Two different programs, not one combined pot
Miami-Dade County down payment help comes from more than one authority, and the amounts, terms, and eligibility rules do not transfer from one program to the other. The county SHIP program and the HFA Miami program are separate programs run by separate authorities, with separate applications, separate requirements, and separate second mortgages. A buyer who qualifies for one has not automatically qualified for the other, and a buyer who is told about a Miami-Dade amount should always ask which program that amount belongs to. Keeping the two programs in separate columns, with their own term, repayment, credit, and education rules, is the simplest way to avoid applying to the wrong program or budgeting around an amount that belongs to a different authority. Instant Money Mortgage, brokered by Complete Mortgage LLC, can help a buyer sort the first mortgage side, but each program authority remains the source for its own current rules.
Miami-Dade County SHIP
Miami-Dade County SHIP down payment assistance is listed at up to $35,000 as a 0 percent deferred loan with a 30-year term and no forgiveness. The unpaid balance is due on sale, transfer, or maturity, which means the buyer should plan for a repayment event at the end of the term or earlier if the home is sold or transferred. Unlike a forgivable loan, this balance does not shrink on a schedule, and unlike a deferred loan that is forgiven at the end of its term, this one remains payable at maturity. That structure can still be useful for a buyer who needs help with the down payment and closing costs and who plans for the eventual repayment, but it should not be described as free money or as assistance that disappears over time. One caution on sourcing: the county LHAP document that describes this program has a cover marking Board approval as TBD, so buyers should confirm the current status and terms of the county SHIP program directly with the county before relying on them.
HFA Miami: a separate authority with its own rules
HFA Miami is a separate authority from the county, and its homebuyer program is listed at up to $15,000 as a deferred 0 percent second mortgage. That amount is less than half of the county SHIP maximum, but the programs are not interchangeable, so comparing them on amount alone misses the point. HFA Miami states a minimum credit score of 660 on its homebuyer page, requires 24 months in the same line of work, and requires an 8-hour homebuyer education course. Those three requirements give a buyer a concrete checklist: credit standing, work history continuity, and education completion. A buyer who meets the county SHIP profile but does not meet the HFA Miami work history or education requirements, or vice versa, may fit one program and not the other. The right question is therefore not which program pays more in general, but which program's full requirement set the buyer actually meets for the home they plan to buy.
The practical difference between the two programs also shows up in how a buyer should prepare. A county SHIP applicant should focus on the deferred, non-forgivable structure and on planning for repayment on sale, transfer, or maturity, while confirming the program's current status given the TBD approval note on the source document. An HFA Miami applicant should focus on documenting 24 months in the same line of work, confirming credit meets the stated 660 minimum, and completing the 8-hour education course through an approved route. Both applicants should confirm which first mortgage lenders and loan types work with the program they are pursuing, since a first mortgage that fits one program may not be the right vehicle for the other. Asking each program for its current checklist, in writing, keeps the two tracks from blurring together.
A separate amortizing loan is not the same as down payment assistance
Buyers should also keep a third category separate from deferred down payment assistance: an amortizing subordinate loan. Florida HLP is listed at up to $12,500 as an amortizing 3 percent second mortgage with a monthly payment. Because it amortizes, the buyer pays it down month by month with interest, which changes the monthly budget in a way a 0 percent deferred loan does not. Calling an amortizing loan down payment assistance without that qualifier can mislead a buyer about monthly costs, so this page treats it as a separate subordinate loan product rather than as another version of deferred assistance. A buyer comparing a deferred county loan with an amortizing state loan should compare both the amount and the monthly payment effect, not just the headline figure.
State programs and next checks
Above the two local programs sits a state layer that a Miami-Dade buyer should check only after the local tracks are straight. Florida Hometown Heroes offers up to 5 percent of the first mortgage, with a maximum of $35,000 and a minimum of $10,000, as a 0 percent, non-amortizing, 30-year deferred second mortgage that is explicitly not forgivable and is due in full on sale, refinance, transfer of deed, or if the home is no longer a primary residence. It can sit behind FHA, VA, USDA-RD, and conventional first mortgages. It is limited to first-time, income-qualified buyers in full time Florida-based employment. The qualifying fields include child care, public safety and court staff, first responders, school staff, and health care, and servicemembers and veterans working full time for a Florida-based employer are included too. Alongside it, Florida Assist is listed at up to $10,000. It is a 0 percent deferred second mortgage with no monthly payment, and its primary-verified pairing covers FHA, VA, and USDA-RD first mortgages only. HFA PLUS, meanwhile, is listed as a forgivable second mortgage at 3 percent, 4 percent, or 5 percent, forgiven 20 percent per year over 5 years. The state figures do not replace the local ones: each program still has to be confirmed on its own terms, and any combination still needs program approval and first mortgage lender approval.
