Miami-Dade 1st Time Home Buyers Down Payment Assistance program
Updated June 10, 2023Miami-Dade HFA First Time Home Buyer and Down Payment Assistance Loan Program
Program Features:- Miami-Dade HFA 1st Time Home Buyers and Down Payment Assistance Loan Program
- 30-year, fixed-rate FHA first mortgage loans originated by trained and approved lenders throughout the State of Florida. The program is offered to all borrowers in Miami-Dade county Florida who meet income, purchase price and other program guidelines, and can otherwise qualify for an FHA, VA,HFA Preferred or FHMLC HFA Advantage mortgage loan.
- Funds may only be used with a Florida HFA 1st mortgage loan.
- Maximum Purchase price = $352,371.
- Property to be located anywhere in Miami-Dade County.
- Maximum Household Income per Miami-Dade County.
- Miami-Dade (1-2 person household = $91,400) (3 + persons = $105,110)
- The down payment assistance comes in the form of a $15,000 - 0% interest, fixed-rate second mortgage Loan for Miami-Dade County only. No monthly mortgage payments for the "silent second" mortgage.
- Monthly payments on 2nd mortgage down payment assistance funds are differed and not required until homebuyer sells the home, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home.
- Only one Florida down payment program can be used by the borrower per transaction.
- First Time Homebuyer's or Borrowers or Spouse have not owned a home in the last 3 years.
- IRS Tax Returns filed for past 3 years for all Borrowers.
- First and second mortgage Doc Stamps ARE Exempt on this program. Intangible Tax is NOT exempt on the first mortgage but is exempt on the "silent second" mortgage.
- Minimum Funds directly from Buyer of $1000.00 to Close on Home.
- 44.99% Debt to Income or less for FHA.Freddie Mac loans possible 48.99% or whatever back end AUS Findings use for acceptable ratios.
- Must be 1st Time Home Buyers or not have owned a home in past 3 years.
- Low fixed mortgage interest rates.
- Eligible Loan Types include Conventional (Fannie Mae, HFA Preferred, Freddie Mac HFA Advantage), FHA, USDA, and VA loans.
- Can purchase new or resale homes.
- Single family residences, townhouses, villas and Program APPROVED Condos, NO manufactured homes. No duplexes, triplexes or quadraplexes without Borrower contributing 3% of the purchase price.
- Buyers must occupy property within 60 days of Closing.
- 8 hour HUD approved Mortgage Counseling course required. Certificates valid for 2-years. Buyers CANNOT use any Mortgage Insurance Companies online education class.
- Primary Residences only, no second homes or investment properties.
- No Prepayment Penalty Fee if 1st mortgage loan is paid out early.
- No cash back at closing, any excess funds will be used to pay down first mortgage. In excess money will be used as a Principle Reduction.
- Borrowers are permitted a reimbursement of prepaids and reimbursement of overage of earnest money deposit to the extent any minimum contribution has been satisfied and permitted by Agency guidelines.
- Appraisal must indicate the structure has at least 30 years of possible life.
- Credit restrictions:
- Minimum 700 middle FICO 5-4-2 credit score to qualify for all Conventional loans.
- Minimum 660 middle FICO 5-4-2 credit score to qualify for FHA loans.
- Bankruptcies discharged over 2 years or Foreclosures older than 3 years, minimum 2 trade lines with no late's in last 12 months, No NSF's in last 6 months.
- Co-Signors/Non-occupying Co-Borrowers allowed if related by blood, marriage or law and Agency guidelines.
- Lender credit not available.
- No Manual underwrites on FHA loans.
- Borrower Income from 1003 Mortgage Loan Application Household income not required if Borrower qualifies alone and is below income limits.
- Income must be supported by pay stubs and 2 year history of continuous employment. Gaps in employment can be considered. 2 year overall employment required, not necessarily continuous employment required.
- Refinances: Not permitted.
Other Florida First-Time Home Buyer & Down Payment Assistance Programs:
- 100% Community Advantage Special Conventional Financing
- Hometown Choice Conventional Special Mortgage Financing for First Time Home Buyers
- First Time Homebuyer 100% Special Financing with No Mortgage Insurance
- Essex 100% Special Mortgage Financing with Down Payment Assistance
- First Time Home Buyer Special Financing matching Grant Loan by FHLB
- FHLB Work Force Plus + Up to $20,000 Down Payment Assistance Grant
- $10,000 Down Payment Assistance for First Time Home buyers!
- USDA - 100% Home Financing and lower Mortgage Insurance than FHA Loans!
- Down Payment Assistance Unlimited Income Grant for 100% Financing for Home Financing!
- 2023-Florida Hometown Heroes Housing Program for State of Florida.
- 1st Time Home Buyer 3%-5% Grant for Down Payment Assistance
- Salute Our Soldiers 100% VA Loan Program for Honorably Discharged Veterans
- Lease-to-Own and Rent-To-Buy-Home program. This is a great Home Buying program for All Florida Middle Income Home Buyers!
- First Time Home Buyer 105% Special Financing with No Income Limit
- Manatee $15,000 Key Ownership Down Payment Assistance Grant for First Time Home Buyers
- Bank Statement loans for the Self Employed up to $3M!
- OWN A HOME Down Payment Assistance Grant
- Miami-Dade 1st Time Home Buyers Down Payment Assistance program
- Opportunity Advantage Loan Fund
- Home Sweet Home 1st Time Home Buyer program for Hillsborough, Clay, Brevard and Duval counties with up to $25,000 Down Payment Assistance.
- 1st Time Home Home Buyer, $10,000 Down Payment Assistance program
- First Time Home Buyer 3.5% Grant for FHA Down Payment Assistance
- First Time Home Buyer up to $30,000 deferred Down Payment Assistance!
- Home Key Down Payment Assistance programs for Pinellas, Pasco and Polk County Florida
- Palm Beach County 1st Time Home Buyer Grant and Down Payment Assistance Program
- Investor Real Estate Loans for Rental Property purchase!