BROWARD COUNTY
Own a Home Opportunity Grant Program
ELIGIBLE AREA – Broward county
ELIGIBILITY CRITERIA* –
OWN A HOME OPPORTUNITY GRANT FIRST MORTGAGE - Qualified buyers will receive a low rate 30-year fixed rate first mortgage from a participating lender. Eligible loan products include Freddie Mac HFA Advantage Conventional.
DOWN PAYMENT ASSISTANCE – There is no down payment assistance offered at this time. The borrower receives a lower than market rate first mortgage only.
ELIGIBLE AREA – Broward county
ELIGIBILITY CRITERIA* –
- Buyers are NOT required to be first time buyers.
- Buyers and their spouses must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
- Buyers must qualify using the Own a Home Opporunity Grant requirements.
- Buyers must credit qualify for the Own a Home Opportunity Grant first mortgage.
OWN A HOME OPPORTUNITY GRANT FIRST MORTGAGE - Qualified buyers will receive a low rate 30-year fixed rate first mortgage from a participating lender. Eligible loan products include Freddie Mac HFA Advantage Conventional.
DOWN PAYMENT ASSISTANCE – There is no down payment assistance offered at this time. The borrower receives a lower than market rate first mortgage only.
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
4) Online education ONLY from (MGIC Homebuyer Education for Freddie Macs Home Possible Program and certain HFA's):
English: https://homebuyers.mgic.com
Spanish: https://compradoresdecasa.mgic.com
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – Primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
4) Online education ONLY from (MGIC Homebuyer Education for Freddie Macs Home Possible Program and certain HFA's):
English: https://homebuyers.mgic.com
Spanish: https://compradoresdecasa.mgic.com
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – Primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
MAXIMUM INCOME LIMIT – Must include the income of the borrower only.
Freddie Mac HFA Advantage At or below 80% AMI:
All household sizes $67,600
Freddie Mac HFA Advantage over 80% AMI:
All household sizes $132,750
MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrowers behalf.
$382,195
Freddie Mac HFA Advantage At or below 80% AMI:
All household sizes $67,600
Freddie Mac HFA Advantage over 80% AMI:
All household sizes $132,750
MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrowers behalf.
$382,195
WHAT'S THE NEXT STEP?
If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS
Haga clic aqui parável el folleto del programa, alista de prestamistas participantes y socios agentes inmobiliarios certificados en español.
If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS
Haga clic aqui parável el folleto del programa, alista de prestamistas participantes y socios agentes inmobiliarios certificados en español.