Broward County Housing Grant

The Broward County Housing Grant provides essential financial support to first-time homebuyers in Broward County, covering critical costs such as down payments and closing fees. This grant is designed to make homeownership more accessible by offering a forgivable second mortgage loan with favorable terms.

Program Details

Qualified buyers may receive a second mortgage loan of up to $80,000 at a 0% interest rate. No monthly payments are required, and the loan is fully forgivable if the buyer maintains the home as their primary residence for the 15-year term. This forgiveness reduces financial burdens on homeowners.

To participate, buyers must contribute a minimum down payment of 3% of the purchase price plus closing costs, with at least 1% from their own funds. The remaining 2% can come from non-borrowed sources, such as gifts, incentives from lenders, sellers, realtors, or nonprofit agencies.

Eligibility and Property Requirements

Eligible properties must be located in Broward County, Florida, and include single-family homes, condominiums, townhomes, and manufactured homes on permanent foundations. The maximum purchase price is generally $568,557, though some areas allow higher limits.

For existing properties, a full inspection is required, covering aspects such as the roof, electrical and plumbing systems, heating and cooling systems, and termite or septic conditions if applicable. Homes built before 1978 must pass a lead-based paint inspection by a certified assessor. Newly constructed properties require a soil treatment inspection.

Income Eligibility

Eligibility for the Housing Grant is based on household income, calculated as a percentage of the area median income. To confirm if your income meets these requirements, contact Housing Nonprofit to verify your income.

Funding Sources

The funds supporting this program come from federal and state housing resources, including the HOME Investment Partnerships Program (HOME), Community Development Block Grant (CDBG) funds, and State Housing Initiatives Partnership (SHIP) funds. For further information, refer to press releases from the Department of Housing and Urban Development (HUD).

Additional Requirements

Applicants must complete a homebuyer education course offered by a HUD-approved counseling agency. This course, which can be completed online, virtually, or in person, provides essential knowledge for successful homeownership and is required as part of the grant application.

Note: These housing grants alone are not enough to cover the full cost of a home. Anyone interested in using this housing grant should work with Housing Nonprofit to obtain a primary mortgage from a participating lender. Apply here.

Article by Housing Nonprofit, with data courtesy of Broward County Housing Finance and Community Development Division.