Apply for low-cost mortgage
First-time homebuyers can get a below-market mortgage rate. This program works with lenders to create a special package of first, second and, if necessary, third mortgages to finance a home you can afford.
The type of home you buy can be a single-family detached home, townhouse, condominium, twin-homes or studio.
Properties purchased under the program must be located in an approved County-funded development.
- The property must be in an area designated for residential housing.
- It must be occupied by the mortgagor(s) as their principal residence.
- It must have an expected economic life of not less than 30 years.
- You cannot rent the property.
After you have obtained an executed sales contract, the developer will provide you with contact information for an appointment with one of our Finance Advisors.
Eligibility & Requirements
In general, individual or families who do not own a home at the time of application can qualify.
To be eligible you must have:
- an income not exceeding the limits
- been employed in the same line of work for at least 24 months
- a good, established credit history
- be approved for credit by a participating lender
- be either a U.S. Citizen, or have obtained legal permanent residency immigration status
- completed a Homebuyers Training Program.
See the list of Homebuyer Education and Counseling Services providers.
- Minimum down payment of 3 percent.
- One percent must be from the borrowers own funds.
The maximum monthly payment, including your house payment and all of your outstanding debts (including installment loans, revolving credit cards, and child care expenses), cannot exceed 45% of your gross monthly income.
How to Qualify
Documents you are required to bring at the time of your appointment:
- Sales contract - fully executed with at least 60 days remaining before expiring
- Proof of Income
- Two years signed and dated Income Tax Returns and W-2’s with all applicable schedules
- If applicable: award letters for all other income:
- Social Security
- Retirement pension
- If applicable: pay stub for the last 30 days if Verification of Employment has not been obtained. (Evidence of VOE Request by Lender)
- Most current six months bank statement for all accounts
- If divorced:
- Divorce Decree and Property Settlement Agreement;
- Proof of receipt of child support for the prior 12 consecutive months;
- Provide proof of non-receipt and "good faith" effort to collect and avoid inclusion in annual income figure
- Third Party Verification of Regular Cash Contribution Letter for non-court ordered child support;
- If the applicant is not receiving court-ordered child support, a letter from the Department of Revenue, Child Support Enforcement Office is required
- Proof of legal residence (Documents must be current at time of application and show proof of Dade County residency):
- Resident Alien Card,
- INS Employment Authorization,
- I-94 (Cuban Citizens only).
- Proof of Identity
- Picture ID (i.e., Driver License, Employment ID, etc)
- Social Security Cards of all household members
- Birth Certificate(s) for all household members
- Letter from guardianship/adoption (if applicable) and/or School Records
- If you have limited credit or no established credit, alternative credit letters of verification from the following:
- Electric (FPL)
- Insurance (Auto/Life)
- Certificate of Completion of Homebuyers Training Program. See the list of Homebuyer Education and Counseling Services providers.
Program Guidelines and Approved Lenders
Miami-Dade County implements a wide range of housing programs designed to enhance housing opportunities for low- and moderate-income, individuals and families who are legal residents of Miami-Dade County.
Under the Affordable Housing and Homeownership Program Guidelines, assistance may be provided to developers, community development corporations, individuals and families in an array of programs encompassing acquisition, construction, rehabilitation, reconstruction and permanent financing in the form of mortgage assistance, including soft second mortgages.
See the list of Currently Approved Lenders PDF