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Thursday, September 2, 2010
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Purchase Assistance Program


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

    Median Income
    1 Person
    2 Persons
    3 Persons
    4 Persons
    5 Persons
    50% very low
    $21,750
    $24,900
    $28,000
    $31,100
    $33,600
    80% low
    $34,850
    $39,800
    $44,800
    $49,750
    $53,750
    120% mod.
    $52,200
    $59,760
    $67,200
    $74,640
    $80,640
    *effective 03/19/09

  • 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.