Unlocking Your Dream Home: The Homebuyer Down Payment Assistance Program

Making Homeownership a Reality in Miami

Are you dreaming of owning your first home in Miami but find the financial hurdles overwhelming? The Homebuyer Down Payment Assistance Program might just be the key to unlocking your dream home. This program offers an incredible opportunity for aspiring homeowners to overcome one of the biggest obstacles in buying a home: the down payment.

What Does the Program Offer?

The program provides eligible homebuyers with an interest-free loan of up to $35,000 to cover the down payment for their first home. It’s designed to make homeownership more accessible to a wider range of people in our community.

Who’s Eligible?

Eligibility for the program is income-based, varying according to household size. For example, individuals earning less than $95,620, or couples making less than $109,200, qualify for assistance. The program includes a comprehensive income eligibility chart to help you determine if you fall within the qualifying range.

Defining a First-Time Homebuyer

The program caters specifically to first-time homebuyers. But who exactly counts as a first-time buyer? It includes:

• Individuals who haven’t owned a principal residence in the past three years.
• Single parents who owned a home with a former spouse while married.
• Those who owned residences not permanently affixed to a permanent foundation or not in compliance with building codes.

Program Requirements and Loan Terms

To participate, potential homebuyers must complete homebuyer counseling from a HUD-certified agency and approved education training. The education covers essential topics like choosing a realtor, understanding mortgage financing, and maintaining a home.

The loan itself has favorable terms, with no interest and deferred payments for up to 30 years. Repayment is due upon the sale, transfer of title, refinance, or the owner’s death.

How Can You Apply?

Interested in taking advantage of this program? Residents of Miami-Dade County are eligible to apply. For more information or to start your application process, contact Mr. Shawn Topps at (786) 469-2209 or via email at stopps@miamidade.gov.

Final Thoughts

The Homebuyer Down Payment Assistance Program is a fantastic resource for first-time homebuyers in Miami. It not only eases the financial burden of purchasing a home but also provides comprehensive support through counseling and education.

If you’re on the path to homeownership, this program could be the stepping stone you need. For further assistance or if you have any questions, don’t hesitate to get in touch. Let’s make your dream of owning a home a reality!

William Gartin 

ExP Realty

305-842-6097