Buying a Home
The Housing Finance Authority integrates a partnership with entities from the private and public sector to provide products and services that would enable low to moderate-income home buyers in Miami-Dade County to own their home.
First Mortgage Homebuyer Bond Program
Thanks to a special new loan partnership between the Housing Finance Authority of Miami-Dade County and local home mortgage lenders, eligible very-low- to moderate-income home buyers in Miami-Dade County now have a chance to own a home at below-market mortgage rates.
Homebuyers can take advantage of our low-interest rate mortgages and financial assistance to help cover down payment and closing costs. To participate in the program you must work with a First Mortgage Homebuyer Bond Program participating lender.
Features of the Homeownership include a first mortgage loan with a fixed interest rate of 4.0% (1% origination). You have 30 years to repay the loan. A deferred second mortgage at 0% interest provides up to $10,000 which can be used for down payment and closing costs.
- Living a Home Life (information for first time homebuyers) (English & Spanish)
How to qualify
- You must occupy the home as your primary residence.
- You must be a first time home buyer
- Credit, employment and living expenses will be evaluated.
- The maximum purchase price* for a new or existing home is:
Non-Targeted $337,500. ; Targeted $412,500.
- The Maximum Income Limit is:
Non Targeted 1-2 = $58,800, Non Targeted 3+ = $68,600;
Targeted 1-2 = $67,320 Targeted 3+ = $78,540
*Note: The purchase price and family income limits are subject to change.
*Note: Must attend a HUD certified First Time Homebuyers class and obtain the certificate
How to get your home
- See our list of participating lenders. Call one of the banks or lenders and ask for the "Single Family Bond Program" loan. Find out how much money they will lend you.
- Find a home in Miami-Dade County based on the amount you were qualified for by your lender. You may use a realtor, the Internet, local classified ads, or you may work directly with a seller.
- Offer the seller a deposit to hold the house while your loan is being processed. Get a signed contract from the seller.
- Take your contract to the bank or lender you are working with.
- Keep copies of your receipts and paperwork. Maintain and try to increase your savings. Do not make large purchases like a car, furniture or apply for a new credit while your loan is being processed.
- Stay in contact with your loan officer.
- Once everything is approved, a date will be set for signing all of the loan and deed documents. Your loan officer will tell you how much money you need to complete the purchase of your new home.
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