What home ownership opportunities are available through Miami-Dade Housing Agency?
The Miami-Dade Housing Agency (MDHA), in conjunction with private lenders, assists very low to moderate-income individuals and families with the purchase of a home as their primary residence, by providing low-interest second mortgages. Program participation is limited to "one time only" per family. A maximum 30-year fixed-interest mortgage is available for persons who qualify. There will be two loans on the property, a first mortgage loan from a participating lender, and a second mortgage from Miami-Dade County.
For more information, contact:
Miami-Dade Housing Agency Development and Loan Administration Division
2103 Coral Way
Suite 700
Miami, Florida 33145
305-250-5238
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 residency immigration status.
For more information, download the Homeownership Fact Sheet in English, Spanish and Creole (1.77 MB).
A bank will lend you money based on the amount of income you receive and the amount of debt that you owe. The amount the bank lends you might not be sufficient to cover the cost of the home that you want to purchase. Therefore, the Miami-Dade Housing Agency provides a loan for the difference, making the purchase possible.
Your monthly house payment including principal, interest, taxes and insurance should not exceed 28% of your gross monthly income. The maximum monthly payment on all of your outstanding debts (including installment loans, revolving credit cards, and child care expenses), plus your monthly house payment should not exceed 36% of your gross monthly income. These guidelines may be exceeded where other funding sources permit and when strong compensating factors exist.
Signed copies of your two most recent Federal Income Tax returns;
Names, addresses, account numbers and balances for all loans, credit cards, checking and savings account;
Explanation of any credit problems;
Copy of any recorded divorce decree and property settlement;
Name(s) and address(s) of employer(s) for the past two years;
Last two pay stubs from your employer;
If you are self-employed, a profit and loss statement as of the date of application;
Proof of all sources of income that can be readily verified (i.e. Social Security, SSI, pension retirement and child support;) o Any other information or documents as required to obtain credit and/or property approval;
Proof of availability of down payment which may be $500.00 or 3% - 5% of the purchase price of the home depending on the program; and
Original evidence of U.S. Citizenship or legal immigration status for borrower, co-borrower and dependents.
Are There any Restrictions to the Home to be Purchased?
Yes. Properties must be within the limits of Miami-Dade County. Also, some funding sources may exclude properties located within the cities of Homestead, Hialeah, North Miami, Florida City, Miami and Miami Beach. The property must be in an area designated for residential housing; be occupied by the mortgagor(s) as his/her principal residence; 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).
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