Housing Finance Authority

2011 Homeownership Program features

First Mortgage loan with a fixed interest rate at 4.50% (0% origination). You have 30 years to repay the loan.

$7,500 deffered second mortgage at 0% interest, which can be used for down payment and closing costs.

How to qualify for the 2011 Homeownership Program

• You must occupy the home as your primary residence.
• You must be a first time home buyer 
• Credit, employment and living expenses will be evaluated.
• The maximum purchase price* for a new or existing home is: 
  Non-Targeted $386,000. ; Targeted $472,000.
• Family income limits:*
  • $84,360 for a family of 1 or 2
  • $98,420 for a family of 3 or more

*Note: The purchase price and family income limits are subject to change.
*Note: Must attend a HUD certified First Time Homebuyers class and obtain the certificate

How to get your home

1. See our list of participating lenders. Call one of the banks or lenders and ask for the "Single Family Bond Program" loan. Find out how much money they will lend you.
2. Find a home in Miami-Dade County that you like and can afford. You may use a realtor, the Internet, local classified ads, or you may work directly with a seller.
3. Offer the seller a deposit to hold the house while your loan is being processed. Get a signed contract from the seller.
4. Take your contract to the bank or lender you are working with. For example, the house will be appraised, and your income, employment, savings and credit will be verified.
5. Keep copies of your receipts and paperwork. Maintain and try to increase your savings. Do not make large purchases like a car, furniture or apply for a new credit while your loan is being processed.
6. Stay in contact with your loan officer.
7. Once everything is approved, a date will be set for signing all of the loan and deed documents. Your loan officer will tell you how much money you need to complete the purchase of your new home.

Learn more

Join our Homebuyers Club and get one-on-one confidential counseling. You will also be invited to educational workshops and housing fairs. This service is provided by the Miami-Dade Affordable Housing Foundation, Inc.

Call 305-471-9750 for more details