First Time Homebuyers Purchase Assistance

First Time Homebuyers Purchase Assistance Program

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Oakland Park Homebuyers Purchase Assistance Program

The City of Oakland Park, together with Broward County Housing Finance and Community Redevelopment Division, offers homebuyer purchase assistance to qualified persons wishing to make Oakland Park their home. 

The County is accepting new application packages for cities, including Oakland Park.

The Housing Finance and Community Redevelopment Division offers Home Buyer Purchase Assistance to qualified home buyers. Assistance is in the form of a deferred payment second mortgage up to $40,000, 0% interest, 15-year term. Funds are available on a first come, first qualified, first served basis.

Note: Income certification approval and funding process is taking 5-6 weeks after receipt of a package from the lender.

Maximum Amount of Assistance (per household) is  $40,000

Applicant Instructions

 
  1. Take a Homebuyer Education class from a Certified HUD Approved Counseling Agency. For your convenience, here is a list of local agencies.

    Program Features:

    • Most areas up to $40,000 available
    • The buyer must contribute three percent (3%) of the purchase price, of which one percent (1%) must come from the buyer's own funds and not be a gift or concession.
    • A comprehensive Home Inspection report is required.
    • You may purchase an existing home or a new construction home
    • You must owner occupy the home as your primary residence.
    • Eligible properties include single family residences, condominiums, villas and town homes located within Broward County service areas. Mobile homes and cooperatives are not eligible.
  2. Obtain a first mortgage approval from a lender or you can select a lender from the Participating Lenders List and contact them directly. If you are a lender and require the County's Homebuyer Purchase Assistance Program Lender Guidelines, they are located on our home page under Programs.
  3. Disclaimer: The Housing Finance and Community Redevelopment Division is not responsible for the borrower's selection of lender and/or Homebuyer Education class, financing terms, actions or decisions made by lenders or counseling agencies. Lender decisions are final.

What Properties Are Eligible? 

  • Single family, townhome, villa or condominium within the City of Oakland Park
  • Value must be determined by a licensed appraiser
  • Home inspection required-property must meet all applicable housing codes

What are the Assistance Loan Terms?

  • Fifteen-year zero percent (0%) deferred payment loan with no monthly payments
  • Loan forgiven (mortgage released) after 15 years
  • Payment due upon property sale, title transfer or non-domicile use within the 15-year loan term
  • Assistance may be used for closing costs, down payment, loan and rate reductions, etc.
  • Combined (first mortgage and assistance loan) not to exceed 105%

Next Steps

  • Meet with a residential mortgage lender to secure a pre-approval for a first mortgage
  • Contact a HUD approved housing counseling agency
  • Visit HUD.gov and select Florida/Broward to find agency information
  • Attend an 8-hour homebuyer workshop
  • Tell your lender to contact Broward County HFCRD when an Oakland Park property is identified and the mortgage process has started

For more information or download an application, click HERE or call the Broward County Housing Finance and Community Replacement Division at 954-347-4900.

*All funds are expended on a first come, first qualified basis.

*Other terms may apply and are subject to change without notice.

*This program is administered by Broward County on behalf of the City of Oakland Park.