City of Miramar First-Time Homebuyer Program
Special Alert
Assistance funds for the 81-120% AMI category has been exhausted; Assistance funds are still available for the 80% AMI and under categories of income. Assistance amounts vary by income. Review program guidelines to determine assistance eligibility by income level.
Maximum Purchase Price
$382,194
Contact Info:
https://www.miramarfl.gov/2035/Housing 2300 Civic Center Place, Miramar, FL 33025 954-602-3246
Limitations
Buyer must be a first-time home buyer. All SHIP/HOME proceeds must be used to pay closing costs; down payment; principal reduction and must not be used for debt consolidation, or cash-out to applicant. Program funds cannot be used for prepaid items such as insurance, taxes, pre-paid interest – (Exceptions can be made on a case-by-case basis for loan amounts under $100,000).
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?
Assistance is in the form of a 15-year, 0% interest deferred second loan that reverts to a grant if all program conditions are met.
Location:
Miramar Property must be in the City of Miramar, FL.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2023 80% AMI guidelines Borrower Income Limitations: Serves Very Low (30-50% AMI) and Low (51-80% AMI) borrowers.
Maximum Assistance
$70,000 Assistance amount varies based on income level category of the applicants: Very Low: 30%-50% AMI or Lower – Up to $70,000 Low Income: 51% AMI to 80% AMI – Up to $60,000
Education Requirements Info:
Borrower must receive a certificate of housing counseling upon completion of an eight (8) hour education and counseling workshop conducted by a HUD certified housing counselor. This certificate is required prior to loan closing. https://crasouthfl.com/miramar/
Eligible Property Types:
Single Family DetachedCondo Townhome/PUDManufactured Home Modular HomeMobile Home
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $50,800$58,050$65,300$72,550$78,400$84,200$90,000$95,800 *Income limits as of 05/31/2023
Qualifying Ratios:
Determined by first mortgage product or lender.
