THE FIRST SINGLE-FAMILY MORTGAGE PROGRAM
since 2007 is now available to homebuyers in Miami-Dade County
(MIAMI, January 28, 2010) – The Housing Finance Authority (HFA) of Miami-Dade County is among the first agencies in the nation to issue Mortgage Revenue Bonds under temporary special authority of the U.S. Treasury Department. A total of $25 million is now available at below market interest rates for low- to-moderate-income homebuyers in Miami-Dade.
“We were in a position to take advantage of a one-time opportunity to have the Department of Treasury purchase our Mortgage Revenue Bonds at rates that have not been available since economic and market forces collapsed in 2008,” said HFA Director Patricia Braynon. “The process was arduous but well worth the effort to secure funding resulting in a 30-year, 4.95 percent fixed interest rate mortgage loan.”
The first-time homebuyer requirement has been waived, and Miami-Dade’s HFA has also included funds for down payment assistance of $7,500 for eligible home buyers.
“This program is designed for buyers who may have been afraid to purchase due to market uncertainty,” said Don Horn, Chairman of the HFA Board of Directors. “Lenders, realtors and other mortgage Industry partners have been waiting for a program like this. They know the Bond program has a track record which is consistent, reliable and steadfast. They know that bond mortgage rates are fixed, loan terms are consistent, and final monthly payments will be within a family’s budgetary limits.”
PROGRAM FEATURES INCLUDE:
$25 million available
Funds held in a first‐come, first‐served pool
Two loan options for homebuyers:
1) 4.95% with 0% origination and 0% discount
2) 4.82% with 1% origination and 0% discount
Down Payment Assistance available in the amount of $7,500
First‐time Homebuyer Requirement Waived
The Housing Finance Authority works to alleviate the shortage of affordable residential housing available for low-income to moderate-income families and individuals in Miami-Dade County. As a financing conduit, the HFA issues mortgage revenue bonds to provide capital for investment in-single- and multi-family housing.