Enter the Dream Homes Lottery: A Gateway to Homeownership
Imagine owning your dream home right here in Miami-Dade County. This vision can become a reality for many residents thanks to the Dream Homes Lottery.
This initiative ensures a fair shot at homeownership through a transparent and straightforward process.
Here’s your guide to participating in this exciting opportunity.
Who Can Enter?
The Dream Homes Lottery is designed to be accessible yet fair. To qualify, applicants must meet the following criteria:
• Credit Score: A minimum score of 580.
• Household Income: Must be less than 120% of the Area Median Income (AMI).
• Employment: A stable employment record of at least two years or an equivalent income source.
• Primary Residence Commitment: The home must be your primary residence for 20 years.
• Prequalification: Initial prequalification must be confirmed by a lender.
• Homebuyer Education: Completion of a homebuyer education course is required.
• Down Payment: A minimum of 3% of the total home cost must be covered.
How to Apply
Step 1: Check Your Eligibility
Before you get started, ensure you meet the criteria. This self-evaluation is crucial before proceeding.
Step 2: Submit Your Application
Apply online only, ensuring accurate information to avoid disqualification. You’ll receive a confirmation code after submitting. The lottery date will be announced on the official website within 30 days.Additionally, secure prequalification financing from approved lenders to maintain your eligibility.
Step 3: Selection Process
If selected, CONGRATULATIONS! Here’s what you need to do next:
Formal Acceptance:
You’ll receive an official acceptance letter with detailed instructions.
Choose a Lender:
Select a lender from Miami-Dade County’s approved list and apply for financing.
Down Payment Assistance:
• PHCD offers $35,000 in down payment assistance deferred after 30 years.
• PHCD Mortgage options include $100,000 at 1% interest for 30 years or $80,000 at 2% interest for 30 years.
• Miami-Dade Economic Advocacy Trust (MDEAT) provides $28,500 or $14,500, deferred/forgivable after 20 years.
Step 4: Closing and Sales Process
Miami-Dade County will oversee the escrow and title processes. Buyers must pay for a home inspection to ensure the property is in good condition.
Critical documents will outline property restrictions and maintenance terms. The deed will be transferred to the title company for execution and recording.
Step 5: Final Steps
Once all documents are finalized and recorded, the contractor will hand the keys to Miami-Dade County, who will present them to you.
Your Dream Home Awaits
Dream home could be yours sooner than you think. Take advantage of this incredible opportunity.
Start your application today. Click here to learn more and get started!
