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.