MDEAT (Miami Dade Economic Advocacy Trust) Program
First Time Home Buyers Down Payment Assistance
MDEAT (Miami Dade Economic Advocacy Trust)is a Miami-Dade County program designed for first time home buyers.
MDEAT (Miami Dade Economic Advocacy Trust) Homeownership Assistance Program will provide a 0% interest FORGIVEABLE loan to individuals who qualify for the program, based on the availability of funds on a first-come, first-serve basis. Borrowers must use MDEAT (Miami Dade Economic Advocacy Trust) funds for down payment and/or closing costs only.  If Borrowers qualify according to their income, they must invest 1% or up to 3% of the purchase price from their own funds into the transaction.
For households with income at or below 80% of the adjusted gross median income (AGI) for Miami-Dade County. The maximum assistance is the lower of 10% of the purchase price or $10,000.
For households above 80% of the adjusted gross median income – the maximum assistance is the lower of 4% of the purchase price or $28,500. Properties need to be located in Miami-Dade County.
Program Highlights
Loan is forgiven if you live in the house at least 10 years.
- You must show 1% down as a Down Payment
Please call BMS Corp. Telephone: 305-445-9003 or email: info@bmscorp.net for more information.
Minimum Loan Amount for First Mortgages is $70,000.00
SHIP Program
BMS Corp is working in conjunction with the Office of Housing Development to qualify families and individuals for the Ship Program. The program is intended for First time Home borrowers.
Program Highlights
Receive up to $80,000 for the use of down-payment and closing costs. The $80,000 is done through a second mortgage on the property, the first being an FHA loan.
For the first ten (10) years the borrower pays $50.00 per month for the second mortgage.
After the tenth year, the loan is amortized into a 4% interest loan for the remainder of the term.
In order to qualify your income must be in line with the guidelines of the program, your credit score cannot be less than 640 points, you must have a stable job for the last two years and must show at least 1% (for Down Payment).
The program allows for gifted funds as well as Seller Contributions. The loan is amortized in a 20 year schedule. After the first 10 years at the annual precentage rate of 4% (APR) per annum.
Payment schedule on $80,000.00. Years 1 through 10Â $50.00 a month, years 11 through 20Â $484.78 a month.
Family income must be verified, SHIP is limited to 120% of the median income and the Purchase price of the home cannot exceed $205,000 for Miami Dade County.
Please call or email BMS Corp. for more information: 305-445-9003 or Info@bmscorp.net
Program is based on Borrower’s prequalifications. Interest and terms are subject to change.
*Minimum Mortgage Amounts For First Mortgage Loans $ 70,000.00