FIRST TIME HOME BUYERS WORKSHOP
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Opa-locka Towncenter
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Opa-locka Towncenter
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FIRST TIME HOME OWNERSHIP PROGRAM FEATURES
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How to qualifyIn general, individual or families who do not own a home at the time of application can qualify. To be eligible you must: have an income not exceeding the limits; have been employed in the same line of work for at least 24 months; have a good, established credit history and be approved for credit by a participating lender; and be either a U.S. Citizen, or have obtained legal permanent residency immigration status.
Down payment requirementsThere is a minimum down payment requirement of 3 percent. One percent must be from the borrowers own funds. The down payment required by USHUD for Section 8 Homeownership Demonstration Program is 3 percent of the purchase price, of which 1 percent of the purchase price must be from the borrower’s own funds. The minimum down payment for the Infill Housing Initiative is 1 percent of the purchase price from the borrower’s own funds.
Types of acceptable propertiesThe following types of homes may be purchased upon approval by the County:
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The maximum monthly payment, including your house payment and all of your outstanding debts (including installment loans, revolving credit cards, and child care expenses), can not exceed 45% of your gross monthly income.Documentation required from buyers at the time of their appointment with staff: After you have obtained an executed sales contract, the developer will provide you with contact information for an appointment with one of our Finance Advisors. The following is a list of documents that you are required to bring at the time of your appointment:
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