City of Miami Gardens SHIP Purchase Assistance Program
Special Alert
Maximum Purchase Price
$405,640
Contact Info:
https://miamigardens-fl.gov/919/Purchase-Assistance-Program 18605 NW 27 Avenue, Suite 151, Miami Gardens, FL 33056 305-622-8000 ext 2300
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?
Forgivable at the End of 5 years. (loan forgiveness at a rate of 20 percent per year) Funds will be awarded as a deferred payment loan secured by a recorded subordinate mortgage and note.
Location:
Miami Gardens Program is available within the City of Miami Gardens city limits.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2023 120% AMI guidelines The income limits used in the SHIP program are updated annually by the Department of Housing and Urban Development and posted at http://www.floridahousing.org Must have income less than or equal to 120% of median income for family size. Proof of Income required for all household members 18 and older.
Maximum Assistance
$20,000 Eligible applicants can receive up to $20,000.00 in assistance for down payment and closing costs.
Education Requirements Info:
Homebuyers must complete an education course by a HUD-certified Housing Counselor. Housing Counseling agencies can be found here: https://miamigardens-fl.gov/DocumentCenter/View/7271
Eligible Property Types:
Single Family Detached Condo Townhome/PUD Twin Home
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $86,760$99,120$111,480$123,840$133,800$143,760$153,600$163,560 *Income limits as of 05/31/2023
Qualifying Ratios:
Determined by first mortgage product or lender.
