Category : First Time Home Buyer
There are funding available to assist a first time home buyer with down payment and or closing costs assistance towards a home purchase.
In qualifying for a First Time Home Buyer program,
1. Must not have own a home in the last three years.
2. Be employed and provide last two or three years of tax returns
3. Provide most recent two month of paystubs
4. Provide current bank statement for all assets accounts(checking, savings, IRA)
5. Must be credit worthy ( decent credit score of 620 or better)
6. Must be able to contribute up to 1% of the purchase price (Sales price of $150,000 x 1% =$1,500)
7. First time home buyer must meet the income guidelines for the program according to household size
8. Attend a first time home buyer class and received a certificate of completion
9. Be pre-approved with approved lender
10. Work with a Realtor that specialize and help with first time home buyers
County Funding available
City of Miami First Time Home Buyer assistance : from $55K to $95K
City of North Miami First Time Home Buyer assistance: from $10K to $20K
Miami Dade County/PHCD: from $30K to $80K
Miami Dade County/MDEAT/MMAP from $4,750 to $7,250
HOPE FUNDS $8,000 ( can be use in Miami Dade and Broward County)
BOND FUNDS $7,500 for First time home buyers ( Statewide)
Neighborhood Stabilization Program funds available
City of Miami Gardens– funds for down payment assistance is up to $20,000.00, $ 10,000.00 in a form of a forgivable loan the other $ 10,000.00 is repayable at $27.78 a month for 30 year interest free.
City of Miramar – up to $60,000 to buy a pre-foreclose or distressed property withing the City Target area in Miramar
Talk with a Realtor specialist for first time home buyers for your area of interest. Funding is available on a first time, first serve basis. Many of these first time home buyer assistance funds are allocated each fiscal year. If you are ready to make your dream of home ownership a reality, its time to take the necessary steps to do so.