Housing Finance Authority (HFA) of Miami-Dade County First-Time Buyer Program – Targeted Areas
Special Alert
Program limited to homes in targeted areas.
Maximum Purchase Price
$467,127 for 1 unit $597,974 for 2 units $722,828 for 3 units $898,306 for 4 units
Contact Info:
https://www.hfamiami.com/
Limitations
Retail
Credit Score Requirements
Minimum Credit Score: 640 FHA: 660 Conventional/VA/USDA-RD: 640
Deferred Payments?
Accepted First Mortgage Type:
Freddie Mac HFA Advantage, FHA 203(b), VA, USDA / RD
Homeowners Education Class:
Not Required
Is Forgivable?
Location:
1 County: Miami-Dade Program is limited to targeted areas.
Income Limitations:
Yes, based on Qualifying (1003) Income Income limits from HUD 2022 115% AMI guidelines Use the 1003 qualifying income to determine program eligibility. Freddie Mac 80% AMI and Lower: $62,320.
Maximum Assistance
Education Requirements Info:
Eligible Property Types:
Single Family Detached Condo Townhome/PUD
Income By Household Size:
HH1-2HH3-8 $117,000$136,500 *Income limits as of 04/21/2023
Qualifying Ratios:
Housing Ratio: — Total DTI: Up To 50% 45% for all loan products with 640 – 679 FICO. 50% for all loan products with a 680+ FICO. NOTE: Lenders must comply with Mortgage Insurance DTI requirements which may limit the maximum DTI for borrowers.
