Housing Purchase Assistance

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The program is targeted towards households that have not owned a home in the past (3) three years. In addition, all applicants are required to complete a home buyer's education course. View Program Brochure [PDF]

HOME Down Payment Assistance Program

HOME Down Payment Assistance Program Funds may be used for closing costs, down payment assistance and rehabilitation, if needed. Priority will be given to very low; and low-income families.

Very low-income first-time home-buyers will receive up to $20,000 in total assistance with a minimum of $10,000 going toward the down payment and closing costs. The remaining $7,948 can either also be directed toward the down payment and closing costs or, if needed, be spent on assistance for code related rehabilitation work on the house.

Low-income first-time home buyers will receive up to $15,000 in total assistance with a minimum of $7,500 going toward the down payment and closing costs. The remaining $5,448 can either also be directed toward down payment and closing costs or, if needed, be spent on assistance for code related rehabilitation work on the house.

Loans are leveraged with the household's minimum contribution to the purchase and by the lender's first mortgage. Minimum contributions are as follows:

<50% AMI - $750 and 
>50% to 80% AMI - $1,250

 

Community Housing Initiative, Inc. administers the down payment and closing costs assistance program for the City of Palm Bay.

Please contact (321) 733-3042 if you have any questions.


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