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BREVARD COUNTY’S
FIRST TIME HOMEBUYER PROGRAM
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
- Property must be owner-occupied or vacant
- For existing home purchases, C.H.I. will conduct an inspection to identify code-related frepairs, such as roof,plumbing & electrical.
HOME BUYER ELIGIBILITY:
First time homebuyers only (not having ownership interest in the past three (3) years) Proposed monthly mortgage payment cannot exceed buyer’s affordability ratios (front-end 30% / back-end 40%).
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Contact C.H.I. for these amounts, (321) 253-0053.Must have ability to secure first mortgage financing:
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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 repairing credit issues and then would assist the buyer with homeownership.
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Liquid assets (savings, checking, CD’s, treasury bonds, money market, savings bonds, etc.) can not exceed $8,000.00.
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Must attend a 4.5 hour Homebuyer Education workshop. Contact C.H.I. for next class, (321) 253-0053.
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Must attend a 2 hour Homeowner Maintenance workshop. Contact C.H.I. for the next class.Total income and assets for all household members must not exceed the following limits for family size
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Household
Size
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1
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2
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3
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4
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5
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6
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7
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8
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Maximum Household Income Limits
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48,120
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54,960
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61,920
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65,880
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74,280
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79,800
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85,320
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90,720
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BREVARD COUNTY’S
FIRST TIME HOMEBUYER PROGRAM
HOMEBUYER’S CONTRIBUTION
- Applicants must make a MINIMUM GOOD FAITH CONTRIBUTION, based upon their income bracket:
$10,001-$20,000.00 15 years
0 $1,000-$10,000.00 10 years 10yrs, repayable at $125/mo.
- In the event of default (the property is no longer the homebuyer’s principle residence OR the home is sold BEFORE the lien periods specified above are over, the loan must be repaid in full to Brevard County.
Brevard County 2006 HUD Income Limits, adjusted to family size:
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% of Median
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1
Person
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2
Person
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3
Person
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4
Person
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5
Person
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6
Person
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7
Person
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8
Person
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30%
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12,050
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13,750
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15,500
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17,200
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18,600
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19550
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21350
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22700
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50%
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20,050
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22,900
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25,800
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28,650
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30,950
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33,250
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35,550
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37,800
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80%
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32,100
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36,700
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41,250
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45,850
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49,500
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53,200
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56,850
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60,500
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100%
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40,100
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45,800
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51,600
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57,300
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61,900
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66,500
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71,100
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75,600
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120%
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48,120
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54,960
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61,920
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65,880
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74,280
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79,800
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85,320
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90,720
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Income Limits
Very Low (50% or less of AMI)
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Minimum Contributions
$ 500.00
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Low and Moderate Income (51% - 120% of AMI)
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$1,000.00
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- 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:
- Based on HUD’s 2005 Income Limits, adjusted to family size.
Maximum Income Limits: Assistance:
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Very Low (50% or less of AMI)
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$42,665.00
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Low (51% - 65% of AMI) |
$32,665.00
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Low (66% - 80% of AMI)
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$17,665.00
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Moderate (81% - 120% of AMI)
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$7,665.00
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- Assistance may not exceed 25% of the purchase price of the home including the cost of land.
- Please note: The actual amount of assistance provided would be the minimum needed to get you into an affordable housing unit. WE WILL NOT OVER SUBSIDIZE ANY HOUSEHOLD BREVARD COUNTY’S FIRST TIME HOMEBUYER PROGRAM 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: If assistance amounts fall between: Lien Period Amortization/Repayment $35,001-$45,000.00 25 years
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