Broward County Offers Options

In an effort to help homebuyers achieve home ownership, Broward County's Housing and Community Development Division and Housing Finance Authority are offering residents a number of options through the 2007 Homeownership Program.

The new program offers four financing options, all with a 30-year, fixed-rate first mortgage at 5.25 percent. Most offer down payment assistance. The first mortgage and note are exempt from documentary stamps and intangible tax, representing significant savings for homebuyers. Options include:

80/20 Mortgage Loan featuring a 30-year, fixed-rate first mortgage at 5.25 percent and a 30-year, fixed-rate second mortgage up to 20 percent of the sales price of the home with an interest rate of 6.25 percent.

7% Down Payment Assisted Loan featuring a 30-year, fixed-rate first mortgage at 5.25 percent and a 20-year, amortizing second mortgage at a rate of 7.00 percent for up to 7 percent of the sales price of the home. Second mortgage funds are made available by CitiMortgage, Inc., the primary institution servicing the 2007 program.

Low Rate Mortgage featuring a 30-year, fixed-rate first mortgage at a rate of 5.25 percent, with no down payment assistance.

Assisted Loan Subsidy Mortgage featuring a 30-year, fixed rate first mortgage at a rate of 5.25 percent and a zero percent, deferred payment second mortgage. The second mortgage may be funded through the federal HOME Program or through the State Housing Initiatives Program (SHIP). Buyers must apply for these funds separately and meet and agree to all program requirements.

The programs are available for purchase of a new or existing single family houses, condominiums or townhouses located in Broward County. You do not have to be a first-time buyer, but you must meet standard credit requirements. Other requirements include:

Household incomes may not exceed $73,680 for one- or two-person households, or $85,960 for households with three or more persons
Purchase price for a home cannot exceed $525,090
$225 bond program fee is due at closing

Interested applicants should contact participating lenders, who are listed at http://www.broward.org/housing, or call the Broward County Call Center, 954-831-4000.