Frequently Asked Questions About Broward Home Buyer Purchase Assistance
Personal finance experts who tell you that all you have to do if you want to be able to afford to buy a house is to get your act together are grossly oversimplifying the matter. Buying a house is a huge financial undertaking, and most people are only able to do it through a combination of luck, earned income, and money they obtained through means other than the work of their own hands. Unless you have a salaried job, no unpaid medical bills, and no student loans, it is hard to qualify for a mortgage, and unless you have multiple relatives who gave you thousands of dollars in cash gifts which you have not spent, it is next to impossible to afford a down payment, unless you already own a house and you are using it as collateral for a home equity line of credit or selling it and using the sale proceeds toward the down payment on your new house. While Broward County’s programs to help county residents become first time homebuyers are not as robust as those found in some parts of the country, qualifying applicants can get a substantial amount of money through the program, so that they can buy a house or condominium when their financial situation would not otherwise allow this. For help sorting out your finances so as to maximize your chances of being accepted in the program, contact a Plantation debt lawyer.
Which Homes Are Available for Purchase Under the Home Buyer Purchase Assistance Program?
Homes throughout Broward County are available for purchase through the Home Buyer Purchase Assistance program. In most cities within the county, and in unincorporated areas of Broward County, you should apply through the countywide program. If your city does not appear on the Home Buyer Programs page of the Housing Finance Division website, you should contact your city directly about options for first time home buyers. You can buy any real estate property, whether it is a condominium, townhouse, or single-family home, as long as you intend to use it as your primary residence. The purchase price of the property must not exceed $568,557 in most parts of the county. Slightly more expensive properties in Weston and Wilton Manors, since real estate prices tend to be higher in these areas.
What Are the Income Requirements for Participation?
To qualify for participation in the Home Buyer Purchase Assistance program, your income must not exceed 80 percent of the area median income. As of 2023, the qualifying income level is no more than $69,150 for a household of three people.
How Much Money Can You Get Toward the Purchase of a Home in Broward County?
The county will give you up to $80,000 to put toward a down payment on your home. To receive this money, you must also put three percent of the home’s value toward the down payment out of your own funds.
Work With a Debt Lawyer About Preparing for Home Ownership
A South Florida debt lawyer can help you get your finances in order and qualify for home buyer assistance. Contact Nowack & Olson, PLLC in Plantation, Florida to discuss your case.