Miami-Dade’s Affordable Housing Solution: HFA Mortgage Program
Recognizing the substantial upfront expenses associated with buying a home, the Housing Finance Authority of Miami-Dade County is committed to assisting potential homebuyers. They offer a comprehensive package that includes a 30-year fixed-rate mortgage along with valuable down payment assistance.
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Available Assistance Under the program, eligible homebuyers in Miami-Dade County can access up to $10,000 in down payment assistance. This support is provided through a deferred, zero-interest second mortgage, making it easier for aspiring homeowners to bridge the financial gap.
Eligibility Requirements To qualify for this down payment assistance, applicants must be either U.S. citizens or permanent residents. Additionally, a minimum credit score of 640 is required, and applicants should have a stable employment history of 24 months in the same field. Completion of an 8-hour HUD-approved homebuyer education course is mandatory. Household income limits are defined as follows:
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Household for 1 -2 persons:
- Non-Target: $91,400
- Target: $105,110
Household for 3 or more persons:
- Non-Target: $109,680
- Target: $127,960
Property Guidelines Properties acquired through this program must serve as the primary residence of the borrower and be located within Miami-Dade County. Eligible property types encompass single-family homes, townhouses, condominiums, duplexes, triplexes, and fourplexes. Additionally, the homes must align with the program’s specified purchase price limits:
Non-Target:
- Purchase Price Limit: $331,887
Target:
- Purchase Price Limit: $405,640
With this comprehensive assistance package, the Housing Finance Authority of Miami-Dade County is dedicated to making homeownership dreams a reality for eligible individuals and families.
