Home | Homebuyers
Turn Your Vision Into Reality!
The Housing Finance Authority’s mortgage is perfect for first-time homebuyers in Miami-Dade County. First-time homebuyer is defined as a person who has not owned a home in the last 3 years. Our 30-year mortgage has a fixed, low-interest rate. Once approved for an HFA Mortgage, buyers qualify for down payment assistance up to $10,000 in the form of a deferred 0% second mortgage.
Browse through our website to learn about more HFA programs. Or speak with someone immediately at 305-594-2518.
HFA Program Highlights
Down payment assistance for up to $10,000 at 0% as a second mortgage
HFA mortgage has a low, fixed interest rate over 30 years
Financing for condos as well as 1-4 unit family homes
Down payment funds may be used with other community assistance programs
Convenient, online homebuyer education course
5 Steps to Qualify for an
Qualifying is easy.
Pre-qualify with an HFA lender to determine your mortgage amount
Complete an 8-hour, HUD-approved homebuyer education course
Search for a home in your price range, consult with a Realtor, search the internet or look through real estate publications
Provide a deposit to the seller and obtain a contract
Take a signed contract to the HFA program lender to begin the closing process
Am I Eligible?
Have a minimum credit score of 640 or higher
Be employed in the same line of work for 24 months
Be a US citizen or have permanent residency immigration status
Meet income limits
Household for 1 -2 persons
Non-Target: $84,700 Target: $101,640
Household for 3 or more persons
Non-Target: $97,405 Target: $118,580
Meet the home purchase requirements
Maximum purchase price:
Non-Target: $320,855 Target :$392,156
Additional HFA Mortgage Criteria
The home must be located in Miami-Dade County.
You must be willing to live in the home as your primary residence.
The home may be a single family, townhouse, condominium, duplex, up to a four-plex.
Buyers must complete an 8 hour Homebuyers Education Course
To qualify for single-family affordable housing programs, first-time homebuyers need to earn an eight hour Homebuyer Education Certificate. The HFA offers an online HUD-approved homebuyer education course for $30.
The course is available in English and Spanish. The course will teach homebuyers how to prepare to purchase a home; manage their finances; understand their credit score; get a mortgage; shop for a home; live green and protect their investment in homeownership.
Please note, if you qualify for programs outside of the HFA you may be required to take additional courses. Talk with your lender to determine if this course will satisfy your program requirements.
Target Area Locator
Homes located within certain Census Tracts are federally designated target areas and are exempt from the first time homebuyer requirement. Additional incentives for purchasing homes in these target areas include higher income and purchase price limits.
To determine if a home is within a target area, first look up the address using the link provided below and compare the census tract number to the list. Click on link “Target Area Locator”; enter the property address to locate the census tract number (Tract Code). Click on the List of Census Tract numbers to see if the property is located in a target area.
To view the locator, click the link below which will open another browser window. HFA cannot be held responsible for the accuracy of the Target Area website. The information listed is subject to change.