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Affordable Financing for Homebuyers
Directory of South Florida Housing Programs
Homeownership Loan Assistance Program for Miami-Dade County - The Miami-Dade Office of Community Development (OCED), in conjunction with private lenders, assists very low to moderate-income individuals and families with the purchase
of a home as
their primary residence, by providing low-interest second mortgages.
Program participation is limited to "one time only" per family. A
maximum 30-year fixed-interest mortgage is available for persons who
qualify. There will be two loans on the property, a first mortgage loan
from a participating lender, and a second mortgage from Miami-Dade
County. For more information CLICK HERE to visit their website
Neighborhood Housing Services of South Florida - NeighborworksProgram:
Provides money in a single loan to
buy home. There is a low downpayment
requirement (as low as 3 percent). The home must be primary residence
of borrower. Borrowers must meet income requirements.
Borrowers may be eligible for downpayment and closing
cost assistance. Call 305-751-5511 for more information or CLICK HERE to
go to their website.
Nonprofit Developers- A number of nonprofits are developering housing affordable to low and moderate income persons. CLICK HERE to go to the South Florida Community Development Coalition. Some of the members of the Miami-Dade NSP Coalition are developing single family housing. CLICK HERE to go to a listing of their members
City of Miami Programs
The City has a First-Time Homebuyer's program which provides up to
$40,000 towards down payment and/or closing cost assistance for
eligible low-income families to buy their first home. They also have a
low interest home repair loan program for eligible low-income
homeowners. Contact (305) 416-2080 for additional information. CLICK HERE for their website
City of Hollywood Homeownership Program - provides up to $10,000 for acquisition, $20,000 for new construction second mortgages, and single family housing rehab assistance. For more information, please call 954 921 3271 for more information (CLICK HERE for their website).
City of Boca Raton Homebuyer Assistance Program - purchase a home with only 3 percent of your own funds and get a second mortgage to be used toward the downpayment or principal reduction of first mortgage, closing cost or rehab of property. For more information, call 561 393 7756.
Housing
Finance Authority Mortgage Revenue Bond ProgramsProvides a below- market-interest rate mortgage
and down payment or closing cost assistance for first-time home buyers.
In Miami-Dade, call the Housing Finance Authority of Miami-Dade County
at s (305) 594-2518 (CLICK
HERE for their website). In Broward, call the Broward County
Office of Housing Finance at 954 765 5311 (CLICK HERE
for their website), and in Palm Beach, call the Housing Finance
Authority of Palm Beach at 561 355 4780 (CLICK HERE
for their website).
South Florida Programs
To obtain a list of Lenders and housing counselors knowledgeable about the programs listed below call Fannie Mae at 1-800-7FANNIE (1-800-732-6643)
HARP: The Affordable Home Refinance Program (HARP) enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits. Click Here to vist a web-page with information. Click Here for a listing of participating lenders
Flexible 97 and Flexible 100- mortgages that require no down payment (Flexible 100) or just 3 percent down (Flexible 97), and give home buyers more flexibility of funds for down payment and closing costs. These funds may come from personal savings, or from gifts, grants, or unsecured loans from relatives, employers, public agencies or non-profit organizations. They may also come from loans backed by investment, 401(K) or bank accounts; the cash value of life insurance policies; or other real estate. For more information, contact one of the lenders on the enclosed list.
Community Lending Mortgages - mortgages requiring less income to qualify and less cash for closing than traditional mortgages. Fannie Mae has removed any differences in its guidelines between non-permanent resident immigrants and permanent immigrants/U.S. citizen. Fannie Mae considers alternative sources of qualifying income such as boarder income, cash-on-hand and part-time employment. For more information, please contact one of the lenders on the enclosed list.
MyCommunityMortgage - lets your lender work with you to choose the mortgage option that best fits your needs and eligibility. With lower down payments, more flexible qualifying terms, and less cash reserve requirements, My Community Mortgage makes it easier than ever before to afford a home of your own. Some or all of the down payment can come from a wide range of sources, such as personal savings, a gift, or a grant. Income restrictions may apply, and may be higher in rural communities. Extra flexibilities for buyers of energy efficient homes may also be available. For more information, please contact one of the lenders on the enclosed list, (note: Some Fannie Mae lender partners may call their My Community Mortgage options by different names.).
