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MIAMI DADE DOWN PAYMENT ASSISTANCE PROGRAMS - Miami Dade First Time Home buyers Program

The Miami Dade Down payment assistance and Economic Advocacy Trust was designed to address the need of  Miami-Dade first time home buyers by providing Miami Dade Down payment assistance and closing costs assistance to purchase their first Miami Dade FL home. It serves as a primary channel through which Miami Dade county can provide down payment assistance to assist in purchasing a Miami Florida home.

MIAMI DADE DOWN PAYMENT ASSISTANCE ELIGIBILITY

  1. You must reside in Miami-Dade County (at time of application w/ approved lender);
  2. You must be a First-time Miami Dade home buyer or have not owned a Miami home in the previous (3) three years;
  3. Have annual household income not exceeding 140% of county median income, adjusted for family size. (see below chart)
  4. You Must contribute at least 1% of sales price (income 100% or less of adjusted median) or 3% of sales price (income 100.01-140% of adjusted median) from your own down payment  funds.
  5. Must get approved financing thru a HAP/ FHA approved mortgage lender.  

1STARTNOW

www.Florida-Mortgage-Lenders.com

The Miami Dade Down payment assistance is a zero interest deferred loan program that provides funding for first-time Miami Dade Florida homebuyers towards down payment and/or closing costs. This Miami Dade first time home buyer down payment assistance program helps reduce the up front costs of purchasing a Miami Florida home -- making it easier for prospective Miami Dade Florida homeowners to qualify for a Florida mortgage. Miami FL. homebuyers can not directly apply to Miami-Dade Economic Advocacy Trust for HAP funds. Application files must be submitted for Miami Dade Down payment assistance to Miami-Dade Economic Advocacy Trust HAP by an approved Miami Dade Florida mortgage broker.

HOW DO I QUALIFY FOR MIAMI DADE DOWNPAYMENT ASSSITANCE? The HAP down payment assistance program was designed to increase the number of Miami Dade County Florida first item home buyers that do not have the down payment needed to purchase a home.

HOW DOES MDEATS HAP WORK? HAP utilizes documentary stamp tax paid when Miami home buyers purchase a home. These surplus tax dollars to provide down payment assistance and closing cost via non interest barring, non-amortized second mortgage loan. The HAP loan is forgiven if the borrower owns the home and occupies the home for 10 years without doing cash out refinance. .

WHAT IS HAP? With greater home purchase released cost HAP funds can b used to cover or at least reduce the down payment and first time homebuyer closing cost associated with purchasing a Miami Dade home making it easier for Miami Dade first time home buyers to purchase a home.

HOME ELIGIBILITY- Miami Dade First time home buyers must purchase a home located in Miami Dade Florida. The property must be FHA approved single family home, townhouse; villa or Miami Dade FHA approved condo.

 

MAXIMUM SALES PRICE- The purchase price of the home cannot exceed the current Miami Florida FHA lending limit of 345,000.

 

 

1STARTNOW

www.Florida-Mortgage-Lenders.com

 

ALLOWABLE MIAMI DADE DOWN PAYMENT ASSISTANCE AMOUNTS-

  1. For Households at or below 80% of the adjusted gross median income for Miami-Dade County (see below chart) – The maximum assistance is the lower of 10.00% of property purchase price or $7,000.00.
  2. For Households above 80% of the adjusted gross median income for Miami-Dade County (see above chart) – The maximum assistance is the lower of 4.00% of the property purchase price or $4,500.00.

HAP Miami Dade Down payment assistance is provided based on the availability of funds on an as-needed basis with limitations that are subject to change. Miami Down payment assistance funds are disbursed to the closing agent for closing. Miami Down payment assistance funds cannot use funds to pay off judgments, collection accounts or any consumer debt.   Closing agents must return any excess funds (not used for closing) to MDEAT

DOWN PAYMENT ASSISTANCE BORROWERS MAY NOT RECEIVE MONEY BACK AT TIME OF CLOSING UNDER ANY CIRCUMSTANCES.

WHATS THE MAXIMUM INCOME FOR MIAMI DADE DOWN PAYMENT ASSISTANCE? Below see maximum income limits

Miami Dade Florida Maximum Income Limits and Maximum Allowable Miami FL Financing.
Miami Dade Maximum Income Limits retroactive as of January 3, 2013 and are subject to change periodically via U.S. HUD revisions (HUD & FHFC revision date 12/11/12 and 12/14/12 respectively).

