How can you get a $50,000 loan for condo assessments in Miami-Dade? Here are the steps
Are you facing a high condo assessment? Miami-Dade County runs a loan program to help with the cost.
The loans range from $3,000 to $50,000. But there are some rules and restrictions to get a loan.
MORE: Facing a special assessment? Miami-Dade County offers a $50K loan to help condo owners
Here’s what to know and how to apply:
Who is eligible for a condo loan?
Income: The loan program is for people earning less than 140% of the area median income, about $79,000 a year. A single person qualifies with income of $111,160 or less. A two-person household can earn up to $127,120 a year. A household of four can qualify if they earn less than $171,640.
What are the terms of a condo assessment loan?
Length: Anyone approved for the condo loan has 40 years to pay it back with a 0% interest rate.
How can you apply for a condo loan from Miami-Dade?
Submit an application online: Condo owners must share details and documents, including a copy of a driver’s license, pay stubs and utility bills. Only condo owners with homestead exemptions qualify. The heads of associations or board members cannot apply on behalf of residents. Applications can be found online in English, Spanish and Creole.
▪ Underwriting process: A condo owner may hear back from a county representative in 30 to 60 days. The representative may have follow-up questions or require more documentation. Once an application is approved, the head of an association or board members receive the payment on behalf of the owner. An owner will never receive any portion of the loan.
▪ Repayment: Repayment begins 30 days after all of the special assessment work has been completed. The county requires a certificate of completion before requesting any payments be made on the loan. Loans are provided at a 0% interest rate and with a 40-year repayment schedule. For those who miss payments, the county could put a lien on the residence.
This story was originally published January 6, 2025 at 7:57 AM.