Primary Financing
The household obtains or works toward an approved first mortgage or other primary financing appropriate for the property and applicant.
Home / Second Mortgage Assistance
SECOND MORTGAGE ASSISTANCE
Second Mortgage Assistance for Homebuyers
Learn about Sunbeam Community Development Corporation’s planned second mortgage assistance program for eligible homebuyers in Miami-Dade County and throughout Florida.
Program status: SCDC is restarting its second mortgage assistance initiative. Historical materials describe this as a homeownership tool, but current loan amounts, repayment terms, interest, lien requirements and eligibility have not yet been finalized for the restarted program.
What Is Second Mortgage Assistance?
A second mortgage can be used as a form of secondary financing alongside a primary mortgage. For a nonprofit housing program, a second mortgage may be structured to help an eligible buyer address an approved financing gap while preserving affordability.
SCDC's historical materials identify second mortgage loans as one of the organization's methods of helping families purchase homes. The restarted program will establish new written terms before accepting applications.
How the Assistance Could Fit Into a Home Purchase
Program Review
SCDC would review the applicant, property, funding source and proposed use of assistance under the final program guidelines.
Secondary Assistance
If approved and funded, assistance could be documented through the program's final secondary financing instrument and closing requirements.
Important Terms SCDC Will Publish
Before this program opens, SCDC should publish clear information covering:
- Who may apply and household eligibility requirements.
- Income limits and how household income is calculated.
- Maximum assistance amount.
- Whether assistance carries interest, deferred payments, or other repayment requirements.
- When repayment may be required, including possible sale, refinance, transfer or other triggering events.
- Eligible property types and owner-occupancy requirements.
- Required homebuyer education or counseling, if applicable.
- Required lender and closing documentation.
Why Clear Program Rules Matter
Housing assistance programs can have detailed federal, state, local and funding-source requirements. For example, HUD's HOME program has specific homebuyer counseling requirements for HOME-assisted homebuyers, and HUD describes housing counseling as individualized assistance addressing a household's housing and financial circumstances.
SCDC will publish its own final requirements and will not represent a household as approved until the application and program review are complete.
For Homebuyers
If you are considering a purchase and believe secondary assistance may help, you can prepare by gathering income records, identification, employment information, current debts, housing history and information about the property you hope to purchase. Do not submit sensitive financial documents until SCDC publishes its official application process.