First-Time Buyer Resources

Important Programs and Information

If you're thinking about buying your first home in the Miami-Dade area, we have good news for you! Essential Realty has partnered with the non-profit organization Global Empowerment Development Corp (ph: 305-242-8708) to provide helpful resources and educational programs for first-time homebuyers. Wondering what this means? We have all the details you need to know. 

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.

Important Information for First-Time Buyers

Manageable Mortgage Rates

Homebuyers in Miami-Dade County now have a chance to own a home of their own at below-market mortgage rates. If you're a homebuyer looking for a manageable mortgage, this new program may make it possible for you to buy the home you want right now.

Public Housing and Community Development will work with you and local mortgage lenders to provide a low-interest second and/or a third mortgage (of 0% – 6%) using the appropriate source of funds to bring your out of pocket costs to an affordable level.

First-Time Homebuyer Loan Program

Public Housing and Community Development invites low- and moderate-income persons who are first-time homebuyers to apply for a mortgage loan subsidy through the County's loan program. Program participation is limited to one time only per family. A maximum 30-year fixed-interest mortgage is available for persons who qualify. You will also be required to obtain a first mortgage from an approved participating lender.

How to Qualify

In general, individuals 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.

Program Guidelines

Miami-Dade County implements a wide range of housing programs designed to enhance housing opportunities for low- and moderate-income, individuals and families who are legal residents of Miami-Dade County.

Pursuant to these Affordable Housing and Homeownership Program Guidelines, assistance may be provided to developers, community development corporations, individuals and families in an array of programs encompassing acquisition, construction, rehabilitation, reconstruction and permanent financing in the form of mortgage assistance, including soft second mortgages.

Down Payment Requirements

The down payment required by USHUD for Section 8 Homeownership Demonstration Program is 3 percent of the purchase price, of which 1 percent of the purchase price must be from the borrower’s own funds. The minimum down payment for the Infill Housing Initiative is 1 percent of the purchase price from the borrower’s own funds.

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.

Documentation required from buyers at the time of their appointment with staff. After you have obtained an executed sales contract, the developer will provide you with contact information for an appointment with one of our Finance Advisors.

Types of Acceptable Properties

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

  • Single family detached homes
  • Townhomes
  • Condominums
  • Twin homes
  • Studios

Applicable Restrictions 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.

Ready to Take the Next Steps?

Searching for your first home is now easier than ever. With our advanced home search feature, you can find a property within your budget and with your preferences. Be sure to check out our comprehensive resources about buying a home, including information about frequently asked home buyer questions, a home buying guide, and a relocation package.

When you're ready to take the first step to buying the home you desire, contact us at Essential Realty. If you have any questions or concerns about the process, feel free to start a conversation with us. We'll be happy to assist you!

Miami-Dade Real Estate Resources