Broward County Housing Finance Authority Mortgage Credit Certificate (MCC) Program – Targeted Areas
Special Alert
Program limited to homes in targeted areas.
Maximum Purchase Price
$467,127 for 1 unit $597,974 for 2 units $722,829 for 3 units $898,306 for 4 units
Contact Info:
https://www.broward.org/HFA/programs/Pages/MortgageCreditCertificate.aspx 110 NE 3rd St., Suite 300, Ft. Lauderdale, FL 33301 954-357-4900
Limitations
Must be a first-time homebuyer. Must meet income and price limits. The Mortgage Credit Certificate is not a mortgage; however, it may be used in conjunction with a first mortgage from a participating lender (except a mortgage revenue bond loan.) Borrowers must meet normal mortgage underwriting requirements, which demonstrate credit worthiness, and meet the program’s income and home purchase price requirements. The benefit cannot exceed the amount of federal taxes paid each year after other credits and deductions have been applied. May be subject to recapture tax if the residence is sold within 9 years of purchase.
Credit Score Requirements
Minimum Credit Score: 640
Deferred Payments?
Accepted First Mortgage Type:
Freddie Mac, Fannie Mae, FHA 203(b), VA, USDA / RD
Homeowners Education Class:
Required
Is Forgivable?
Location:
1 County: Broward Program limited to targeted areas in Broward County, FL.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2022 120% AMI guidelines 140% AMI for Families of 3 or More.
Maximum Assistance
Education Requirements Info:
https://www.broward.org/HFA/programs/Pages/Certified%20HUD%20Approved%20Housing%20Counseling%20Agencies%205-22%20%28002%29.pdf
Eligible Property Types:
Single Family Detached Condo Townhome/PUD Manufactured Home
Income By Household Size:
HH1-2HH3-8 $108,840$126,980 *Income limits as of 04/21/2023
Qualifying Ratios:
Housing Ratio: — Total DTI: Up To 45%
