The demand for affordable housing is at an all-time high in South Florida with Broward’s median sale price of a single-family home now $500,000 but most local workers are not able to afford these hefty price tags.
If you live in Broward County and traditional mortgage loans seems far fetched, there might be a viable option that’s just right for you. Homeownership doesn’t have to be out of reach.
Habitat for Humanity of Broward offers a “hand up” not a “hand out” to families who are unable to qualify for conventional home financing but are willing to work hard to improve their family’s lives and achieve the economic empowerment of homeownership by offering working families a way to earn an affordable mortgage kept to 30 percent of household income through the sweat equity they invest.
Open enrollment for the pre-application process is now in full swing until Thursday, March 31, for single family affordable homes at “A Rick Case Habitat Community” and Habitat’s Collier City Revitalization in Pompano Beach, Florida. These communities offer new energy efficient two-story or one floor houses which are minutes away from beautiful beaches, schools, churches, a lively art and cultural scene, and great recreational and shopping amenity.
The application process has four steps that includes a pre-qualification questionnaire, orientation, financial analysis review and face-to-face interview. Successful applicants can expect to move into a home within 12 to 18 months.
Qualifications include but are not limited to the following:
• Must be a first-time homebuyer.
• Must be a U.S. Citizen or legal permanent resident.
• Must be a current Broward County resident or working in Broward (for a year or more).
• Must demonstrate a need for affordable housing.
• Must be able to afford a zero-percent mortgage and make a $2,000 down-payment.
Interested families can visit https://www.habitatbroward.org/2020-pre-qualification-questionnaire/ to start the pre-application process.