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Hollywood puts renovated house up for sale and will contribute up to half of the purchase price
FORT LAUDERDALE – It's a deal that seems too good to be true, but it is.
The City of Hollywood is selling a newly remodeled and remodeled home and will provide substantial purchasing assistance through its Home Buyer Assistance Program.
The 922-square-foot, two-bedroom, one-bathroom home on Cleveland Street near downtown Hollywood is priced at $350,000.
The city will pay up to $170,000 to a qualified and eligible home buyer.
The home features exterior impact windows and doors, central air conditioning and heating, fully remodeled kitchen cabinets with stainless steel appliances, fully remodeled bathroom, and tankless water heater. Additionally, the paint is brand new inside and out.
According to the city's website:
“Help to purchase of up to $50,000 is a conditional grant (15-year duration) that applies to the cost of purchasing this home.
The Help to Buy amount of up to $120,000 will be a second mortgage, at zero interest, with no monthly payment, for a term of 30 years and payable in full at maturity or the sale of the property, whichever comes first.
Whoever gets the house will have to pay at least three percent of the first loan amount, and the Help to Buy amount will fill the 'gap' once the first mortgage and buyer's contribution are applied purchase and closing costs.
So who is eligible?
The buyer must be pre-approved for a residential mortgage loan from a first mortgage lender and the terms of the loan must meet city guidelines.
The buyer's gross annual household income cannot exceed 120% of the area median income based on household size. Priority will be given to households with a median income of 80% or less.
For example, for two people applying to buy the house, their income must vary between $67,500 and $101,280 maximum. The range for a family of three would cost between $76,050 and $114,000 at most.
The potential buyer must not have owned a residential property within the last three years and priority will be given to Hollywood residents.
Buyers must submit a signed form Letter of Intent of purchase, signed by the buyer and the first mortgage lender before the deadline of May 1 at 3 p.m. The letter of intent must include a mortgage pre-approval or pre-qualification letter.
First and second place bidders will be notified by the Broward County Housing Finance Division, which handles buyer qualification/certification. They will gather documents from these buyers and their lenders for a complete application package.
Click here for more information.
John MacLauchlan
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