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FUNDS ARE CURRENTLY AVAILABLE
Eligible moderate, 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.
- Maximum assistance per unit is $40,000 for very low-income; $35,000 for low-income; and $30,000 for moderate income households in the form of a 30 year deferred payment loan.
- 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 a minimum annual income of $16,000, with the ability to obtain a fixed rate mortgage.
- Proposed monthly mortgage payment cannot exceed buyer's affordability ratios(front-end 30%/back-end 40%).
- Property must be owner-occupied or vacant prior to purchase and must remain owner-occupied after purchase.
- Homebuyer education classes are mandatory.
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Total income and assets for all household members must not exceed the following limits for family size:
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Median Income
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1 Person
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2 Persons
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3 Persons
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4 Persons
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5 Persons
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50% very low
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$21,750
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$24,900
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$28,000
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$31,100
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$33,600
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80% low
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$34,850
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$39,800
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$44,800
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$49,750
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$53,750
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120% mod.
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$52,200
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$59,760
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$67,200
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$74,640
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$80,640
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*effective 03/19/09
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The home must be located within Cocoa city limits, contact Margie Miles, Residential Services Coordinator at (321) 433-8528 or Community Housing Initiatives for the purchase of a home (321) 253-0053.
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