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Homeownership Assistance Program (HAP)

Purpose

MDEAT’s Homeownership Assistance Program (HAP/MMAP-HAP) is designed to increase first-time home purchases of low-to-moderate-income residents in Miami-Dade County.

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Market Served

Very Low-to-Moderate-Income 1st-Time Homebuyers that reside in Miami-Dade County

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Why have a HAP?

With greater home-purchase related costs, HAP/MMAP-HAP funds can be used to reduce down-payment and/or closing costs when purchasing a home, making it easier for prospective homeowners to qualify for a mortgage.

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How does MDEAT’S HAP Work?

The HAP utilizes Documentary Surtax dollars to provide down payment and/ or closing costs assistance via a 0%interest, non-amortized (no payment), mortgage loan. The HAP loan is forgiven after 10 years of owner occupancy without doing a cash-out refinance. Assistance is provided based on availability of funds on an as-needed basis that are subject to change with prior approved lenders notification. In person homebuyer education is required via a MDEAT and HUD approved Housing Counseling Agency. (See website or contact MDEAT).

  • For Households at or below 80% of the adjusted gross median income (AGI) for Miami-Dade County (see Income Limits & Allowable Financing chart) – Maximum assistance is the lower of 10.00% of the property purchase price or $7,250.00 (amended 4/01/14 *).
  • For Households above 80% of the adjusted gross median income for Miami-Dade County (see the Income Limits & Allowable Financing chart) – Maximum assistance is the lower of 4.00% of the property purchase price or $4,750.00 (amended 4/01/14 *).

* Increased by $250.00 to include homebuyer counseling payout

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Borrower Eligibility

(Ask a HAP approved lender for complete requirements & details)

  1. Must reside in Miami-Dade County (at time of application w/ approved lender);
  2. Be a First-time homebuyer or have not owned a home in the previous three years;
  3. Annual household income cannot exceed 140% of county median income, adjusted for family size.
  4. Must contribute at least 1% of sales price (income 100% or less of adjusted median) or 3% of sales price (income 100.01-140% of adjusted median) from your own funds.
  5. Must get approved financing thru a HAP approved loan officer & lending institution.
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Property Eligibility

Any new or existing property located in Miami-Dade County is eligible.  The style can be a single-family detached home, a town-home or a condo.  Two to four-family units (duplexes, etc.) are ineligible. Foreclosed REOs & Short Sales considered on a case-by case basis.

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Maximum Sales Price

The purchase price of the property cannot exceed the current FHA mortgage limit.

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Partners

The HAP works in partnership with real estate and mortgage professionals, financial institutions, housing counseling and community-based agencies, and can be combined with other Miami-Dade County, local cities and some state assistance programs.

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Page Last Edited: Thu Feb 26, 2015 5:19:27 PM
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