Miami Network Realty

Many great financing options for first time and low income homebuyers. Where to find them these days.

There are a variety of great financing products available for first time and low to medium income buyers. But not too many realtors know about them... These products and combinations of products make it possible for buyers who would not have otherwise been able to buy, to buy and move to their own home, sometimes paying less than they would have in renting. Better known as bank partnership programs, they work in general as follows:
A participating bank prequalifies you based on your income and family size. The bank then offers you a first mortgage and either the city or the county offers you the 2nd mortgage as part of a package.
Example: you are qualified for a $100,000 home: Citibank gives you $40,000 and the City of Miami provides you with $57,000. Your down payment would be $3,000. Sometimes a 3rd mortgage to assist you with closing costs is also thrown in.

And the most special part of this equation is that your monthly mortgage payment ends up being much lower than if you bought the same price home through a conventional mortgage product. This is possible because of the partnership between the bank and the government. Although the first mortgage you are given by the bank is paid back as any other mortgage with the prevailing interest rate being applied, the 2nd mortgage offered by the City or the County, is paid back in small increments and with minimal or no interest attached. For more information about these programs, or or a list of current participating banks, contact us.