Purchase Assistance Program
Funds Are Currently Available
Eligible very-low and low-income homebuyers can apply for down payment, closing cost, and repair assistance for new or existing homes located in the City of Cocoa. Assistance is provided on a first come, first ready basis.
- Maximum assistance per unit is $40,000 for very-low-income and $35,000 for low-income households in the form of a 10-year, 10 percent forgivable deferred-payment loan. *If HOME funds are used, the HOME affordability rules apply over the above affordability periods.
- Home values cannot exceed $189,682 for existing or new construction homes. Mobile or manufactured homes are not eligible for assistance.
- The household must have the ability to obtain a 30 year fixed-rate mortgage.
- To schedule to attend the mandatory homebuyer class contact Community Housing Initiatives at (321) 253-0053.
- Property must remain owner-occupied after purchase during the affordability term.
- Total income and assets for all household members must not exceed the following limits for family size. (See chart below.)
- The home must be located within Cocoa city limits, contact the Housing & Neighborhood Services Division at (321) 433-8520.
Income & Asset Limits (effective 1/22/2014)
|Median Income||1 Person||2 Persons||3 Persons||4 Persons||5 Persons|
|50% very low||$21,250.00||$24,300.00||$27,350.00||$30,350.00||$32,800.00|