First-Time Homebuyer Program
Essential Realty has partnered with the non-profit organization Global Empowerment Development Corp (305) 242-8708 to provide helpful resources and educational programs for 1st time homebuyers.
Financial Assistance with the Loan 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.
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 between 0-6 percent) using the appropriate source of funds to bring your out of pocket costs to an affordable level.
Information About the 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.
- See the list of Currently Approved Lenders
- How to qualify
- Program Guidelines
- Down payment requirements
- Required monthly payment criteria
- Types of acceptable properties
- Applicable restriction on properties
How to qualify
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.
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 (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
There is a minimum down payment requirement of 3 percent. One percent must be from the borrowers own funds. 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. The following is a list of documents that you are required to bring at the time of your appointment:
- Fully executed sales contract with at least 60 days remaining before expiring
- Two years signed and dated Income tax Returns and W-2’s with all applicable Schedules
- If applicable: Award letters for all other income: Social Security pension/retirement/SSI/welfare/disability
- If applicable: Pay stub for the last 30 days if VOE has not been obtained. (Evidence of VOE Request by Lender)
- Proof of legal residence: Resident Alien Card, INS Employment Authorization, I-94 (Cuban Citizens only). *Please Note: Documents must be current at time of application and show proof of Dade County resident
- Picture ID (i.e., Driver License, Employment ID, etc) and Social Security Cards of all household members
- Most current six months bank statement for all accounts
- Birth Certificate(s) for all household members, Letter from guardianship/adoption (if applicable) and/or School Records
- If applicable: Divorce Decree and Property Settlement Agreement; Proof of receipt of child support for the prior 12 consecutive months; Provide proof of non-receipt and "good faith" effort to collect and avoid inclusion in annual income figure
- If applicable: Third Party Verification of Regular Cash Contribution Letter for non-court ordered child support; If the applicant is not receiving court-ordered child support, a letter from the Department of Revenue, Child Support Enforcement Office is required
- If applicable: Alternative credit letters of verification from the following utilities: Bellsouth, FPL, Auto/Life Insurance, Furniture – Only if borrower has limited credit or no established credit
- Certificate of Completion of Homebuyers Training Program. See the list of Homebuyer Education and Counseling Services providers .
Types of acceptable properties
The following types of homes may be purchased upon approval by the County:
- Single family detached homes
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.
Find a Home with Essential Realty!
Searching for your first home is now easier than ever. With the advanced home search feature, you can find a property within your budget and with your preferences. Be sure to check out the 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!