Miami-Dade 2024 Zero-Interest Homebuyer Program: The Complete Guide

The Miami-Dade Zero-Interest Homebuyer Assistance Program was created by the Miami-Dade County Commission for the first time in 2024. Applicants can get up to $35,000 in a loan on homes purchased within a local area and pay back the down payments and closing fees. Make sure you’re qualified for Home Buyer Down payment Aid (16 April 2020). This generous offering assists families become first homebuyers and increases housing affordability across Miami-Dade County.

Qualifying homebuyers can receive an interest-free loan of up to $35,000 dollars to cover the down payment for their first home. Individuals earning less than $95,620; couples making less than $109,200; three person households earning less than $122,920; and households of four making less than $136,500 may be eligible for homebuyer down payment and assistance program. The maximum mortgage loan award is $35,000.

Do You Have to Make Payments?

Oh! Homebuyers.com is available for free Home Buyers Assistance in Miami-Dade, FL, without any fees. Once the loan has been approved the funds will go directly to the lender with no repayment unless the loan is fully paid. You will have peace of mind that the loan is 100% interest free and there is no additional cost. Let Make Florida Your first first time Homebuyers and help you make a good choice in home ownership now! It is time for you to live in Florida!

What are the Loan Terms?

• Term: Up to 30 years deferred loan with no interest, unpaid principal balance due at maturity

• Payments: No monthly payment required. Unpaid principal balance due upon sale, transfer of title, refinance or death during the term of the down payment loan

• Default/Repayment: Governed by the Homebuyer Loan Program’s residency, resale and shared equity restrictions outlined in Ord. No. 15-127

• If property is sold, shared equity period percentage of profit from resale to be paid to the County: 100% if sold within 1-3 years, 50% is sold between 4-6 years, 0% after 6 years.

Check Your Eligibility by Income

Is it possible to qualify for this program with moderate income? For more information about the program, please see your eligibility for benefits. The programs are accessible to individuals making less than $95620 annually, couples earning less than $109.200, 3 person households making less than $122920, or households making less than $36500 per year. If your annual household income belongs in this category area median income, congratulations! It is possible to be a candidate in such a fantastic situation!  Getting access to homeownership is made possible with down payment assistance programs.  Apply Now.

What are the Requirements?

If you want to start acquiring your dream property, it could make sense to apply to the First Time Home Buyer Program. You must meet certain conditions to qualify. Single parents living together in separate households with a partner. People with no permanent residency at the foundation, as required by law. Homeowner counseling and education are important to prospective first time homebuyers and mortgage only buyers.

Many people are led to believe that you can’t be a first time home buyer is you owned a home in the past, but that’s just not true and it depends on which program you’re trying to qualify as a first time home buyer. A first-time homebuyer is an individual who meets any of the following criteria: an individual or spouse who has had no ownership in a principal residence during the three year period ending on the date of purchase of the property; a single parent who has owned with a former spouse while married; an individual who has owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations; an individual who has owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.

Who qualifies for down payment assistance in Florida?

There is no minimum payment option to buy a house? Income eligibility for Down payment Aid is approximately 80% of the annual household income of the AMI in the region. If your family size an area is earning $50,000 a year, you need to earn up to 60,000.

What is Biden’s $25,000 down payment toward Equity Act?

A new down payment toward the equity act allows eligible first time home buyers cash back up to $25,000 on their home loan payment and closing down. From March 14, 2023 home buyers must: Become a first-time homeowner.  Learn how you can qualify for the hometown heroes program up to $25,000.

What is the Miami Dade Relief Program?

The Miami-Damia Pandemic Assistance Program offers subsidized food, payment assistance and utilities assistance on rent.

How much does a first time home buyer need to put down in Florida?

Payment varies according family size and to loan programs. Typically, conventional loans require no more than 33%. FHA loans require a minimum 3% payment of the loan amount. In Florida, the program helps homeowners with their first-time home purchase by providing you with additional funds for the payment of their down payment and closing amount pre qualified for.

Affordable Homeownership Program

If you are looking for assistance in obtaining financing as a first-time homebuyer and you qualify under CDBG, HOME, SHIP or Surtax income guidelines, you may apply for a mortgage loan subsidy through the County’s loan program.

Public Housing and Community Development will work with you and local mortgage lenders to provide a low-interest second and/or first mortgage and a third mortgage using the appropriate source of funds to bring your out of pocket costs to an affordable level.

Program participation is limited to maximum loan of one time only per family. A maximum 30-year fixed-interest mortgage is available for persons who qualify. You will also be required to obtain a first mortgage from an approved participating lender.

How to Qualify?

In general, qualified homeowners, individual or families who do not own a home at the time of application can qualify. To be eligible you must: have an income not exceeding the limits; have been employed in the same line of work for at least 24 months; have a good, established credit history and be approved for credit by a participating lender; and be either a U.S. Citizen, or have obtained legal permanent residency immigration status. Must be a Miami-Dade County resident at the time of application.

What are the acceptable properties?

The following types of homes may be purchased upon approval by the County:

• Single-family detached homes

• Townhouses

• Condominiums

• Twin-homes

• Studios

Property Restrictions

The property must be in an area designated for residential housing. It must be occupied by the mortgagor(s) as his/her principal residence. It must have an expected economic life of not less than 30 years, and not provide a source of income to the mortgagor(s) (you cannot rent the property).