*Income Limits revised as of June 20, 2011 and are subject to change periodically via U.S. HUD revisions (HUD & FHFC revision date May 31, 2011). See accompanying chart, as applicable.
** For FHA purchases, please consult their current program(s) guidelines for applicable income limitations.
Maximum Sale Price may not exceed the current FHA limit for Miami Dade County ($423,750 per latest revision in February 2008).
The maximum CLTV (Combined Loan-To-Value) is 105%. There is no LTV limit.
Allowable Assistance – (amended as of February 15, 2012)
For Households at or below 80% of the adjusted gross median income for Miami-Dade County (see above chart) – The maximum assistance is the lower of 10.00% of the property purchase price or $7,000.00.
For Households above 80% of the adjusted gross median income for Miami-Dade County (see above chart) – The maximum assistance is the lower of 4.00% of the property purchase price or $4,500.00. Assistance is provided based on an as-needed, first-come, first-serve, basis with limitations that are subject to change. Funds are disbursed to the closing agent at time of closing. Borrowers cannot use funds to pay off judgments, collection accounts or any consumer debt. Any funds beyond down payment and closing costs assistance must be returned to MDEAT (* formally known as MMAP). BORROWERS MAY NOT RECEIVE MONEY BACK AT TIME OF CLOSING UNDER ANY CIRCUMSTANCES.
Borrower Funds Requirements
Buyer(s) who household income does not exceed 100% of current Miami-Dade Median Income, adjusted for family size (AGI) must invest a minimum of 1% of the purchase price from their own funds in this transaction. Buyer(s) who household income is from 100.01%, but does not exceed 140% (adjusted for family size) must invest a minimum of 3% of the purchase price from their own funds in this transaction. Buyers whose adjusted gross income is in excess of 140% are not eligible for HAP funding.
Property and Financing Eligibility
Eligible properties include single-family homes, town homes and condominiums ONLY. Property may be an existing or new home and must be located in Miami-Dade County. No VA repo’s or 203(k) loans are eligible under this program at this time. Bank owned, corporate REO’s and FHA repos are accepted on a case-by-case basis…Property must be in immediately habitable condition.
Borrowers must apply for and receive fixed-rate conventional or FHA financing through an approved HAP loan officer/originator and mortgage lender. Seller-held mortgages and loan assumptions are not allowed.
For more information, contact Miami Dade Economic Advocacy Trust - Homeownership Assistance