First-Time Homebuyers in Miami-Dade to Receive Interest-Free Support

Miami-Dade County has recently launched a new program that aims to help first-time homebuyers in securing their dream home. The county has come up with an interest-free loan program for qualified homeowners that covers the down payment of their first home. The loan amount is up to $35,000, which is a significant amount that can make a difference in the life of a first-time homebuyer.

To be eligible for the program, there are certain income requirements that need to be met. An individual must make less than $95,620 a year, a couple must make less than $109,200, a three-person household must make less than $122,920, and households of four or more people must make less than $136,500.

Apart from income requirements, there are other eligibility criteria that must be met by the potential homebuyer. These include not having owned a principal residence in the past three years, being a single parent who has owned with a former spouse, owning a property that was not in compliance with state, local or model building codes, and owning a principal residence that was not permanently affixed to a permanent foundation.

The program has a few additional requirements as well. All potential homebuyers must receive a counseling form from a Housing and Urban Development (HUD) certified agency and must complete homebuyer education training. This training provides essential information on buying and owning a home, including the responsibilities and costs associated with home ownership.

In conclusion, Miami-Dade County has taken an important step in helping first-time homebuyers in their journey of owning a home. With an interest-free loan program and additional support in the form of counseling and education, the county is committed to making the dream of home ownership a reality for its residents. For more information on the requirements and how to apply for the program, click on this link.

Chris has been in the marketing industry for well over a decade. Chris loves writing about anything related to saving money. A passion for teaching people through writing has given him a unique opportunity to use his skills in the marketing industry. In his spare time he likes spending time with his family. training his new puppy, and taking long road trips to places like Banff & Lake Louise, Alberta.
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