Before applying, a Miami-Dade buyer should write down which program is which, what each one requires, and what each one costs over time. Start by naming the program authority for every amount quoted, then confirm credit, work history, education, occupancy, and repayment terms for that specific program. Confirm the first mortgage pairing and lender requirements, and confirm current status where a source document flags an approval step as pending. Where a current term cannot be verified, ask the program authority or a participating lender directly. That discipline takes a little longer at the start, but it is the difference between a plan built on two real programs and a plan built on a blended amount that no single program will actually fund.
- Name the program authority for every amount quoted
- Compare county SHIP and HFA Miami as separate programs
- Confirm credit, work history, and education rules for HFA Miami
- Treat amortizing subordinate loans as a separate monthly cost
County SHIP source cover marks Board approval as TBD. Confirm current Miami-Dade SHIP status with the county before relying on its terms.
More in this series
- First-Time Homebuyers in Florida: Programs, Assistance, and First Steps
- Broward County Down Payment Assistance
- Palm Beach County Down Payment Assistance
- First-Time Homebuyer in Miami, FL
- First-Time Homebuyer in Fort Lauderdale, FL
- First-Time Homebuyer in West Palm Beach, FL
- Florida Hometown Heroes Guide
- Florida Assist Guide
- HFA Preferred Florida Guide
- Salute Our Soldiers Florida Guide
- Can DPA Programs Be Stacked?
- DPA Qualifications and Income Limits in Florida
- Does Hometown Heroes Have to Be Repaid?
- Hometown Heroes Teacher and Nurse Eligibility
- DPA with FHA, VA, and USDA
- DPA with a 580 to 640 Credit Score
- Credit Score to Buy a House in Florida
- How Much Down Payment Assistance in Florida?
- How Long Does Preapproval Take?
- Why Instant Money Mortgage
Related loan programs
First-Time Homebuyer Loans
First-time homebuyer loans are mortgage options with low down payments, typically 3% conventional, 3.5% FHA or $0 VA, often paired with state or local down payment assistance.
FHA Loans
An FHA loan is a government-insured mortgage that allows 3.5% down with a credit score of 580 or higher, or 10% down with a score from 500 to 579.
VA Loans
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs that lets eligible veterans, active-duty service members and certain surviving spouses buy with no down payment and no monthly mortgage insurance.
Conventional Loans
A conventional loan is a mortgage not insured by the government that follows Fannie Mae or Freddie Mac guidelines.
Related answers
- Can down payment assistance programs be stacked in Florida?
- What are the qualifications and income limits for Florida down payment assistance?
- Does Hometown Heroes have to be repaid?
- Can I use down payment assistance with an FHA, VA, or USDA loan?
- How much down payment assistance can I get in Florida?
See also
Frequently asked questions
Are Miami-Dade County SHIP and HFA Miami the same program?
No. They are separate programs from separate authorities. County SHIP is up to $35,000 as a 0 percent deferred loan with a 30-year term and no forgiveness, while HFA Miami is up to $15,000 as a deferred 0 percent second mortgage with its own credit, work history, and education rules.
What does HFA Miami require?
HFA Miami states a minimum credit score of 660, requires 24 months in the same line of work, and requires an 8-hour homebuyer education course. Confirm current requirements on the HFA Miami homebuyer page.
Does Miami-Dade County SHIP assistance get forgiven?
No. It is a 0 percent deferred loan with a 30-year term and no forgiveness, with the unpaid balance due on sale, transfer, or maturity.
Is Florida HLP the same as down payment assistance?
No. Florida HLP is listed as an amortizing 3 percent second mortgage with a monthly payment, up to $12,500, which is a different monthly budget commitment from a 0 percent deferred assistance loan.