Brevard County's First Time Home Buyer Program

Brevard County First Time Homebuyer Program is designed to assist very low, low & median income families achieve affordable home ownership.

Unit Eligibility

Must be located in Brevard County.

Can be a new home or an existing home. The assistance may not be used to purchase a mobile home.

It will be the responsibility of the buyer to hire a reputable home inspector to identify any code-related repairs such as roof, plumbing and electrical.

Proposed monthly mortgage payment cannot exceed buyer's affordability ratios(front-end 34%/back-end 42%). Contact C.H.I. for these amounts. (321)253-0053.

Homebuyer Eligibility

First time homebuyers only(not having ownership interest in the past three(3) years).

Property must be located in Brevard County. The property must be owner-occupied or vacant.

Must have ability to secure first mortgage financing:

Conventional, FHA, VA are all acceptable; 30 year fixed rate. MORTGAGE LOAN MUST BE AT CURRENT MARKET INTEREST RATES. If buyer cannot get a mortgage loan at a current interest rate, C.H.I will first assist the buyer in correcting credit issues and then assist the buyer with homeownership.

Liquid assets(savings, checking, CD's, treasury bonds, money market, savings bonds, etc.) can not exceed $8,000.

Must attend a 5.5 hour Homebuyer Education workshop. Contact C.H.I. for date and time, (321)253-0053.

Total income and assets for all household members must not exceed the following limits for family size:

Based on HUD's March 2009, Income Limits, adjusted to family size.

Homebuyer's Contribution

Applicants must make a MINIMUM GOOD FAITH CONTRIBUTION, based upon their income bracket:

Out of Pocket expenses paid before closing are considered as part of the applicant's contribution(i.e. appraisal fees, credit reports, deposits, homeowner's insurance premium, etc);

At closing, the minimum contribution must be satisfied on the settlement statement.

The lender may require more contribution.

Maximum Assistance Level

Please Note: The actual amount of assistance provided would be the minimum needed to get an affordable housing unit. WE WILL NOT OVER SUBSIDIZE ANY HOUSEHOLD

Second Mortgage

The assistance provided to each homebuyer will be in the form of a second mortgage. The second mortgage will be recorded in the Public Records of Brevard County. It is a Deferred Payment Loan(DPL) at zero percent(0%) interest or repayable for moderate income clients.

In the event of default the loan must be repaid in full to Brevard County.

For more information call:
Brenda Weed or Debbie Javornik or Kimi Melton
PO Box 410522
Melbourne, FL 32941-0522
Phone: 321-253-0053
Fax: 321-253-1575