Housing Finance Authority (HFA) of Miami-Dade County Mortgage Credit Certificate (MCC) 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:



Property must be located within a Targeted area. Must meet household income and sales price limits. Income include spouses regardless of where they live. Homeowner must file Form 8396 with Federal Income tax returns each year. The form can be located on the IRS website. Lenders must follow the 1st mortgage agency and insurer requirements regarding MCC’s.

Credit Score Requirements

Minimum Credit Score: 640 FHA: 660 Conventional/VA/USDA-RD: 640

Deferred Payments?


Accepted First Mortgage Type:

Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HomeReady, FHA 203(b), VA, USDA / RD

Homeowners Education Class:


Is Forgivable?


1 County: Miami-Dade The program is limited to targeted areas within the county.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2022 115% AMI guidelines First Mortgage with MCC and Stand Alone MCC: Use the household income (Borrower, Spouse include NPS and everyone 18 years of age or older who will live in the home).

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 $112,125$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.