Are you a first-time homebuyer looking to purchase a home in Miami-Dade County?
The Miami-Dade Homebuyer Assistance Program offers interest-free loans of up to $35,000 to help qualified individuals and families with down payment and closing costs.
Administered by the Public Housing and Community Development (PHCD) department, this program is a valuable resource designed to help low- to moderate-income individuals and families achieve the dream of homeownership.
These funds can be used toward down payment and closing costs, significantly reducing the initial financial barriers that often prevent people from buying a home.
By facilitating homeownership, the program aims to promote stable communities and enhance the overall quality of life within Miami-Dade County.
Use our easy calculator below to find out if you may qualify for this valuable assistance.
Have questions about the Miami-Dade Homebuyer Assistance Program? We've compiled answers to some of the most common inquiries to help you better understand the program.
Eligible properties include single-family homes, townhouses, condominiums, and certain pre-approved co-ops located within Miami-Dade County.
The property must be intended to be your primary residence and must meet all program guidelines set by the Public Housing and Community Development department.
While the Miami-Dade Homebuyer Assistance Program itself may not specify a minimum credit score, participating lenders will have their own credit requirements for mortgage approval.
It's essential to consult with your lender to understand their specific criteria, as a good credit score can enhance your chances of both mortgage and assistance program approval.
Yes, you can combine the Miami-Dade Homebuyer Assistance Program with other down payment assistance programs. However, the Combined Loan-to-Value (CLTV) ratio must not exceed 105% of the property's purchase price.
Be sure to disclose all additional assistance to your lender and the PHCD to ensure compliance with program guidelines.
If you sell the property within the first six years, a portion of the profit (shared equity) must be repaid to the county:
Additionally, the unpaid principal balance of the assistance loan becomes due upon sale, transfer, refinancing, or if the property is no longer your primary residence during the loan term.
The application process timeline can vary based on several factors, including the completeness of your application and the volume of applications being processed.
On average, it may take several weeks to a few months from application submission to approval. Submitting a complete and accurate application package can help expedite the process.
The assistance loan is deferred and interest-free, meaning you don't have to make monthly payments.
The unpaid principal balance is due upon certain events, such as selling the property, transferring the title, refinancing the mortgage, or if the property is no longer your primary residence.
The loan is designed to be repaid at the end of its term or when these specific conditions are met.
While the program itself may not charge fees, there could be costs associated with the application process, such as appraisal fees, credit reports, or fees charged by the lender.
It's important to discuss all potential costs with your lender and factor them into your budgeting for the home purchase.
Eligibility is determined based on your household size and income at the time of application.
If there are significant changes to your household composition or income before the loan closing, you must notify the PHCD and your lender immediately.
Changes may affect your eligibility, and failure to disclose them could result in denial of assistance or other legal consequences.
