The City of Miami District 5 Expanded First-time Homebuyer Program can provide up to $200,000 (based on household income and need) to assist with acquisition financing and down payment assistance to qualified, income-eligible households towards purchasing an eligible property as their home within District 5 boundaries. The primary applicant must currently reside within the City of Miami*, never have owned a home before, and ultimately be able to secure a first mortgage from a lender subject to the City homebuyer program’s mortgage restrictions. *NOTE: This program’s residency requirement will be waived only if the applicant household includes a current City of Miami or Miami-Dade County first responder (police, fire, or emergency medical personnel) who can provide proof of status.
The assistance provided is considered a forgivable 30-year deferred loan (0% interest) and is secured as a second mortgage on the purchased property. If the property is sold before the 30-year loan period ends, then the assistance provided will be due upon sale as detailed under the Restrictions tab below.
This program can assist households up to 100% of Area Median Income (AMI), based on household size. Should the applicant qualify as a current first responder or an active or retired member of the U.S. Armed Forces (Air Force, Army, Coast Guard, Navy, Marines), the household income can be up to 140% of Area Median Income (AMI) based on household size. Note: A minimum of $50,000 in household income is required for this program.
For a complete list of requirements, please see the program’s paper application. Applying for the program, does not guarantee eligibility or assistance. Assistance for the program is provided on a first-ready, first-served basis until program funds are reserved/exhausted.