Shared Equity Agreements For First-time Buyers In Miami-Dade
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Down Payment Assistance: Florida Programs Provides down payment loans of up to $7,500 at 0% interest for eligible borrowers, and up to $10,000 for those getting an FHA, VA or USDA mortgage.
Are you looking to buy a home? Florida Housing offers a Homebuyer Program that offers 30-year fixed rate first mortgage loans to first time homebuyers through participating lenders and lending institutions throughout the State of Florida.
First-time homebuyers can get a below-market mortgage rate. This program works with lenders to create a special package of first, second and, if necessary, third mortgages to finance a home you can afford. The type of home you buy can be a single-family detached home, townhouse, inium, twin-homes or studio.
The program is only available to residents purchasing a home in the state of Florida. All borrower(s) must be employed full-time by a Florida-based employer or corporation and work full-time. Other than military veterans, all buyers must work 35 hours or more per week to qualify.
Miami-Dade Economic Advocacy Trust created its Homeownership Assistance Program (HAP) to increase the number of home purchases for low-to-moderate-income residents in Miami-Dade County. Since 1995, the program has funded more than 7,900 families.
You may also be considered a first-time home buyer if you haven't owned a home in the last 3 years. So, under this definition, previous homeowners can be classified as a first-time home buyer again after enough time has passed.
Most of the loans offered for low- and moderate-income first-time homebuyers have down payments of 3%, so this likely will be required if you're buying a home.
In general, lenders don't want you to spend more than 43 percent of your income on a mortgage and any other debt payments, like student loans. With some first-time buyer programs, there are also income limits. These typically vary based on location and are often capped at 80 percent of the area's median income (AMI).
