Miami-Dade County, Florida
DOWN PAYMENT ASSISTANCE PROGRAMS

Miami-Dade County offers 1st Time homebuyers different Down Payment Assistance Programs to promote homeownership.

A person that hos NOT owned a property for the last 3 years might be considered a 1st Time Homebuyer.

HAP PROGRAM	SHIP PROGRAM
Purpose: Program will provide qualifying low to moderate income 1st Time Homebuyer households, a Zero Percent interest, forgivable loan.	Purpose: Program will provide qualifying low to moderate income 1st Time Homebuyer households,a 2nd mortgagre with very low monthly payments ( depending on income). From the 10th year on, you would pay the normal amortization at very low Fixed Annual Rate.
Up to $ 7,000 or $4,500 (as of 2/14/12) 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 in the home. 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 $423,750, Single family, Townhomes. Condos MUST be FHA approved ONLY. FHA acceptable. Immediately inhabitable.	Properties:Miami-Dade only. Maximum Value $205,000, Single family, Townhomes. Condos MUST be FHA approved ONLY. FHA acceptable. Immediately inhabitable.
Miami-Dade Economic Advocacy Trust Homeownership Assistance Program	Miami-Dade County State Housing Initiative Partnership Program  (SHIP)
Note: Information subject to errors and omissions, and change without prior notice.

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