Miami-Dade County

City of Miami- First-Time Homebuyer Program

The City’s First Time Homebuyer program provides zero percent (0%) deferred loans to first-time homebuyers purchasing a property in the City of Miami. The buyer selects their own eligible property to purchase and meets with one of the participating lenders to be pre-qualified for a mortgage loan. The City of Miami underwrites the loan based on the first mortgage lender’s commitment. The City only accepts applications from participating lenders and they are processed on a first-come, first-ready, first-serve basis. 

Snapshot of the First-Time Homebuyer Program

Eligible Properties: 
  • Single Family Residences; townhomes,  condominiums
  • Property must be located in the City of Miami;
  • Property must meet Housing Quality Standards as per 24 CFR 982.401.
  • Must not have owned a home in the past 3 years;
  • Household income less than or equal to 80% of the area median income adjusted for family size.
  • Must be able to afford a monthly payment based on income and debt;
  • Must contribute at least $500 of personal funds towards down payment / closing costs.
Maximum Sales Price:  $176,000 for exisiting homes; 214,000 for new homes.

First-time Homebuyer Program application, include all proper documentation, and submit them to your lender. Have your lender submit your loan package to the City.


Miami-Dade County-First-Time Homebuyer Program

If you are looking for assistance in obtaining financing as a first-time homebuyer and you qualify under CDBG, HOME, SHIP or Surtax income guidelines, you may benefit thanks to the loan program between the Miami-Dade County Public Housing and Community Development and local home mortgage lenders.

In general, individual or families who do not own a home at the time of application can qualify. To be eligible you must: have an income not exceeding the limits; have been employed in the same line of work for at least 24 months; have a good, established credit history and be approved for credit by a participating lender; and be either a U.S. Citizen, or have obtained legal permanent residency immigration status.


Down payment requirements

There is a minimum down payment requirement of 3 percent

Required monthly payment criteria

The maximum monthly payment, including your house payment and all of your outstanding debts (including installment loans, revolving credit cards, and child care expenses), can not exceed 45% of your gross monthly income.

Types of acceptable properties

The following types of homes may be purchased upon approval by the County:

  • Single family detached homes
  • Townhouses
  • Condominiums
  • Twin-homes
  • Studios

Applicable restriction on properties

The property must be in an area designated for residential housing. It must be occupied by the mortgagor(s) as his/her principal residence. It must have an expected economic life of not less than 30 years, and not provide a source of income to the mortgagor(s) (you cannot rent the property).

Properties purchased under the program must be located in an approved County-funded development.

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