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Miami-Dade Commissioner Monestime improves Homebuyer Loan Program

home buyer loan programs

[MIAMI-DADE] The Miami-Dade County Commission on March 2 unanimously gave final approval to an ordinance sponsored by Commissioner Jean Monestime.  The Ordinance will help more low- and middle-income individuals achieve the dream of homeownership.

Homebuyer Loan Program

The ordinance makes several improvements to the County’s existing Homebuyer Loan Program to facilitate its implementation. The Homebuyer Loan Program was created in 2015 by Commissioner Monestime. It was designed to provide mortgage loan assistance to qualified low- and moderate-income individuals and families. Specifically in the purchase of a primary residence. After its creation, meetings with members of the industry led to suggestions to make the program more workable.

New Ordinance

The new ordinance makes the following changes to the program:

  • The income certification of applicants will be performed by an outside company selected through a competitive request for proposals process.
  • The income certification company and Certified Loan Officers will be able to charge industry standard fees. In addition, the costs charged to either the County, applicants, or approved borrowers for processing loan applications or qualifying borrowers for the County’s Homebuyer Loan Program.
  • The County’s loan provided through the Homebuyer Loan Program will be a second mortgage loan in priority, subordinate to the first mortgage lender.
  • The Homebuyer Loan program will encourage homeownership in the County’s Vulnerability Ranked Eligible Block Groups. This will be done by offering more favorable loan terms. Specifically for Homebuyer Loans used to acquire homes in the County’s Vulnerability Ranked Eligible Block Groups.
  • Homebuyer Loans used to acquire homes in the County’s Vulnerability Ranked Eligible Block Groups. Loans will have a 1 percent compounded interest rate.
  • Homebuyer Loans used to acquire homes outside of the County’s Vulnerability Ranked Eligible Block Groups. Those loans will have a 2 percent compounded interest rate.

“These needed changes to the Homebuyer Loan Program will make the dream of homeownership a reality. Especially for more low- and middle-income individuals in Miami-Dade County,” Commissioner Monestime said.

 

South Florida Caribbean News

The SFLCN.com Team provides news and information for the Caribbean-American community in South Florida and beyond.

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