Current Miami-Dade Programs

Qualifying homebuyers can receive an interest-free loan of up to $35,000 dollars to cover the down payment for their first home.. Individuals earning less than $95,620; couples making less than $109,200; three person households earning less than $122,920; and households of four making less than $136,500 may be eligible for homebuyer down payment assistance. The maximum award is $35,000.  

 Income Eligibility Chart

• A first-time homebuyer is an individual who meets any of the following criteria: an individual or spouse who has had no ownership in a principal residence during the three year period ending on the date of purchase of the property; a single parent who has owned with a former spouse while married; an individual who has owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations; an individual who has owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
  The program also requires potential homebuyers to receive homebuyer counseling from a HUD certified agency and to complete approved homebuyer education training.   The education training will cover such topics as: choosing a realtor, selecting a home, qualifying for mortgage financing to include PHCD homeownership programs, a comprehensive  home inspection, entering a purchase/sale contract, maintaining a home, handling credit affairs and other skills needed for homeownership.
  
  • HUD approved homebuyer counseling agencies
  • Additional Criteria:
    
  • Combined Loan to Value (CLTV) not to exceed 105 percent of the purchase price including all mortgages and down payment assistance
  • Borrower must have 1% of the purchase price from their own funds for the down payment
  • Amount of down payment assistance will be based on underwriting by the first mortgage lender
  • Fixed rate mortgages only
  • For stand-alone purchases, first mortgage lenders are not required to be an approved lender in PHCD’s Homebuyer Loan Program. First mortgage lenders must provide a commitment letter along with the completed loan package
  • Must be a Miami-Dade County resident at time of application and loan closing.

• Loan Terms
  
  • Term: Up to 30 years deferred loan with no interest, unpaid principal balance due at maturity
  • Payments: No monthly payment required. Unpaid principal balance due upon sale, transfer of title, refinance or death during the term of the down payment loan
  • Default/Repayment: Governed by the Homebuyer Loan Program’s residency, resale and shared equity restrictions outlined in Ord. No. 15-127
  • If property is sold, shared equity period percentage of profit from resale to be paid to the County: 100% if sold within 1-3 years, 50% is sold between 4-6 years, 0% after 6 years.