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Miami-Dade Economic Advocacy Trust (MDEAT) Homeownership Assistance Program (HAP)
Miami Dade Economic Advocacy Trust (MDEAT)
www.miamidade.gov/mdeat

Contact


Miami Dade Economic Advocacy Trust
19 West Flagler Street Suite M-106
Miami Florida 33130
305-372-7600

Eric Johnson
ERICJ1@miamidade.gov



Program Overview


Miami-Dade Economic Advocacy Trust (MDEAT) Homeownership Assistance Program (HAP) is a program designed to increase the number of first-time home purchases among low-to- moderate-income residents in Miami Dade County. 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 REO’s & Short Sales considered on a case-by case basis.


Who is eligible for thisTest program?


I. Must reside in Miami-Dade County; II. Be a First-time homebuyer or have not owned a home in the previous three years;
III. Have annual household income not exceeding 140% of county median income, adjusted for family size.
IV. 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.
V. Must get approved financing thru a HAP approved loan officer & lending institution. Borrowers must contribute 1% of the sales price if their income is 100% of the median or less, or 3% if more than 100% of the median. Funds must be used to reduce the down payment and for closing costs.

Maximum % of Sales Price: 10%
Is thisTest program for first time buyers only? Yes


Property Eligibility Requirements


Property must be located in Miami-Dade County.
The sales price cannot exceed $ 423,750.
Allowable property types: Single-family homes, town houses and condominiums only. Foreclosed REOs and short sales are considered on a case-by-case basis.


Benefit Details


The HAP utilizes Documentary Surtax dollars to provide housing down payment and/ or closing costs assistance via a 0% interest, non-amortized (no payment), mortgage loan. The HAP loan is forgiven if the borrower owns and occupies the property for 10 years without doing a cash-out refinance. Assistance is provided based on the availability of funds on an as-needed basis with limitations that are subject to change with prior approved lenders notification.

Benefit: With greater home-purchase related costs, HAP funds can be used to cover or at least reduce the down-payment and/ or closing costs associated with purchasing a home, thereby making it easier for prospective homeowners to qualify for a mortgage.
Loan Term:10 years
Homebuyer Counseling /
Education Required:
Yes
Owner Occupancy Required:Yes
Other Program Comments:Application is made through participating lenders.

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