Apply for the Dream Homes Lottery: Your pathway to homeownership

The application period for the Miami-Dade County Dream Homes Lottery has now closed. View a list of the lottery results. 

Here's what you need to know:

• Lottery Application: Those who applied during the application period will receive a confirmation code. See if you have been selected using the Lottery Checker. 
• Financing: Ensure prequalification with approved Lenders. Failure to secure financing will result in removal from the list, and the next qualified applicant will be considered

Step 1: Do You Qualify?

Residents must meet the minimum requirements to be eligible for the program. The general criteria are as follows:

• Credit Score: Residents must have a minimum credit score of 580
• Household Income: The household income must be below 120 percent of the Area Median Income (AMI) for most homes
• Employment: Residents must have been employed for at least two years or have an equivalent source of income (e.g., pension, retirement, SSI, etc.)
• Primary Residence: The homeowner must live in the home as a primary residence during the control period (20 years)
• Prequalification will be determined by the first Lender
• Must complete the Homebuyer Education course
• Required to provide a minimum of 3 percent of the total down payment

*This is a self-evaluation. If you feel you qualify, proceed to Step 2. The final determination will be made by the Lender.

Step 2: Apply for the Lottery

Residents meeting the minimum prequalification requirements can proceed to apply for the housing lottery. The lottery system ensures a fair and random selection process, giving all qualified applicants an equal chance of being chosen. Find the button labeled "Apply Now" after Step 5.

Once the online form is successfully submitted, the resident will receive a confirmation code and should retain their records.

Please note that potential home buyers should contact approved Lenders to ensure they are prequalified for financing. Failure to secure financing will result in your removal from the list, and the agency will proceed to the next qualified applicant.

Step 3: You Were Selected

Once selected for the lottery, the next step is to secure financing. The resident must follow the following steps:

1. You will receive a formal letter of acceptance explaining the next steps
2. Contact a Participating Lender:The buyer must choose a lender from the approved list provided by Miami-Dade County
3. Apply for Financing through a chosen lender

The lender will coordinate the following down-payment assistance programs. Buyers are eligible for the following assistance:

• First  Mortgage Lender
• PHCD offers a $35,000 down payment assistance loan which is deferred for up to 30 years with no interest and no monthly payments required, the unpaid principal balance is due on or before the maturity date. The unpaid principal balance is also due immediately upon a sale, transfer of title, refinance, or death of the borrower(s) during the term of the loan
• PHCD Mortgage - PHCD $100,000 at 1 percent interest rate for 30 years or $80,000 at 2 percent interest rate for 30 years, depending on location
• Miami Dade Economic Advocacy Trust (MDEAT) Mortgage –$28,500 (below 80 percent AMI) or $14,500 (above 80 percent AMI) deferred/forgivable after 20 years

The lender will assist the buyer in executing all required documentation, which includes:

• Homebuyer Education Counseling: to better understand what’s involved in finding, financing, and owning a home. Certification is valid for one year
• Income Certification: Verifying the buyer’s income to ensure they meet the program's financial requirements, including a minimum three percent down payment
• Executed Sales Contract: The formal agreement between the buyer and seller, which details the terms of the agreement
• Addendums: Any additional documents or modifications to the original contract
• Forms: Various necessary forms are required by the program

Processing by Miami-Dade County:

• The buyer will be assigned a Homeownership Specialist after the Lender sends the complete package to Miami-Dade County.
  Miami-Dade County will oversee the processing of escrow and title with the title company to ensure all legal and financial aspects are properly managed.

Buyer responsibility:

• The buyer must pay for an appraisal to determine the fair market value of the property.

Step 4: Closing/Sales Process

During the closing process, Miami-Dade County will coordinate with the buyer, title company, realtor or attorney to finalize the closing. The following activities will be conducted:

• Keys: The contractor will deliver the keys to Miami-Dade County, who will then pass them to the new homeowner upon final closing
• Warranties: All warranties for the home (roof, appliances, etc.) will be verified and handed over to the buyer
• Home Inspection: The buyer must pay for a home inspection to ensure the property is in good condition and identify any deficiencies
• Restrictive Covenant: This legal document outlines any restrictions or conditions on the property and will be sent to the title company to be executed and recorded at closing
• Maintenance Agreement: An arrangement that outlines the terms and conditions for maintaining and servicing the property
• County Deed: Miami-Dade County will provide the County deed to the title company for the buyer to execute and record
• Finalization of Documents: The title company will finalize and record all necessary documents to complete the closing

Step 5: Final Closing

Once the required steps and documents are completed and recorded, the closing will be finalized, and the buyer will receive the keys to their new home.

• Your pathway to home ownership flyer - Spanish / Creole