Aspiring homeowners, listen up: Now could be your chance.
An initiative is making it possible for low-income residents to purchase one of two homes in Miami-Dade County at an incredible steal and with a surprisingly low down payment.
The program is a lottery and residents must meet certain criteria to apply.
Miami-Dade County Public Housing and Community Development announced the opening of applications for the Dream Homes Lottery. The initiative offers aspiring homeowners a chance to purchase one of two available homes located at 15300 SW 296th Street in Miami.
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Each home features four bedrooms and two baths, with sizes of 1,813 square feet and 1,777 square feet, respectively. The purchase price is $394,000.
“To place it into context our median home value in Miami-Dade county is close to $600,000 — many families individuals young find that median price to be an impossible goal to attain," said Commissioner Danielle Cohen Higgins.
Cohen Higgins, who represents District 8, said the Dream Homes Lottery is an example of the county’s commitment to make Miami-Dade a place where everyone can achieve their dreams.
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“We are in a housing crisis," she said. "The federal government titled Miami-Dade County as ground zero for the housing crisis in this country and we need to provide inventory to our residents."
The lottery provides qualified applicants with an opportunity to secure their dream home through a fair and transparent selection process. Interested individuals can apply online starting July 24 through Aug. 7.
If you want to apply, here is some key information:
- Applications can only be submitted online.
- All applications submitted during the open registration will enter a computer-generated random selection process.
- Successfully qualified applicants will receive a confirmation number.
To be eligible:
- You must have a minimum credit score of 580.
- Your household income has to be at or below 120% of the area median income.
- Employment for at least two years or equivalent income source.
- A commitment to use the home as a primary residence for the 20-year control period.
- And availability of a 3% down payment (approximately $11,820).
Ten qualified applicants will be selected, but only two of those can win the lottery if they meet all the requirements. There is no word on when the winners will be announced.
