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City of Miami First-Time Homebuyers Program
City of Miami Department of Community Development
http://www.miamigov.com/communitydevelopment/pages/

Contact


CIty of Miami Community Development
444 S.W. Second Avenue Second Floor
Miami Florida 33130
(305) 416-1927






Program Overview


City of Miami First-Time Homebuyers Program is a program that provides no-interest, forgiveable loans for closing costs and down payments. Property must be in the City of Miami.


Who is eligible for thisTest program?


Borrowers must be first-time homebuyers, or must have not owned a home in the past three years. Borrowers must contribute at least $500 of their personal funds towareds down payment/closing costs. Maximum income is 80% of the area mediam income. Funds may be used for a down payment, or to pay closing costs.

Is thisTest program for first time buyers only? Yes


Property Eligibility Requirements


Property must be located in the City of Miami.
The sales price cannot exceed $ 175,000.
Allowable property types: Single family homes, townhomes, condominiums


Benefit Details


Second mortgage loan that is forgiven if the borrower remains in the property for at least 20 years. varies according to the number of bedrooms in the home being purchased and the needs of the applicant.

Benefit: No-interest, non-amortizing second mortgage loan for a down payment or to pay closing costs.
Loan Term:30 years
Homebuyer Counseling /
Education Required:
Yes
Owner Occupancy Required:Yes
Other Program Comments:Property must meet housing quality standards. Borrowers must pre-qualify for a first mortgage, and must contribute at least $500 of their own funds for the down payment.

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