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Homeownership Assistance Program (HAP)
- HAP Program Highlights
- Market Served
- Why have a HAP?
- How does MDEAT’S HAP Work?
- Borrower Eligibility
- Property Eligibility
- Maximum Sales Price
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.Back to Top
Very Low-to-Moderate-Income 1st-Time Homebuyers that reside in Miami-Dade CountyBack to Top
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.Back to Top
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 payoutBack to Top
(Ask a HAP approved lender for complete requirements & details)
- Must reside in Miami-Dade County (at time of application w/ approved lender);
- Be a First-time homebuyer or have not owned a home in the previous three years;
- Annual household income cannot exceed 140% of county median income, adjusted for family size.
- 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.
- Must get approved financing thru a HAP approved loan officer & lending institution.
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.Back to Top
Maximum Sales Price
The purchase price of the property cannot exceed the current FHA mortgage limit.Back to Top
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.Back to Top Page Last Edited: Thu Feb 26, 2015 5:19:27 PM
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