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.
- 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, 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.
- 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 Diana Rodriguez, Housing Coordinator at (321) 433-8520.
- To schedule to attend the mandatory homebuyer class contact Community Housing Initiatives at (321) 253-0053.
Income & Asset Limits
| 50% very low |
$21,550.00 |
$24,600.00 |
$27,700.00 |
$30,750.00 |
$33,250.00 |
| 80% low |
$34,450.00 |
$39,400.00 |
$44,300.00 |
$49,200.00 |
$53,150.00 |
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