Coconut Creek, with Broward County Housing Finance Division offers purchase assistance to qualified persons wishing to buy a Coconut Creek home. Maximum Assistance: up to $80,000 per transaction.

Details

• Fifteen-year zero percent (0%) deferred payment loan; no monthly payments due
• Loan forgiven (mortgage released) after 15 years
• Payback due upon property sale, transfer or non-domicile use in the 15 year loan term
• May be used for closing costs, principal reduction, down payment, interest rate buydown
• Combined (first mortgage and assistance loan) cannot exceed 105%

Requirements

• Buyer must qualify and secure first mortgage financing that meets Broward County guidelines
• Buyer to pay at least 25% but no more than 38% of their gross income for housing expenses
• Total debt (housing expenses + other debt) cannot exceed 45% conventional/46% FHA
• Buyer to contribute at least 3% of the purchase price: not applicable for VA loans
• Buyer may not have owned a residential property in the previous 3 years
• Buyer must use the purchased residence as their primary domicile for the loan term
  

Next Steps:

• Meet with a residential mortgage lender to get pre-approved for a first mortgage loan
• Attend a Homebuyer Education class by a local HUD certified agency
• Visit County website or HUD.gov for a list of HUD agencies
• Lender is to contact Broward County HFD when the mortgage is pre-approved and a Coconut Creek property is identified. Lender submits the package on behalf of the buyer. 
• Funds are expended on a first-come, first-qualified, first-served basis, when available
• Other terms may apply and are subject to change without notice  

Property Eligibility

• Single family, townhomes, villas, or condominiums within Coconut Creek
• Maximum sales price $568,557; value determined by a licensed Florida appraiser
• Lead Based Paint inspections required for all properties built before 1978