Applications being accepted in Miami-Dade's Dream Homes Lottery
MIAMI - Homeownership is increasingly becoming out of reach for many.
Miami-Dade has launched a Dream Home Lottery for low-income residents who can purchase one of two homes, with a low down payment, if they are selected as a winner.
The homes are located in the southern part of the county in the 15000 block of SW 296th Street.
Each home, around 1,800 square feet, features four bedrooms and two baths. They are selling for $394,000.
Those interested can apply online through August 7. Applications are accepted online only, only one per person is allowed.
According to the county's website, "All applications submitted during the open registration period will enter a random selection process, with successful applicants receiving a confirmation number for the live lottery."
To qualify, applicants must have a minimum credit score of 580 and have been employed for at least two years or have an equivalent income source. Their household income must be at or below 120% of the area median income.
According to the county, ten qualified applicants will be selected and contacted to "proceed with financing." Applicants must complete an 8-hour Homebuyer Education Course and secure financing within 45 days.
The two selected winners must come up with a minimum of 3 percent of the total down payment.
Here is more information about the financing.