RESOLUTION FOR CHANGING CERTAIN CONDO LENDING REQUIREMENTS

Board of County Commissioners · 2026-06-02 · resolution

Miami-Dade County adopted a resolution commending the Federal Housing Finance Agency (FHFA) for changing condominium lending requirements in Florida. Previously, Florida buyers required a 25% down payment, unlike the national standard of 10%. This change, effective August 3, 2026, allows for traditional national lending terms with down payments ranging from 3% to 5%. The resolution directs the County Mayor to partner with the Miami Association of Realtors and other organizations to disseminate information about these changes to county employees and the community. A report on these dissemination efforts is required within 90 days of the effective date. The resolution also commends Congressman Byron Donalds for his advocacy.