Realtor & Lender Information

Homestead CRA First-Time Homebuyer Down Payment Assistance

The Homestead Community Redevelopment Agency (HCRA) offers a First-Time Homebuyer Program designed to provide financial assistance toward the purchase of a qualifying home located within the Homestead CRA boundaries.

According to the program guidelines, eligible first-time homebuyers may receive assistance toward down payment and/or closing costs. The program is intended to assist low- to moderate-income homebuyers who meet the program's eligibility requirements.

Program Highlights

• Down payment and/or closing cost assistance may be available to eligible homebuyers
• Property must be located within the Homestead CRA boundaries
• Applicant must generally be a first-time homebuyer, meaning they have not owned a home or been on the title of a home during the previous three years
• Property must be used as the buyer's primary residence
• Eligible property types may include a new or existing single-family home or townhouse
• Buyer must contribute at least 1% of the property's sales price toward the down payment and/or closing costs
• Buyer must obtain mortgage pre-approval from a participating lending financial institution that meets the program's requirements
• Buyer must complete a homebuyer education counseling course through a HUD-approved housing counseling agency
• Household income must generally be at or below 120% of the applicable HUD Area Median Income (AMI) limits
• Additional requirements may apply, including property condition, inspection, asset, credit, and occupancy requirements
• Assistance is secured by a subordinate mortgage and promissory note, subject to the program's terms
• The program guidelines state that the assistance is structured as a 0% interest, non-amortizing loan with a 10-year affordability period, subject to program requirements and applicable forgiveness provisions

Property Location Requirement

One of the most important requirements is that the property being purchased must be located within the Homestead CRA boundaries.

Homebuyers and their real estate professionals should verify the property's location with the Homestead CRA before assuming the property qualifies for assistance.

Realtors & Lenders

Are you a Realtor or mortgage lender working with a buyer who may qualify for the Homestead CRA First-Time Homebuyer Program?

The published program guidelines indicate that applicants must obtain mortgage pre-approval from a participating lending financial institution that meets the program's requirements.

Realtors and lenders who want to confirm current participation requirements or inquire about the lender process should contact the Homestead CRA directly.

DPA Compass has not identified a publicly posted list of approved Realtors for this program. Realtors should contact the Homestead CRA directly to determine whether there are any specific Realtor participation requirements.

Homestead CRA Contact Information

Homestead Community Redevelopment Agency (CRA)
Phone: 305-224-4480
Address: 212 NW 1st Avenue, Homestead, FL 33030

For general questions regarding City of Homestead housing and community development programs, you may also contact the City of Homestead at 305-224-4400.

How to Get Started

1. Verify that the property is located within the Homestead CRA boundaries.
2. Review the current Homestead CRA First-Time Homebuyer Program guidelines.
3. Contact a mortgage lender to determine whether they meet the program's participating lender requirements.
4. Obtain mortgage pre-approval.
5. Complete the required homebuyer education counseling through a HUD-approved housing counseling agency.
6. Confirm your household income and other eligibility requirements.
7. Contact the Homestead CRA to confirm current funding availability and application procedures.
8. Submit the required application and supporting documentation.
9. Complete the home purchase in accordance with all program requirements.

City of Homestead Down Payment Assistance Program

The City of Homestead also lists a separate Down Payment Assistance Program designed to help income-qualified first-time homebuyers with down payment and closing costs.

However, the City's current Community Development & Affordable Housing webpage states that applications are not being accepted at this time while the City continues to develop program eligibility requirements and evaluation processes.

Homebuyers interested in this program should check the City's official website for updates regarding when applications reopen.

Important Information

DPA Compass is not affiliated with, partnered with, or connected to the City of Homestead or the Homestead Community Redevelopment Agency (CRA) and does not administer, fund, or provide these down payment assistance programs. DPA Compass is sharing this information as a public informational resource to help homebuyers, Realtors, and lenders learn about potential down payment assistance opportunities.

Program funding, eligibility requirements, income limits, property requirements, participating lender requirements, and application procedures may change. Assistance is subject to the administering agency's current guidelines, available funding, and final approval.

Homebuyers, Realtors, and lenders should contact the Homestead CRA directly to verify current program guidelines, funding availability, eligibility requirements, property eligibility, and participation procedures before relying on this information.

Looking for More Down Payment Assistance Programs?

Visit www.dpacompass.com to explore additional down payment assistance programs and resources that may help make homeownership more affordable.