In 2025's accessible market (starter homes ~$350,000, rates at 6.21%), unlock up to $35,000 in down payment assistance through local and state programs—designed for South Florida newcomers.
Start Your JourneyThese government-backed initiatives help newcomers enter the market with low down payments, grants, or forgivable loans. In Miami's 2025 landscape—where first-time buyers make up 35% of purchases amid balanced inventory—they bridge affordability gaps for condos and townhomes under $400K.
September 2025 favors beginners: Inventory at 5.5 months, prices stabilizing at $350K for entry-level homes, and assistance programs expanded post-hurricanes. With FHA rates at 6.21%, you can:
"Miami's programs turn dreams into deeds—especially with no state income tax boosting your take-home."
Layer state, county, and city options:
| Program | Assistance Amount | Eligibility Highlights |
|---|---|---|
| Miami-Dade SHIP | Up to $35,000 (interest-free loan) | Income ≤120% AMI; 3% down (1% own funds); max price $451K |
| Florida Hometown Heroes | Up to $35,000 (5% of loan) | First responders/teachers; income ≤$140K; for essential workers |
| Florida Assist | Up to $10,000 (forgivable after 5 yrs) | FHA/VA/USDA loans; income limits apply |
| City of Miami First-Time | Up to $70,000 deferred loan | Income ≤80% AMI; contribute $500 personal funds |
| District 5 Expanded | Up to $200,000 | Based on need; for District 5 residents |
Combine with FHA (3.5% down) for minimal upfront costs.
Take a HUD-approved class; get pre-approved to know your budget.
Search with a local realtor; focus on approved condos/buildings.
Submit to county/city programs alongside your loan app.
45-60 days; use aid for down payment/closing (~2-5% of price).
Miami Tip: Programs require homebuyer counseling—free sessions available via Miami-Dade.
Start with basics, plus program specifics:
Our team helps compile—many approvals in weeks.
For a $350,000 starter home with FHA:
| Scenario | Down Payment | Monthly (6.21%) | Total Aid Used |
|---|---|---|---|
| No Assistance | $12,250 (3.5%) | $2,150 | $0 |
| With SHIP ($35K) | $0 (covered) | $2,150 | $35,000 |
| Plus Florida Assist | $0 + closing covered | $2,150 | $45,000 |
Assumes 30-year FHA; taxes/insurance extra (~$500/mo in Miami).
Navigate local hurdles:
No ownership in 3 years; programs like SHIP are flexible for displaced renters.
Yes, if FHA-approved; we check building warranties upfront.
Typically 80-120% AMI ($60K-$100K for singles in Miami); varies by program.
Many are forgivable after 5-10 years of residency.