FRIDAY, MAY 5, 2017
AN INDEPENDENT SUPPLEMENT BY MIA MEDIA & COMMUNICATIONS GROUP TO THE MIAMI HERALD
BB15
Down-Payment Assistance Programs Help First-Time Homebuyers By: Clevell Brown-Jennings
Saving for a down-payment to achieve homeownership is a challenge for many poten�al buyers. It can range from three to 20 percent of the home’s purchase price. As a first-�me poten�al homeowner, individuals may feel discouraged to even consider purchasing a new home due to the lack of sufficient savings coupled with a low credit score. However, down- payment assistance programs for first-�me homebuyers can help. There are other factors considered for eligibility to obtain assistance toward a down-payment, such as household income and family size. These down-payment assistance programs are
vital to affordable housing opportuni�es for a greater popula�on of households, especially in Miami-Dade County. A down- payment is the ini�al amount of money a homebuyer contributes toward the total amount of the loan, in order to reduce the total balance that is borrowed from the lender. Down- Payment Assistance (DPA) funds are usually generated by state, county, or city dollars that can help to offset the down- payment or closing cost that is required by the lender. Poten�al homebuyers should work directly with realtors and lenders who are qualified in working with down-payment assistance programs, in order to take advantage of this type of assistance, especially since it is only available to first-�me homebuyers. In addi�on, some homebuyers may even be eligible to u�lize more than one down payment assistance program. Informed realtors, lenders and housing counseling agencies will direct the poten�al homebuyer to programs that have funds available to assist with their down-payment.
Housing counseling agencies play a key role in educa�ng the poten�al homebuyer, and should be considered as partners and subject ma�er experts during the home buying process, as well as a�er the home is purchased. Housing counseling agencies offer an eight-hour homebuyer educa�on workshop that is required before receiving any down- payment assistance funds for most programs. This is an essen�al part of the homeownership process, as being a first-�me homebuyer requires being well- informed in making one of the most important life investments. The course covers such topics as qualifying for a mortgage, shopping for a home as well as credit and budge�ng. The benefits to owning a home are insurmountable; in most instances, it goes beyond the freedom to paint, landscape or to decorate in tailoring to the needs of the household. There is a sense of pride as it is an investment for the homebuyer as well as an en�re family. Homeownership not only allows for poten�al tax benefits, but also the
housing mortgage payment can be less than monthly rent. In addi�on, owning a home contributes to building stable communi�es. For more informa�on and a list of local Housing Counseling Agencies, visit: www. miamidade.gov/economicadvocacytrust/ About the Agency: Miami Dade Economic Advocacy Trust (MDEAT) Homeownership Assistance Program (HAP) is one of many DPA programs designed specifically for low-to-moderate income first-�me homebuyers. It is a 0% interest, non-amor�zed (no payment), mortgage loan. The HAP loan is forgiven a�er 10 years of owner occupancy. For program details, visit www.miamidade.gov/ economicadvocacytrust/. Clevell Brown-Jennings is the Outreach and Training Specialist for Miami Dade Economic Advocacy Trust Homeownership Assistance Program. She has more than 20 years of experience in the mortgage industry as a processor, underwriter and trainer. Contact her at (305)375-4278 or clevell.brown-jennings@miamidade.gov.
Miami-Dade Economic Advocacy Trust Celebrates Black History Month
Remembering Our Past as We Move Forward
Miami-Dade Economic Advocacy Trust (MDEAT) continues to serve as an economic development agent of Miami-Dade County. Through its advocacy and programmatic endeavors, MDEAT is a mechanism for the Black community in realizing equitable participation in the economic growth of the county. Connect with MDEAT through economic development, housing and juvenile justice.
MDEAT Economic Development Division advocates for the creation of business opportunities in Targeted Urban Areas and hosts educational opportunities covering such topics as technology, e-gardening, and small business development.
MDEAT Housing Division encompasses MDEAT Homeownership Assistance Program (HAP). HAP has made homeownership a reality for nearly 6,000 families across Miami-Dade County since its inception in 1995.
Get involved by joining one of MDEAT’s Action Committees or attending its monthly Board Meeting. T. 305.375.5661 | www.miamidade.gov/EconomicAdvocacyTrust | MDEATInfo@miamidade.gov John E. Dixon, Jr., Executive Director
As Florida's largest teen court program, MDEAT's MiamiDade County Teen Court has expanded its reach to serve even more teens across the county. It now serves students in the public school system through its Student Court and it encourages business ownership through its Youth Entrepreneurship Program.