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Miami-Dade HFA Down Payment Assistance 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, FNMA HFA Preferred or FHMLC HFA Advantage mortgage loan.
  • Funds may only be used with a Florida HFA 1st mortgage loan.
  • Maximum Purchase price = $317,646
  • Property to be located anywhere in Miami-Dade County
  • Maximum Household Income per Miami-Dade County
  • Miami-Dade (1-2 person household = $78,700) (3 + persons = $90,505)
  • The down payment assistance comes in the form of a $15,000 - 0% interest, fixed-rate second mortgage Loan for Miami-Dade County. No monthly mortgage payments for the "silent second" mortgage.
  • Monthly payments on 2nd mortgage down payment assistance funds are not required.
  • Only one Florida down payment program can be used by the borrower per transaction.
  • The Down Payment Assistance loan is immediately repaid if the homebuyer sells the home, transfers ownership, satisfies or refinances the first mortgage, or ceases to occupy the home.
  • First Time Homebuyer's or Borrowers or Spouse have not owned a home in the last 3 years.
  • IRS Tax Returns filed for the 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. Fannie Mae and Freddie Mac loans possible 49.99% back end DT Use AUS Findings for acceptable ratios.
  • Must be First Time Home Buyers or not have owned a home in the 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 the 1st mortgage loan is paid out early.
  • No cash back at closing, any excess funds will be used to pay down the 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 640 FICO scores credit score to qualify for all Conventional loans.
  • Minimum 660 FICO scores 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.