What is the Miami-Dade HFA First Time Homebuyer Program? | Up to $15,000 in Aid

The Miami HFA First Time Homebuyer Program is a valuable initiative designed to help individuals and families achieve the dream of homeownership by providing financial assistance and resources.

Eligible participants can receive up to $15,000 in aid to cover down payment and closing costs, making it easier to purchase a home in Miami-Dade County.

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This article explores the program’s benefits, eligibility requirements, and how to apply, offering a comprehensive guide for first-time buyers navigating the process.

What is the Miami HFA First Time Homebuyer Program?  

The Miami HFA First Time Homebuyer Program is a financial assistance initiative designed to help eligible individuals and families purchase their first home in Miami-Dade County.

Highlights include down payment assistance of up to $15,000 as a 0% second mortgage and a low fixed-interest rate on a 30-year mortgage.

The program supports the purchase of condos and 1-4 unit family homes, and down payment funds can be combined with other community assistance programs.

Keep reading to explore how this program works, benefits, requirements, and more.

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Program Benefits

The Miami HFA First Time Homebuyer Program offers a range of benefits to help eligible buyers achieve homeownership. Here are the key highlights:

• Down payment assistance: Receive up to $15,000 as a 0% deferred second mortgage.

• Low fixed-interest rate: Enjoy a 30-year mortgage with a competitive, fixed interest rate.

• Flexible property options: Finance condos, single-family homes, and multi-unit properties (1-4 units).

• Combined assistance: Use down payment funds alongside other community assistance programs.

• Convenient education: Complete an online homebuyer education course to prepare for the process.

These benefits make the program a valuable resource for first-time homebuyers in Miami-Dade County.

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Requirements for Eligibility

To qualify for the Miami HFA First Time Homebuyer Program, applicants must meet specific criteria.

Here are the key eligibility requirements:

• Credit score: A minimum credit score of 660 or higher.

• Employment history: Stable employment in the same line of work for at least 24 months.

• Citizenship status: Must be a U.S. citizen or have permanent residency.

• Income limits: Household income must not exceed program limits (e.g., $130,525 for 1-2 persons).

• Home purchase requirements: The property must be located in Miami-Dade County and meet purchase price limits.

• Property location: The home must be in Miami-Dade County.

• Primary residence: Buyers must live in the home as their primary residence.

• Property types: Eligible properties include single-family homes, townhouses, condos, duplexes, and up to four-plex units.

• Homebuyer education: Completion of an 8-hour Homebuyer Education Course is required.

Meeting these requirements ensures you’re on the right path to accessing the program’s benefits.

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Income Limits

To qualify for the Miami HFA First Time Homebuyer Program, your household income must not exceed the following limits:

• Household of 1-2 persons: Maximum income of $130,525*.

• Household of 3 or more persons: Maximum income of $136,200*.

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Home Purchase Requirements

The program also sets maximum purchase price limits for eligible properties:

• FHA Loan Limit: $654,350.

• VA and Conventional Loan Limit: $806,500.

These requirements ensure the program supports affordable homeownership for first-time buyers in Miami-Dade County.

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Frequently Asked Questions (FAQs)

Here are answers to some common questions about the Miami HFA First Time Homebuyer Program that haven’t already been covered:

1. Who is considered a first-time homebuyer for this program?
A first-time homebuyer is defined as someone who has not owned a home in the past three years.

2. Can I use the program if I’ve owned a home before but currently don’t?
Yes, as long as you haven’t owned a home in the last three years, you may still qualify as a first-time homebuyer.

3. Are there any fees to apply for the program?
While the program itself doesn’t charge application fees, you may encounter fees from lenders or for the required homebuyer education course.

4. How long does it take to get approved for the program?
Approval timelines vary depending on your lender and how quickly you complete required steps, such as the homebuyer education course and pre-qualification.

5. Can I use the program to buy a fixer-upper or investment property?
No, the program is only for purchasing a primary residence in move-in-ready condition. Investment properties and fixer-uppers are not eligible.

6. What happens if I sell the home before paying off the down payment assistance?
The down payment assistance is a deferred 0% second mortgage. If you sell or refinance the home, the assistance amount must be repaid.

7. Can I combine this program with other down payment assistance programs?
Yes, the program allows you to use down payment assistance funds alongside other community or state assistance programs.

8. Is there a deadline to apply for the program?
There is no specific deadline, but funds are limited and distributed on a first-come, first-served basis. Apply as soon as possible to secure assistance.

9. What happens if my income changes after I’m approved?
Once you’re approved, changes in income typically don’t affect your eligibility, as long as you met the requirements at the time of approval.

10. Can I use the program if I’m self-employed?
Yes, self-employed individuals can qualify, but they must provide proof of stable income for at least 24 months, such as tax returns or financial statements.

If you have additional questions, contact an approved HFA lender or the Housing Finance Authority directly for more information.

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Next Steps

Start by checking your eligibility for the Miami HFA First Time Homebuyer Program.

Confirm that you meet the basic requirements, including income limits, credit score criteria, and that the program is available for your desired property in Miami-Dade County.

Once eligible, connect with a participating HFA-approved lender who will guide you through the application process, verify your qualifications, and help you secure up to $15,000 in down payment assistance.

After your loan is approved and any required steps, such as completing the 8-hour Homebuyer Education Course, are fulfilled, the assistance will be applied at closing to reduce your upfront costs.

Take the first step today by confirming your eligibility online!

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