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 our loan program between the Office of Community and Economic Development (OCED) of Miami-Dade County and local home mortgage lenders.   Home buyers in Miami-Dade County now have a chance to own a home of their own at below-market mortgage rates. If you're a home buyer looking for a manageable mortgage, this new program may make it possible for you to buy the home you want right now. The Office of Community and Economic Development will work with you and local mortgage lenders to provide a second and/ or a third mortgage using the appropriate source of funds to bring your out of pocket costs to an affordable level.

Features

The Program: Miami-Dade County Office of Community and Economic Development (OCED) assists very low to moderate-income individuals and families with the purchase of a home as their primary residence, by processing a low-interest second mortgage. Depending on each individual(s) or families income, staff will determine if additional subsidy is necessary in order to qualify. 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.

Interest rate: The interest rate on the second mortgage will be between 0-6 percent (%).

Who qualifies for the Program? In general, individual(s) or families who do not own a home at the time of application. 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 three percent (3%).  One percent (1%) must be from the borrowers own funds. The down payment required by USHUD for Section 8 Homeownership Demonstration Program is three percent (3%) of the purchase price, of which one percent (1%) of the purchase price must be from the borrower’s own funds. The minimum down payment for the Infill Housing Initiative is one percent (1%) 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 OCED staff: After you have obtained an executed sales contract, the developer will provide you with contact information for an appointment with a Finance Advisor from OCED. 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 (2) 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

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

• Single family detached homes, townhouses, condominiums, twin-homes and 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.

Please check back soon as we are in the process of gathering additional information.