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
80% low $34,000.00 $38,850.00 $43,700.00 $48,550.00 $52,450.00