Miami-Dade Housing Finance Authority

 

 

Lender Portal

Working Group Portal

 

2011 Single Family Program

PROGRAM FUNDS $20,000,000
ELIGIBLE AREAS Miami-Dade County
ELIGIBILITY CRITERIA - First-time Homebuyers – All Borrower(s) & Spouses (occupant or non-occupant)
- Must be able to permanently reside in the U.S.
- Principal residence
- Borrower(s) must occupy property within 60 days of closing
- IRS filed returns for past 3 yrs – all borrower(s) & spouses
ELIGIBLE LOAN TYPES FHA, VA, USDA-RD
AVAILABLE DOWN PAYMENT ASSISTANCE 30 Year Deferred, 0.00% second, up to $7,500. Must be used for down payment and closing cost. Cash back is not allowed.
INCOME LIMIT CRITERIA Household income is considered for ALL Borrower(s) , spouses and anyone 18 years or older
-  1-2 person HHLD max = $84,360
-  3+  person HHLD max = $98,420
HOME ACQUISITION LIMITS -  Non-Target = $386,202
-  Target =  $472,205
HOME BUYER EDUCATION Required for ALL named on the Warranty Deed.  View Homebuyer Education Providers.
FICO SCORE REQUIREMENT Mid score must be 620 or higher
CO-SIGNERS Cosigners are permitted for FHA loans. Cannot be named on the Warranty Deed.
LOAN TIME LINE REQUIREMENTS -  Reservation to UW Cert: 15 days
-  Reservation to Close and Delivery: 30 days
-  Reservation to Loan Purchase: 60 days
LENDER PARTICIPATION View participating lenders here.
FORMS AND DOCUMENTATION View Forms and Documentation.
OTHER For additional information, please See Program Guidelines.

Current Rates

  • 4.50% Zero Point Loan; No Commitment, Origination or discount points/fees will be charged.
  • 0.00% Second Mortgage
  • Term: 30 Year Amortizing

DPA

  • Up to $7,500 DPA/Closing costs, 0%, 30 Year Deffered

 

Program Updates

- Extensions will be subject to a fee.

Lender F.A.Q.
Homebuyer F.A.Q.

           

 Please check back soon for system training updates.

   

        

To register for Miami-Dade County HFA Flex Training, please click here. For additional information on Lender Flex Training, please visit our Flex Training F.A.Q.

Note: Flex Training is available only on Tuesdays between 7 AM – Midnight in all time zones.