Miami-Dade County
Housing Finance Authority of Miami-Dade County
Homeownership Program
ELIGIBLE AREA – Miami-Dade county
ELIGIBILITY CRITERIA* –
FIRST MORTGAGE - Qualified buyers will receive a 30-year fixed rate first mortgage from a participating lender. Eligible loan products include FHA, VA, and RD.
DOWN PAYMENT ASSISTANCE – Available as a 30-year deferred, 0% Second Mortgage of up to $15,000. Must be used for down payment and/or closing cost assistance. Must be repaid, this is never forgiven.
INCOME LIMIT CRITERIA – Household income is considered for the Borrower(s) only.
FHA, VA, & Freddie Mac HFA Advantage over 80% AMI Loans:
1-2 person household $130,525
3 or more person household $136,200
Freddie Mac 80% AMI and Fannie Mae Loans: $70,080
MAXIMUM SALES PRICE LIMIT – No purchase price limits in the Program.
Loan Limits- : $654,350 (FHA 1 Unit Property) $806,500 ( VA & Conventional 1 Unit Property)
ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher for Fannie Mae and Freddie Mac conventional loans and 660 or higher for FHA, VA and RD loans.
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
Housing Finance Authority of Miami-Dade County
Homeownership Program
ELIGIBLE AREA – Miami-Dade county
ELIGIBILITY CRITERIA* –
- Buyers and their spouses must be first-time buyers and must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
- Buyers must qualify using the HFA of Miami-Dade County program requirements.
- Buyers must credit qualify for the HFA of Miami-Dade County first mortgage.
FIRST MORTGAGE - Qualified buyers will receive a 30-year fixed rate first mortgage from a participating lender. Eligible loan products include FHA, VA, and RD.
DOWN PAYMENT ASSISTANCE – Available as a 30-year deferred, 0% Second Mortgage of up to $15,000. Must be used for down payment and/or closing cost assistance. Must be repaid, this is never forgiven.
INCOME LIMIT CRITERIA – Household income is considered for the Borrower(s) only.
FHA, VA, & Freddie Mac HFA Advantage over 80% AMI Loans:
1-2 person household $130,525
3 or more person household $136,200
Freddie Mac 80% AMI and Fannie Mae Loans: $70,080
MAXIMUM SALES PRICE LIMIT – No purchase price limits in the Program.
Loan Limits- : $654,350 (FHA 1 Unit Property) $806,500 ( VA & Conventional 1 Unit Property)
ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher for Fannie Mae and Freddie Mac conventional loans and 660 or higher for FHA, VA and RD loans.
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
WHAT'S THE NEXT STEP?
If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
Approved Program Lenders
If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
Approved Program Lenders