Miami Dade HFA

 

 

 

Single Family & MCC Programs 

 

ADMINISTRATOR GUIDELINES   
PARTICIPATING LENDERS   
PROGRAMS & FUNDS
  • Program offers three options.
    1. First Mortgage Program with DPA with MCC
    2. First Mortgage Program with DPA
    3. MCC Program
  • First Mortgage Program’s allocation – revolving funds
  • MCC Program – 30 mill
LOAN TIME LINE REQUIREMENTS Please DO NOT Reserve early.  Should be qualified prior to reservation.

  • Reservation to UW Cert: 15 days
  • Reservation to Loan Purchase: 60 days
ELIGIBLE AREAS
  • Miami-Dade County
ELIGIBILITY CRITERIA
  • First-time Homebuyers
  • Borrower(s) & Spouses, occupant or non-occupant
  • Must be able to permanently reside in the U.S.
  • Principal residence
  • Borrower(s) must occupy property within 60 days of closing
  • IRS filed returns for past 3 yrs – all borrower(s) & spouses
ELIGIBLE LOAN TYPES
  • Government – FHA, VA, USDA-RD
DPA
  • up to 15,000
  • Must be used for Down Payment and Closing Costs.
  • Cash back is NOT allowed.
INCOME LIMIT CRITERIA
  • see Guideines.  (1003 credit income if not using the MCC & household income if using the MCC)
HOME ACQUISITION LIMITS
  • see Guidelines
HOME BUYER EDUCATION
  • Required
FICO / DTI REQUIREMENT
  • see Guidelines
CO-SIGNERS
  • Follow Agency Guidelines (FHA, VA, USDA, Fannie Mae, Freddie Mac).  Cannot be named on the Warranty Deed
PROGRAM FEES
  • see Guidelines
FORMS AND DOCUMENTATION
  • Online, once logged in to eHP system: See Forms and Guidelines
THE AGENCY
  • Issues the First Mortgage Program and Down Payment Assistance Program
  • Sets the rate, term, points and DPA options
  • Lender relationships, Participation, Approval
  • Markets the Program
  • Agency Web
THE MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • If you need assistance with the Servicer Lender Guides or  to contact the US Bank Lender Help Desk, Click here.

 

Current Rate/Offerings
Rate/Offerings DPA / Second Lock Rate  Min FICO
Government  FHA up to 15,000
 7.125%
 660
Government  VA, USDA
 640
Conventional Freddie Mac 80% AMI 7.125% 640

 

  • Term: 30 Year Amortizing
  • DPA Up to $15,000 DPA/Closing costs
    • 0%, 30 Year Deferred
    • Cash back is not permitted (see guidelines).  Please reduce the DPA amount

 

Please see the Summary Tab