Community Solutions - a suite of flexible mortgages especially for teachers, police officers, firefighters, and healthcare workers. The Community Solutions products, Community Solutions 97, Community Solutions 100, and Community Solutions 2-Family, offer home buyers low down payment mortgage options that have flexible credit guidelines and require less cash for closing than most conventional mortgages. Other key features of Community Solutions include a temporary interest rate buy down and higher qualifying ratios. Non-traditional credit and employment histories are also considered. In some instances, Community Solutions is available as long as the borrower�s employer offers an Employer Assisted Housing (EAH) benefit for their employees. For more information, please contact one of the lenders on the enclosed list.
FannieMae's "Timely Payment Rewards" loan program -- For borrowers with past credit problems. Qualifying borrowers have the opportunity for a one percent rate reduction after making mortgage payments on time for 24 consecutive months without a delinquency. Loan funds can be used to refinance an existing mortgage. Call the FannieMae Resource Center at 1-800-732-6643 for the name of a participating lender in your area.
Fannie Mae's HomeStyle Community Mortgages -- Provides money through a single loan to buy and/or repair or renovate a home. There is a low down payment requirement. The home must be primary residence of borrower. Borrowers must meet income requirements. The amount that can be borrowed is determined by what the property will be worth after the work is done. With the HomeStyle Community Mortgage 3/2 Option, pay as little as 3 percent down and use gift, a grant, or a government or nonprofit to pay the remaining 2 percent of your down payment. Call the FannieMae Resource Center at 1-800-732-6643 for the name of a participating lender in your area.
Community Home Buyer's Program - mortgages that require less income to qualify and less cash for closing than traditional mortgages. In some cases downpayment assistance may be available for applicants that have saved 3 percent of the amount needed for the downpayment. Subject to funding availability, the remaining 2 percent can come from Greater Miami Neighborhoods or the Metro-Miami Action Plan; from programs in the cities of Boca Raton, Florida City, Ft. Lauderdale, Hialeah, Hollywood, Homestead, Miami, Pembroke Pines Lauderdale Lakes, Tamarac, Sunrise, Plantation or Miramar; and from programs in Broward, Miami-Dade, Monroe, or Palm Beach Counties. Call the FannieMae Resource Center at 1-800-732-6643 for the name of a participating lender in your area.
Fannie Mae's HomeStyle FHA Title I Home Improvement Loan - for homeowners who need to make small but essential improvements, up to $25,00 is available for single-family homes, and up to $12,000 per unit in 2- to 12-unit properties. The loans are for people who have very good credit but minimal equity. The home may be either the borrower's primary or secondary residence but it cannot be used for investment properties. Call the FannieMae Resource Center at 1-800-732-6643 for the name of a participating lender in your area.
Fannie Mae's HomeStyle Investor Mortgage - For borrowers who wish to buy and repair a one or two family property. Borrowers can sell the house within 18 months and let a buyer assume the loan. The funds can be used for homes in need of renovation. Investors can obtain the same mortgage interest rate as owner-occupant with the loan-to-value ratios based on the "as-completed" property value. Call the FannieMae Resource Center at 1-800-732-6643 for the name of a participating lender in your area.
FannieMae's Home Equity Conversion Mortgage (HECM) - For borrowers who are 62 years of age or older who need extra cash. To qualify the borrowers must own his or her home and have little or no mortgage balance. Participants borrow against the equity in their home or condo to get cash. Repayment is not required as long as they live in the home. Call a reverse mortgage specialist at 1-800-732-6643 for more information.
FannieMae's Home Keeper for Home Purchase Mortgage - For borrowers who are 62 years of age or older. Participating borrowers can use the loan funds to purchase a home with a down payment. No repayment due as long as they continue living there. Call a reverse mortgage specialist at 1-800-732-6643 for more information.
InterestFirst Mortgage: This loan is 30 year where the borrower pays only the interest for the first 15 years. The payments are adjusted for the final 15 years into a fully amortized loan. InterestFirst loans are for borrowers who want a lower monthly payment with the stability of a fixed rate mortgage. Call the FannieMae Resource Center at 1-800-732-6643 for the name of a participating lender in your area.
FannieMae Website - www.fanniemae.com