Family Size

50% Very Low 

Up to 10%

50.01% - 80% Low Up to 10%  80.01% - 100% MedianUp to 4% Assistance 100.01% - 120% Up to 4% Assistance

120.1% - 140%

Up to 4%

1

$22,900

$36,650

$45,800

$54,960

$64,120

2

$26,200

$41,850

$52,400

$62,880

$73,360

3

$29,450

$47,100

$58,900

$70,680

$82,460

4

$32,700

$52,300

$65,400

$78,480

$91,560

5

$35,350

$56,500

$70,700

$84,840

$98,980

6

$37,950

$60,700

$75,900

$91,080

$106,260

7

$40,550

$64,900

$81,100

$97,320

$113,540

8

$43,200

$69,050

$86,400

$103,680

$120,960

 

MIAMI DADE FLORIDA – CERTIFIED -  FIRST TIME HOME BUYER EDUCATION PROVIDERS

ADAMO COMMUNITY SOLUTIONS, INC. 100 N.E. 84 Street, Suite 150 Miami, FL 33138 CENTRO CAMPESINO FARMWORKER CENTER, INC. 35801 SW 186th Avenue Florida City, Florida 33034

CUBAN AMERICAN NATIONAL COUNCIL, INC. (CNC) 1223 SW 4th Street Miami, FL 33135

HOUSING FOUNDATION OF AMERICA, INC. * 2400 No. University Drive Pembroke Pines, FL 33024 (MDEAT – HAP/ MMAP-HAP) P. Clark Center ● 111 NW 1st Street ● 20th Flr. - Ste 2032, Miami, FL 33128

HAITIAN AMERICAN COMMUNITY DEVELOPMENT CORP. (formally known as Little Haiti Community Development Corp.) 181 N.E. 82ND Street, Suite 100 Miami, FL 33138

MIAMI BEACH COMMUNITY DEVELOPMENT CORP. 945 Pennsylvania Avenue, 2nd Floor Miami Beach, Florida 33139

MIAMI-DADE AFFORDABLE HOUSING FOUNDATION, INCORPORATED 1444 Biscayne Boulevard, Suite 312 Miami, FL 33132

NEIGHBORHOOD HOUSING SERVICES OF SOUTH FLORIDA, INC. 300 NW 12 Avenue Miami, Florida 33128

NANAY HOUSING RESOURCE CENTER 659 NE 125 Street North Miami, Florida 33161

MIAMI DADE ECONOMIC ADVOCACY TRUST – HOME OWNERSHIP ASSISTANCE PROGRAM (MDEAT – HAP/ MMAP-HAP) Stephen P. Clark Center ● 111 NW 1st Street ● 20th Flr. - Ste 2032, Miami, FL 33128

NID HOUSING COUNSELING AGENCY 610 NW 183rd Street Miami Gardens, Florida 33169

OPA LOCKA COMMUNITY DEVELOPMENT CORPORATION- 490 Opa-Locka Boulevard, Suite 20 Opa-Locka, Florida 33054

TRINITY EMPOWERMENT CONSORTIUM- 9755 SW 184 Street Miami, Florida 33157

VISION TO VICTORY DESTINATION HOME - 13230 NW 7th Avenue, North Miami, Florida 33168

ABOUT MIAMI DADE DOWN PAYMENT ASSISTANCE

The Miami Dade Down payment assistance Trust HAP utilizes documentary surtax dollars to provide funds in the form of a 0 percent-interest, non-amortized (no payment), Miami Dade Down payment assistance. The HAP loan is forgiven when the  borrower owns and occupies the property for 10 years without doing a cash-out refinance.

The Miami Dade first time home buyers down payment assistance economic advocacy Trust HAP works in partnership with Miami Dade real estate professionals, financial institutions, Florida mortgage lenders & brokers, housing counseling agencies, community-based organizations and several other Miami Dade Down payment assistance programs though the local cities and some Miami Florida Down payment assistance programs that actively pursue and assist the low to moderate-income Miami Dade Florida first time homebuyers.

The successful Miami Dade first time home buyers program has a public and private partnership between Miami-Dade Economic Advocacy Trust and SFBR is emulated in the growing number of participating Miami FL housing professionals.  One of the major reasons for such a high participation rate is the incorporation of a fiscally sound fast-track system in qualifying and approval for Miami Dade first time home buyers for deferred loans..

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