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Welcome to beautiful Broward County Florida – a perfect place to buy your first home! This thriving area is full of cultural and historical attractions, plenty of outdoor activities, shops, restaurants, and entertainment options.
Located in sunny South Florida and just a 35-minute drive from Miami, Broward County is made up of 31 municipalities, most notably Fort Lauderdale. Its energetic nightlife and picturesque beaches create an inviting atmosphere for everyone to enjoy; its moderate cost of living makes it perfect for those seeking new possibilities to expand their horizons.
When it comes to finding a place of your own, there are a plethora of housing options available. From single family residences and townhouses to condos, co-op apartments, or even mobile homes; each type carries unique features and advantages – so you’re sure to find one that’s perfectly suited for your lifestyle needs and budget!
One of the biggest challenges for first time homebuyers is securing funds for the downpayment and closing costs. Purchasing a home for the first time is a significant investment and requires careful financial planning.
According to the National Association of Realtors (NAR), the national average downpayment is 7% for first time homebuyers. Closing costs will vary depending on the purchase but it’s a safe bet to expect about 2.5% before taxes. Purchase assistance programs may provide the perfect solution for buyers strapped on cash.
Local municipalities, states, and the Federal government offer incentives for individuals purchasing properties in designated areas. The best place to start is with your local city or county to see what programs are available.
One example is the City of Tamarac which offers a homebuyer purchase assistance program for individuals who are purchasing a home as a primary residence. Other qualifications apply, check out the details here.
To determine if you are eligible for a purchase assistance program that is based on the Area Median Income (AMI) criteria compare your income to the regional AMI at HUD (Housing and Urban Development) As a general guideline, most programs use 80% of the region’s AMI as eligibility for their program. Keep in mind, however, due to higher housing costs certain regions have higher income limits for applicants and accept more than 80% of the AMI- so it’s important to research and understand each respective program’s guidelines thoroughly before applying!
Many purchase assistance programs provide an opportunity for homebuyers to qualify based on their profession alone. Programs like the Florida Home Town Heroes from the Florida Housing Finance Corporation offer financial aid to a variety of front-line community workers, including educators, firefighters, law enforcement officers, healthcare professionals, and childcare providers as well as military personnel.
The down payment is the amount of money the buyer paid upfront to purchase a home. It’s typically expressed as a percentage of the total home price and averages from 0-20%. Down payment assistance programs are offered through state, federal, and local governments and may provide grants, loans, or other forms of financial assistance to help cover this cost for first time buyers.
Closing costs are the fees associated with purchasing a home and can include everything from transfer taxes to legal fees. First time homebuyers who qualify for assistance programs may be able to access grants or loans to help cover these additional costs.
A deferred payment second mortgage also call “community seconds” is a type of secondary mortgage provided by a community entity that has either no payment or a small payment often forgivable after a certain amount of time. Keep in mind that second mortgages require first mortgage approval by a lender for qualified home buyers. For example, Broward County Housing Finance Division Home Buyers Purchase Assistance Program is a second mortgage assistance program.
If you’re looking for assistance with purchasing a home, some lenders offer no-payment second mortgages to help. My favorite is the Chenoa Down Payment Assistance program which includes both forgivable and non-forgivable second mortgages up to 5%. Although financing terms may differ from lender to lender, it’s worth researching what options are available. Contact me for more information.
When looking to save money while purchasing a home, buyers should also take the time to negotiate with their sellers. The seller may be willing to provide concessions such as covering closing costs, offering an allowance for remodeling work needed on the property, or reducing the purchase price. To identify any potential cost-saving opportunities that could come from the seller, buyers must employ useful negotiation strategies and work closely with their Realtor.
Purchase assistance programs are a great way to help buy a home in Broward County. It’s important to do your research and find the one that best meets your needs.
Now that you know more about Broward County and the features of purchasing assistance programs, you’re one step ahead in your journey to becoming a homeowner. If you have additional questions, our team is here to answer them. Give us a call or send us an email- we can’t wait to help you achieve your homeownership goals!
Ready to turn your real estate goals into reality? Reach out to Kid Breukelen Realty Group to explore tailored real estate solutions and benefit from our all-in-one support for buying, selling, property management, and mortgage services through Loan Factory, LLC. Let’s make your journey a success!
Rickey Shorter | Mortgage Loan Originator | NMLS# 2297502 | getmortgagesapproved.com |
Consumer Assess | Loan Factory, Inc | NMLS # 320841 | 2195 Tully Road San Jose, California 95122 Loan Factory, Inc is an equal opportunity lender.
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Rickey Shorter | Mortgage Loan Originator | NMLS# 2297502 | getmortgagesapproved.com | Consumer Assess | Loan Factory, Inc | NMLS # 320841 | 2195 Tully Road San Jose, California 95122
Loan Factory, Inc is an equal opportunity lender.
Kid Breukelen Realty Group provides all-in-one real estate solutions, specializing in sales, purchases, rentals, management, and mortgages. Our expert guidance makes every step of your real estate journey seamless and stress-free.
Kid Breukelen Realty Group provides all-in-one real estate solutions, specializing in sales, purchases, rentals, management, and mortgages. Our expert guidance makes every step of your real estate journey seamless and stress-free.
Kid Breukelen Realty Group provides all-in-one real estate solutions, specializing in sales, purchases, rentals, management, and mortgages. Our expert guidance makes your real estate journey seamless and stress-free.
