HappySeniorHomeOwners Blog

1^ST TIME HOME BUYERS

DOWN PAYMENT ASSISTANCE PROGRAMS - MIAMI-DADE COUNTY, Florida

Qualifying 1^st Time HomeBuyers are able to PURCHASE a primary residence (SFR or Townhouse) in Miami-Dade with Down Payment Assistance from Miami-Dade County, Florida. A person who has not owned a property in the last 3 years, might be considered a 1^st Time Buyer.

HAP PROGRAM	SHIP PROGRAM
Purpose: Program will provide a Zero Percent interest, forgivable loan for qualifying low to moderate income 1st Time Homebuyer households.   (changes effective 2/14/2012)	Purpose: Program will provide qualifying low to moderate income 1st Time Homebuyer households, a 2nd Mortgage with a monthly Payment of $25 to $50 for the 1st 5 years; for the 2nd 5 years the Monthly Payment of $50 to $100 (depending on income). After, they would pay the normal amortization at 2% Fixed Annual Rate.
Up to $4,500 or $7,000 applicable to Down Payment or Closing cost. Benefit based on family size # _____ and total Household Income. $___________ Borrower must invest 1% or 3% from their own funds. Gifts and Sellers Contributions up to 6% acceptable Credit Score of 620 or higher Must qualify for the FNMA, FHA or FMAC 30 years fixed rate All Borrowers must occupy the home. Loan forgivable after living 10 years. Sales-Purchase Contract MUST have 60-90 days to close.	Up to $80,000 applicable to Down Payment or Closing cost. Benefit based on family size # _____ and total Household Income. $___________ Borrower must invest minimum of 1% own funds. Gifts and Sellers Contributions up to 6% acceptable Credit Score of 620 or higher Must qualify for FHA 30 years fixed rate. All Borrowers must occupy the home. REO/Short Sales MUST have 60-90 days to close after Bank Acceptance. Sales-Purchase Contract MUST have 60-90 days to close.
Properties: Miami-Dade only. Maximum Value $417,000, SFR, Townhomes. FHA acceptable. Immediately inhabitable.	Properties: Miami-Dade only. Maximum Value $205,000, SFR, Townhomes. FHA acceptable. Immediately inhabitable.
Metro-Miami Action Plan Trust Homeownership Assistance Program	Miami-Dade CountyState Housing Initiative Partnership (SHIP) Program

Note: Information subject to errors and omission and may change without prior notice. Programs subject to change and/or availability of Funds.

Request Information online: Click here

http://RodKohlyMortgages.com/1stTimeBuyerMDC

Call me for more information at 305-445-9003 ext 118 or Mobile: 786-262-6486 or email me at RodKohly@GMail.com or eFax at 786-345-0783

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