City of North Miami First-Time Homebuyer Prgram
| SHILOH’S REAL ESTATE NOTES | NORTH MIAMI • HOMEBUYER EDITION |
| “Shiloh, I want to buy a home… I just don’t have enough saved for the down payment and closing costs.” Before you count yourself out, let’s find out what programs you may qualify for. |
If you are hoping to purchase your first home in the City of North Miami, there is a local assistance program worth knowing about. Qualified buyers may receive up to $40,000 through HOME or SHIP funding to help fill the gap between the home price, the mortgage they can afford, and their available funds for down payment and closing costs. Assistance is offered while funding is available and the amount depends on eligibility, need, and the buyer’s ability to qualify for private financing.
Wait… Up to $40,000?
Yes. For the right buyer, that kind of assistance can be meaningful. Income-eligible households may receive assistance as a zero-interest, forgivable deferred loan, subject to the program’s affordability requirements. This is not a promise of free money and approval is not automatic, but it can help qualified buyers who can afford homeownership and need help getting across the upfront-cost finish line.
What Kind of Home Can You Buy?
Eligible properties include single-family homes, townhomes, and condominiums located within the City of North Miami. The City’s application says eligible North Miami properties generally have a Miami-Dade folio number beginning with “06,” and the property must meet applicable Housing Quality Standards.
This is where strategy matters. Finding a pretty house online is the easy part. Finding a property that fits your budget, financing, program rules, insurance considerations, and long-term goals is where having the right team can make the process much less overwhelming.
Could You Qualify?
- You generally must not have owned a home during the previous three years, subject to certain exceptions.
- You need sufficient income to qualify for private financing, repay your debts, and maintain the home.
- HOME funding generally serves households at or below 80% of Area Median Income; SHIP may serve eligible households up to 140% of Area Median Income.
- The City’s application says buyers must have sufficient funds to contribute 3% of the total purchase price.
- You must complete an 8-hour approved homebuyer education workshop; the completion certificate is valid for one year.
A Quick Roadmap From Renting to Owning
Do Not Wait Until You Find the House
One of the biggest mistakes a buyer can make is falling in love with a property first and figuring out the money second. The City currently lists the First-Time Homebuyer Program as open until funds are depleted, and assistance is processed while funding is available. Start with preparation: understand your credit, talk with a lender, gather documents, complete the required education, understand the program, and then shop with a realistic plan.
| IMPORTANT PURCHASE-PRICE NOTE The City’s current webpage lists maximum purchase prices of $370,000 under HOME and $460,000 under SHIP. A downloadable application revised in September 2024 lists $415,000 for HOME and $460,000 for SHIP. Because the City’s official materials conflict on the HOME limit, confirm the current applicable limit with Housing and Social Services before relying on a purchase price. |
This Is the Part of Real Estate I Love
For me, real estate has never been only about opening doors and writing offers. It is about showing people possibilities they may not have known existed. I have worked with the City of North Miami’s housing programs before, helping displaced residents navigate housing searches and secure leases. That experience is one reason I care so much about connecting people with resources and helping them understand their options.
When someone tells me, “I don’t think I can buy,” my first thought is not to count them out. My question is: Have we actually looked at all of your options yet? Sometimes the difference between continuing to rent and creating a path toward ownership starts with information, preparation, and the right guidance.
| READY TO FIND OUT WHAT’S POSSIBLE? I’ll help you understand the process, identify homes that fit your goals and program requirements, coordinate with your lender and other professionals, negotiate on your behalf, and guide you from “I don’t know where to start” to “I got the keys.” LET’S TURN YOUR RENT PAYMENT INTO A HOMEOWNERSHIP PLAN. |
Shiloh Cabrera, REALTOR®
978.590.0150 • Shiloh@miamidreamre.com • www.miamidreamre.com
Miami • North Miami • Broward • South Florida
Program Information & Important Disclaimer
Program facts in this newsletter were checked against the City of North Miami First-Time Homebuyer webpage, Program Applications page, and First-Time Homebuyer Assistance Application. Program funding, income limits, purchase-price limits, eligibility requirements, and availability can change. Assistance is not guaranteed and remains subject to City review, approval, and available funding.
City of North Miami Housing & Social Services: 305-893-6511 ext. 20000 • housing@northmiamifl.gov
Official program pages: northmiamifl.gov/243/First-Time-Homebuyer and northmiamifl.gov/881/Program-Applications