Homebuyer Down Payment Assistance Program

Qualifying homebuyers can receive an interest-free loan of up to $35,000 dollars to cover the down payment for their first home. Individuals earning less than $95,620; couples making less than $109,200; three person households earning less than $122,920; and households of four making less than $136,500 may be eligible for homebuyer down payment assistance. The maximum award is $35,000. For additional information, please contact Mr. Shawn Topps at (786) 469-2209 or at stopps@miamidade.gov.

Down Payment Assistance Income Eligibility Chart

**Down Payment Assistance Program**
Family Size	30%	50%	80%	Median 100%	120%	140%
1	$20,500.00	$34,150.00	$54,600.00	$68,300.00	$81,960.00	$95,620.00
2	$23,400.00	$39,000.00	$62,400.00	$78,000.00	$93,600.00	$109,200.00
3	$26,350.00	$43,900.00	$70,200.00	$87,800.00	$105,360.00	$122,920.00
4	$29,250.00	$48,750.00	$78,000.00	$97,500.00	$117,000.00	$136,500.00
5	$32,470.00	$52,650.00	$84,250.00	$105,300.00	$126,360.00	$147,420.00
6	$37,190.00	$56,550.00	$90,500.00	$113,100.00	$135,720.00	$158,340.00
7	$41,910.00	$60,450.00	$96,750.00	$120,900.00	$145,080.00	$169,260.00
8	$46,630.00	$64,350.00	$103,000.00	$128,700.00	$154,440.00	$180,180.00

A first-time homebuyer is an individual who meets any of the following criteria: an individual or spouse who has had no ownership in a principal residence during the three year period ending on the date of purchase of the property; a single parent who has owned with a former spouse while married; an individual who has owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations; an individual who has owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.

The program also requires potential homebuyers to receive homebuyer counseling from a HUD certified agency and to complete approved homebuyer education training. The education training will cover such topics as: choosing a realtor, selecting a home, qualifying for mortgage financing to include PHCD homeownership programs, a comprehensive home inspection, entering a purchase/sale contract, maintaining a home, handling credit affairs and other skills needed for homeownership.
- HUD approved homebuyer counseling agencies
Additional Criteria:
- Combined Loan to Value (CLTV) not to exceed 105 percent of the purchase price including all mortgages and down payment assistance
- Borrower must have 1% of the purchase price from their own funds for the down payment
- Amount of down payment assistance will be based on underwriting by the first mortgage lender
- Fixed rate mortgages only
- For stand-alone purchases, first mortgage lenders are not required to be an approved lender in PHCD’s Homebuyer Loan Program. First mortgage lenders must provide a commitment letter along with the completed loan package
- Must be a Miami-Dade County resident at time of application and loan closing.
- Term: Up to 30 years deferred loan with no interest, unpaid principal balance due at maturity
- Payments: No monthly payment required. Unpaid principal balance due upon sale, transfer of title, refinance or death during the term of the down payment loan
- Default/Repayment: Governed by the Homebuyer Loan Program’s residency, resale and shared equity restrictions outlined in Ord. No. 15-127
- If property is sold, shared equity period percentage of profit from resale to be paid to the County: 100% if sold within 1-3 years, 50% is sold between 4-6 years, 0% after 6 years.

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