In South Florida, the housing market has become increasingly expensive, leaving many potential homebuyers feeling hopeless. However, Broward County's Homebuyer Purchase Assistance Program (HPA) offers a helping hand to those looking to move out of the rental market and into homeownership.
Running for over four decades, The HPA program offers a second mortgage loan with a 15-year term and no monthly payments. As Suzanne Weiss who administers the program explains, "it's one of our most popular programs because it's 0% interest money."
The program generally provides up to $80,000 of assistance for Broward County, and in small cities, and unincorporated areas is up to $50,000 in assistance.
If a buyer keeps the home for the full 15-year period, the loan turns into a grant. The funds can be used for down payment, closing costs, principal reduction, or to help buy down the interest rate on the first mortgage loan.
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To qualify, the buyer must secure a 30-year first mortgage loan that meets county guidelines, commit to using the property as their primary residence for the duration of the loan term, and they cannot have owned a residential property in the past three years. There is also a cap on household income.
Broward County Income Category Chart (80% AMI):
| Household Size | Maximum Income |
| 1 Person | $50,800 |
| 2 Person | $58,050 |
| 3 Person | $65,300 |
| 4 Person | $72,550 |
| 5 Person | $78,400 |
| 6 Person | $84,200 |
| 7 Person | $90,000 |
| 8 Person | $95,800 |
These income limits are based on the U.S. Department of Housing and Urban Development (HUD) Income Limits Documentation System. Gross annual household income may not exceed 80% of the area median income (AMI).
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Weiss emphasizes that lenders typically vet clients thoroughly to ensure they are eligible for the program. As a result, she says around 95% of those packages go through. The loan can be used for a variety of property types, such as single-family homes, townhomes, villas, condos, and even manufactured homes.
The maximum sales price for the property is $382,194, although the sales price can be higher in Weston.
While the program is available in over 20 areas in Broward County, other cities run their own programs. The funding amount and income requirements may vary depending on the city.
Weiss stresses that becoming mortgage-ready is the most important step for potential homebuyers. The process can take approximately seven weeks, assuming that the individual has obtained pre-approval from a lender.
It's crucial to remember that funds are limited and available on a first-come, first-qualified basis.
