Down Payment Assistance Program (Miami-Dade County)

Down Payment Assistance Program (Miami-Dade County) is sponsored by Miami-Dade County Public Housing and Community Development Department (PHCD). This program provides zero-interest deferred loans to very low- to moderate-income families to assist with down payment and closing costs for homeownership in Miami-Dade County. The maximum loan amount is $35,000 for up to 30 years.

Homebuyer Down Payment Assistance Program Homebuyer Down Payment Assistance Program 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. For additional information, please contact Mr. Shawn Topps at (786) 469-2209 or at [email protected] .

Down Payment Assistance Income Eligibility Chart View the Down Payment Assistance Program 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 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. 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. Housing and Community Development Overtown Transit Village North 786-469-4100 | [email protected] Contact Us | About Us Request Public Records Leaving Miami-Dade County You are now leaving the official website of Miami-Dade County government.

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