Miami real estate news and information

Help for First Time Homebuyers

There’s a new program for First Time Home Buyers in Dade County-the Metro Miami Action Plan, Homeownership Assistance Program (MMAP HAP). It’s designed to provide first time home buyers with up to $7,500 in closing costs and downpayment assistance in the form of a forgivable 0% interest, non amortized payment mortgage.

first time homebuyersThe maximum amount permitted is 4% of the purchase price or $7,500…whichever is less. The purchase price of the home cannot exceed thecurrent FHA loan limit.

There are a nuber of requirements in order to be eligible, but the main ones are: You must reside in Miami Dade County; You must be a first time home buyer, not having owned anything in the past 3 years; Your household income may not exceed 140% of the county median income; You must contribute at least 1% of the sales price from your own funds.

Contact the Restivo Team today to see if you are eligible. We would love to help you find what you’re looking for.

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