City of Hollywood First Time Home Buyer Program
Hollywood Housing and Community Redevelopment
www.hollywoodfl.org/housing
Contact
Neighborhood Housing Services of South Florida
Florida
954 622-4182
City of Hollywood Department of Housing and Community Redevelopment P.O. Box 229045
Hollywood Florida 33020-9045
Program Overview
The City of Hollywood First Time Home Buyer Program is a program that provides no-interest, deferred payment loans for closing costs and down payments. The property must be located in the city of Hollywood.
The application fee is $ 12.
Who is eligible for this Test program?
Borrowers must not have owned a home in the preceding three years. Applicants must meet income guidelines. Funds may be used for closing costs, down payment, or the purchase of a lot for new construction.
Maximum % of Sales Price: 3%
Household Income Limit: $ 119280
Is this program for first-time buyers only? No
Property Eligibility Requirements
The property must be located in the city of Hollywood.
The sales price cannot exceed $ 292150.
Allowable property types: Single-family homes, townhomes, condominiums, owned occupied duplexes permitting fee simple ownership, or multi-family properties with a maximum of four units with one owner-occupied unit.
Benefit Details
No-interest second mortgage to pay closing costs or down payment, No repayment is required unless the borrower sells or refinances the property. A deed restriction regarding repayment is placed on the deed at closing. The maximum loan is $40,000.
Benefit: No-interest deferred payment second mortgage to pay closing costs or down payment.
Loan Term:40 years
Homebuyer Counseling
Education Required: Yes Owner Occupancy Required: Yes Other Program Comments: Applicants are placed in a buyer pool that allows them to apply to purchase a City-owned property, or to wait for subsidy funding to purchase anywhere in the city.
