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| Housing
& Community Services |
for Home Rehab Loans
1st Mortgages
NSP 2nd Mortgage Subsidies
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| OLCDC Quick Facts: |
| The OLCDC's homebuyer education program has
served over 5,000 families. |
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The OLCDC, through the Housing and Economic Recovery Act, 2008, and with its membership in the South Florida NSP2 Consortium, has been allocated $20 million to acquire and rehabilitate affordable housing units throughout
Miami-Dade County. With these funds, OLCDC will purchase, renovate and resell homes to low to moderate income homebuyers.
Through the Community Fund of North Miami Dade, Inc. (CFNMD), the lending arm of
the OLCDC, additional financial subsidy in the form of low interest second
mortgages may be available to qualified applicants.
Qualified applicants must be U.S. citizens or permanent residents whose
household income does not exceed 120% of the Area’s Median Income for their
family size, as determined by USHUD (see the chart below).
|
2012 INCOME LIMITS |
|
Family Size |
Extremely Low Income (30%) |
Very Low Income (50%) |
Low Income
(80%) |
Moderate Income
(120%) |
|
1 |
$13,800.00 |
$23,000.00 |
$36,750.00 |
$55,100.00 |
|
2 |
$15,800.00 |
$26,250.00 |
$42,000.00 |
$63,000.00 |
|
3 |
$17,750.00 |
$29,550.00 |
$47,250.00 |
$70,850.00 |
|
4 |
$19,700.00 |
$32,800.00 |
$52,500.00 |
$78,700.00 |
|
5 |
$21,300.00 |
$35,450.00 |
$56,700.00 |
$85,000.00 |
|
6 |
$22,900.00 |
$38,050.00 |
$60,900.00 |
$91,300.00 |
|
7 |
$24,450.00 |
$40,700.00 |
$65,100.00 |
$97,600.00 |
|
8 |
$26,050.00 |
$43,300.00 |
$69,300.00 |
$103,900.00 |
Copies of the following documents are required to process your application.
** STAFF WILL NOT MAKE COPIES OF REQUIRED DOCUMENTS
** BE SURE TO HAVE YOUR
COPIES ALREADY MADE UPON ARRIVAL TO YOUR APPOINTMENT.
- Proof of Identification (for Applicant and Co-Applicant)
- State issued picture ID
- Marriage Certificate if you are married and have different last names
- Social
Security Cards for All Household Members
- Proof of Income (household members 18 and older)
- Three recent and consecutive
pay stubs
- Child Support – court order, divorce decree, or a printout from the agency
ordering the child support
- Alimony/Palimony – divorce decree or court order
- Social security benefit award letter
- Pension/Retirement statement – we need
three most recent statements
- Self-employment - Profit & Loss Statement for last 2 years and a statement from
your accountant projecting your anticipated net business income for the next
twelve months
Assets (for all household members)
- Six (6) months of recent and consecutive bank statements for all bank accounts
- Most recent statements for your IRA, 401(K), Retirement/Pension, stocks, bonds,
annuities and life insurance
- Proof of the value of additional property that you own (land, homes, & boats)
Proof of Number of Dependants (dependants must be listed on your tax return).
Submit one of the below.
- Birth Certificate on which the parent/applicant’s name is listed
- School
Record, which provides the parent/applicant's name and address
- Court ordered letter of guardianship
- Divorce decree
- Letter of Adoption
Loan Commitment or Pre-Qualification Letter from Lender.
Must include maximum amount of loan and terms (dated within past 60 days).
Upon receipt of a complete application with all required documents, staff
will review and make a determination of eligibility. A formal reply (approval or
denial) will be sent to you along with any further instructions. Once approved,
you may begin searching from our list of available homes. Once you locate the
home you would like to purchase, the documents listed in the approval letter will
be required to complete your application.
To apply for a NSP Homebuyer Second Mortgage Loan Subsidy, download, complete, print, and submit the Uniform Residential Loan Application. Click here for the application. For more information regarding the NSP Homebuyer Second Mortgage Loan Subsidy, please contact Sharon Williams, Director of Housing and Community Services, at (305) 687-3545 Ext. 243.
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