HFA of Miami-Dade First FHA Loan Program
Most PopularBest For: First Time Homebuyers, Low Down Payments, Zero Down, Easy Qualification
Low down payment requirements, easier qualification guidelines, and flexible terms for 1st time homebuyers and beyond
Program Description
HFA of Miami-Dade offers a FHA loan , which is a type of mortgage insured by the Federal Housing Administration that may let you make a down payment as low as 3.5% and that has less-restrictive credit requirements than many conventional home loans.
Tags
Do you match this loan?
Our loanSMART system will tell you if this loan program is a good fit your scenario.
HFA of Miami-Dade First FHA Loan Program
Min. Credit Score
660
Min. Down Payment
3.5%
Max Loan Amount
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Flexible qualification guidelines
- Lower down payment than standard conventional loans
- Allows up to 45% DTI (Debt-to-Income)
- Only available in Miami-Dade County, FL
- Not available for second homes or investment properties
- Homebuyer Education
- Mortgage Insurance (MIP) is required for the life of the loan
- Manufactured homes are not permitted
- Subject to loan and income limits
Program Availability
HFA of Miami-Dade First FHA Loan Programs are available in 1 state.
*Limited Availability: Eligible properties may be located anywhere within Miami-Dade County, FL including the City of Miami.
Talk to an Expert
An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“This program is great for first time homebuyers near Miami, who are in need of assistance and qualify for FHA standard programs with a 660 credit score. Funds can be used for down payment or closing cost."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
45.00%
Purchase Price Limit
$382,194
Income Limit
$97,500
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
Buying a Home?
Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.
Key Features
- FHA requires a 3.5% down payment that can be satisfied by add-on program.
- Allows for credit scores as low as 640.
- May offer up to $15,000 on a 2nd lien for the use of down payment.
Additional Conditions
- Eligible properties may be located anywhere within Miami-Dade County, FL including the City of Miami.
- Also allows for multifamily properties between 1 and 4 units
- FHA loans are insured by the Federal Housing Administration, allowing your mortgage lender to provide you with a better deal than you might find with other loans. These loans are especially beneficial for first time home buyers and others with less-than-perfect credit scores or little money for a downpayment because of its flexible qualification guidelines.
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: HFA of Miami-Dade County Online Education
First-time homebuyers are required to complete a 6-8 hour HUD-approved education course. The education course can be obtained from any HUD-approved provider online typically though eHomeAmerica or face-to-face.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: FHA UFMIP
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into your loan amount.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this HFA of MIami- Dade FHA program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
HFA of Miami-Dade VA Loan Program
Best For: First Time Homebuyers, Low Down Payments
VA program for Miami-Dade County, FL vets and active-duty military seeking down payment assistance, offered by the HFA of Miami-Dade.
Mannie 100 USDA Down Payment Assistance
Best For: First Time Homebuyers, Low Credit Scores, Zero Down, Easy Qualification
Mann Mortgage LLC is now offering down payment assistance funds for those who may make over the county limits for traditional down payment funds.
Related Resources
FHA Purchase: The Bottom Line
Considering going FHA? Here’s the bottom line on the FHA Loan – What it is, how to get one, why should you get one, along with its most notable products, common criteria and an expert analysis from our experienced team.
Read More
Tips for a Simple Loan Approval
Believe it or not, following these simple tips can not only make or break your home buying experience, but it can also either save or cost you valuable time and money. If you aren’t completely sure if something you’re planning to do will help or hurt the status of your loan approval, you should always contact your loan officer to advise before you act.
Read More
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read More
A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read More
High Balance FHA Loans Explained
Explore high balance FHA loans: low down payment, relaxed credit guidelines, and higher loan limits in high-cost areas. Ideal for first-time homebuyers.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
Mortgage Program by:
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
Start Your Journey
Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch