium within the City of Oakland Park
Value must be determined by a licensed appraiser
Home inspection required-property must meet all applicable housing codes
What are the Assistance Loan Terms?
Fifteen-year zero percent (0%) deferred payment loan with no monthly payments
Loan forgiven (mortgage released) after 15 years
Payment due upon property sale, title transfer or non-domicile use within the 15-year loan term
Assistance may be used for closing costs, down payment, loan and rate reductions, etc.
Combined (first mortgage and assistance loan) not to exceed 105%
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