Miami-Dade HFA Advantage Conventional Loan
Most PopularBest For: Flexible Terms, First Time Homebuyers, Easy Qualification
Low down payment options and flexible terms for 1st time and established home buyers
This loan program is not available in Yulee, FL
Program Description
Conventional Loans are the most popular mortgage program in the United States due to their ubiquity and versatility. They are insured by private lenders instead of the federal or state government, like in the case of many other popular programs.
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Miami-Dade HFA Advantage Conventional Loan
Min. Credit Score
640
Min. Down Payment
3%
Max Loan Amount
$382,194
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
- May allow for higher debt-to-income (DTI) ratios.
- Can be used with an Add on allowing for Down Payment Assistance.
- Allows for higher conforming loan limits
- Must be first-time buyer.
- Minimum credit score 640 to qualify.
- Homebuyer Education
- One unit properties only
Program Availability
Miami-Dade HFA Advantage Conventional Loans are available in 1 state.
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“This program is great for first time homebuyers, and can be flexible for different property types and borrower profiles. With the HFA of Miami-Dade you can utilize an add on to obtain Down Payment Assistance."
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
$62,320
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.
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Key Features
- Down payments as low as 3% when purchasing a home.
- 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
- Offers eligible borrowers a 30-year, fixed-rate mortgage. This first mortgage also offers borrowers with income at or below 80% of AMI (as determined by Fannie Mae) a reduced Mortgage Insurance (MI) premium.
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
HFA of Miami-Dade requires an 8 hour Homebuyer Education course that must satisfy standards defined by Housing and Urban Development (HUD). Online education offered by HFA of Miami-Dade through eHomeAmerica.
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: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2%
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 Miami-Dade HFA Conventional 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.
HomeOne® Purchase Loan
Best For: First Time Homebuyers, Easy Process
A low down payment solution to help first time homebuyers with limited savings take advantage of the benefits of a conventional loan program.
FHA Purchase Loan
Best For: First Time Homebuyers, Low Credit Scores, Lowest Rates, Easy Qualification
Low down payment requirements, easier qualification guidelines, lower rates, and flexible terms for first time homebuyers and beyond.
Related Resources
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
Required Homebuyer Education Classes for Certain Programs
Many homebuyer assistance programs and some mortgage lenders require borrowers to take a homebuyer education course.
Read More
Knowing Your Mortgage Insurance Options (Conventional Loan PMI)
PMI is an important part of getting a mortgage, but it can vary in cost. Learn about the different types and what you should consider when budgeting for it here.
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
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