Hey there! Navigating the journey to homeownership can feel overwhelming, but the City of Miami offers a fantastic First-Time Homebuyer Program designed to make this process smoother for you. Let’s break down the essentials of this program to help you understand how it can assist you in purchasing your first home.

Program Overview

The City of Miami’s First-Time Homebuyer Program provides zero percent (0%) deferred loans to eligible first-time homebuyers aiming to purchase a property within the city limits. This assistance can significantly reduce the financial burden associated with buying a home.

Funding Source

This program is funded by the City of Miami, utilizing resources allocated to support affordable housing initiatives for its residents.

Eligibility Criteria

To qualify for this program, you need to meet the following requirements:

• First-Time Homebuyer Status: You must not have owned a home in the past three years.
• Income Limits: Your household income should be at or below 80% of the area median income, adjusted for family size. You can view the specific income limits on the city’s Housing Income Limits page.
• Property Location: The property must be a single-family residence, townhome, or condominium located within the City of Miami. You can verify if a property is within city limits by checking the folio number on the Miami-Dade County Property Appraiser’s website; eligible properties will have folio numbers beginning with “01”.
• Homebuyer Contribution: You’re required to contribute at least $500 of your personal funds toward the down payment or closing costs.

Benefits

The primary benefit of this program is the provision of a zero percent deferred loan, which can cover a portion of your down payment and closing costs. This loan does not accrue interest and is deferred, meaning you don’t have to make monthly payments on it.

Additionally, the maximum sales price for eligible homes is $451,000, applicable to both existing and new construction homes.