City of Miami First-Time Homebuyer Program
Special Alert
Maximum Purchase Price
$352,000
Contact Info:
14 NE 1 Ave , Miami, FL 33132 305-416-2149
Limitations
Credit Score Requirements
Based on 1st mortgage requirements.
Deferred Payments?
Yes
Accepted First Mortgage Type:
Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA
Homeowners Education Class:
Required
Is Forgivable?
Forgiven after 30 years.
Location:
Miami Property must be located in the City of Miami. NOTE: You can search property addresses by using the County Property Appraiser’s website at http://www.miamidade.gov/Apps/PA/propertysearch. If your property is in the City of Miami, the folio number will begin with “01”.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2022 80% AMI guidelines Household income less than or equal to 80% of the area median income adjusted for family size Posted Income Limits (2022): https://www.miamigov.com/Housing-Assistance-Recovery/Home-Ownership/Income-Limits-for-Housing-Applications
Maximum Assistance
Maximum Amount of Assistance: Varies based on the number of bedrooms of the home being purchased and the financing needs of the applicant. Contact program provider.
Education Requirements Info:
https://www.miamigov.com/Housing-Assistance-Recovery/Home-Ownership/Apply-for-First-Time-Homebuyer-Assistance/First-Time-Homebuyer-Program-Counseling-List
Eligible Property Types:
Single Family Detached Condo Townhome/PUD
Income By Household Size:
$500 Must contribute at least $500 of personal funds towards down payment and/or closing costs.
Qualifying Ratios:
Determined by first mortgage product or lender.
