At MIAMI CAPITAL Lending LLC, we are dedicated to helping you achieve your dream of home ownership in Florida. We offer a range of programs to support first-time home buyers and veterans, ensuring that everyone has the opportunity to own a home in our beautiful state. Our friendly and professional team is here to guide you through the process. Contact us at 786-622-2224 for more information.
Financial Assistance
Our program provides a non-forgivable silent second lien position of 5% of the purchase amount, with a minimum of $10,000 and a maximum limit of $35,000. This assistance helps bridge the gap for many buyers, making home ownership more accessible and affordable.
Florida-Based Employer Requirement
For our home ownership programs, borrowers must be employed full-time by a Florida-based employer. This means your employer must have a brick-and-mortar location in Florida where you report to or work from. However, veterans are exempt from this requirement when providing a valid DD214, meaning they do not need to meet the full-time employment status or work for a Florida-based employer.
- Only one occupying borrower must satisfy this requirement, excluding the non-occupying co-signer.
- For more details, see the documentation needed to validate the Florida-based employer requirement.
First-Time Home buyer Requirement
To qualify as a first-time home buyer, occupying borrowers must not have had an ownership interest in their primary residence within the last three years. There are exceptions to this requirement:
- Veterans Exemption: Veterans are exempt if they served in the active military, naval, or air service and were discharged or released under conditions other than dishonorable. Active-duty military personnel are also exempt under the FL Hometown Heroes Loan Program.
- Veterans must provide a valid DD214 to qualify. A Certificate of Eligibility (COE) is not accepted in lieu of the DD214.
- Active-duty military must provide a current Leave and Earnings Statement (LES) to qualify.
- Members of the Reserves or National Guard are not exempt.
Income Limit and Loan Limits Requirements
To ensure the affordability of homes, we have set income and loan limits based on the county where the property is being purchased. These limits ensure that our programs reach those who need them most.
Federally Designated Targeted Area Exemption
Borrowers purchasing in a Federally Designated Targeted Area are exempt from the first-time home buyer requirement. For eligible census tracts, please refer to our program guide.
Home buyer Education (HBE)
At least one borrower must complete a program-approved home buyer education course. This can be done in-person or online and must meet standards defined by Housing and Urban Development (HUD) or the National Industry Standards for Home ownership Education and Counseling. Veterans qualifying under the Veterans Exemption are not required to attend HBE unless they are participating in the HFA Preferred or HFA Advantage programs. Education provided by a mortgage insurance (MI) company is also acceptable if it meets the required standards. Certificates of completion are valid for two years.
Get Started Today
Our team at MIAMI CAPITAL Lending LLC is here to help you navigate the home ownership process. Whether you’re a first-time home buyer or a veteran, we have programs designed to meet your needs. Contact us today at 786-622-2224 to learn more about our offerings and how we can assist you in becoming a homeowner in Florida.