En esta noticia
The Government of the City of Miami offers buyers of properties who meet the eligibility criteria a deferred, interest-free loan program to encourage the purchase of their own home.
This money is not intended to fully purchase the property, but rather to cover the initial or closing costs, easing the financial burden for residents with low or moderate incomes.
They give up to 150,000 dollars to buy homes and those who stay in them for 15 years will not have to repay them
The First-Time Homebuyer Program assists low- and middle-income families looking to buy their home to cover initial expenses associated with this transaction.
The funds granted by the city are not a gift, but rather supervised assistance: they remain backed by a lien and a legal clause to ensure repayment if the conditions are not met.
In practice, this means that the beneficiary must keep this property as their primary residence for 15 years for the debt to be fully forgiven. If the owner sells the house, rents it out, refinances it, or stops living in it, they must repay the city the full amount of the assistance received.
While the amount to be received varies depending on income and each family’s situation, the down payment assistance can range from 40,000 dollars to 150,000 dollars.
Requirements to receive this money
According to what is specified, the following conditions must be met to be considered eligible for the program
Properties
- They must be single-family homes, townhouses, or condominiums
- It must be located within the city limits of Miami
- It must meet NSPIRE standards, according to HUD.
- It must not exceed 494,000 dollars
Buyers
- They must not have been homeowners during the last 3 years.
- Their household income must be equal to or less than 80% of the area median income, according to the income table.
- They must be able to afford a monthly payment based on income and debts.
- They must contribute at least 500 dollars of personal funds for the down payment and closing costs.
How to apply for this money: a step-by-step process
After verifying that the eligibility criteria are met, the steps to follow are
- Request an application for the program at the Department of Housing and Community Development or by calling 305-416-208.
- Gather all necessary documents (list clicking here)
- Attend a Homebuyer Counseling workshop at an approved agency.
- Contact a lender and get prequalified for a mortgage loan.
- Identify the property to buy.
- Obtain a guaranteed mortgage commitment
- Submit all documents.
"There is no need to repay the initial loan funds as long as the property remains the applicant’s primary residence during the 15-year affordability period," authorities say.