Housing Finance Authority (HFA) of Miami-Dade County First-Time Buyer Program
Special Alert
Maximum Purchase Price
$382,194 for 1 unit $489,251 for 2 units $591,405 for 3 units $734,977 for 4 units
Contact Info:
https://www.hfamiami.com/
Limitations
Must meet income and purchase price limits. Must meet agency, insurer and master servicer guidelines.
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:
Required
Is Forgivable?
Location:
1 County: Miami-Dade Program is available countywide.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2022 115% AMI guidelines Freddie Mac 80% AMI and under: $62,320.
Maximum Assistance
Education Requirements Info:
All owners must attend a 6-8 hour homebuyer education course. Acceptable forms of education are: • HFA of Miami-Dade County online education provided by eHomeAmerica. https://www.ehomeamerica.org/miamidade • Face-to-face homebuyer education if provided by a HUD approved counseling agency. https://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=FL • A unit of local government that provides pre-purchase homebuyer education in FL (or a counseling agency designated by a unit of local government to provide homebuyer education on their behalf). • Online HBE is permitted if provided by a HUD approved agency, a unit of local government that provides pre-purchase homebuyer education in FL or an Agency or GSE sponsored course. • Certificates of completion are acceptable for 2 years from the date of completion.
Eligible Property Types:
Single Family Detached Condo Townhome/PUD
Income By Household Size:
HH1-2HH3-8 $97,500$112,125 *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.
