Affordable Housing Made Possible with Palm Bay’s Assistance Program
The City of Palm Bay’s HOME Down Payment Assistance Program: Your Path to Affordable Homeownership. In sunny Palm Bay, Florida, the dream of owning your first home is within reach, thanks to the City’s HOME Down Payment Assistance Program. This initiative is tailored to assist income-eligible individuals in overcoming the initial financial hurdles associated with buying a home, including down payments and closing costs. Furthermore, it extends its support to include rehabilitation assistance if necessary, making homeownership more accessible and affordable. Priority is given to “very low-income” and “low-income” families to ensure that everyone has an opportunity to achieve homeownership.
Unlocking the Benefits: Under the HOME Down Payment Assistance Program, households with earnings less than 50 percent of the area median income (AMI) are categorized as “very low-income” and can receive a generous total assistance of up to $17,881.50. Of this, a minimum of $10,881.50 must be allocated towards covering the down payment and closing costs, with the remaining $7,000 available for additional down payment and closing cost support or, if required, rehabilitation assistance for code-related work on the property.
This support is provided through a deferred, multi-year loan, which becomes fully forgiven at the end of the specified affordability period. As long as the homeowner continues to reside in the property and doesn’t transfer the title, there’s no obligation to repay the assistance.
Your Path to Eligibility: The HOME Down Payment Assistance Program is exclusively available to first-time homebuyers, ensuring that those who have owned a home in the past three years are not excluded. Eligible applicants must demonstrate their creditworthiness, with no history of bankruptcies, judgments, repossessions, or charge-offs. Additionally, securing a first mortgage (including conventional, FHA, or VA loans) is a prerequisite. Completing a comprehensive homebuyer education course is mandatory, as is adhering to the program’s specified income limits (outlined below). Each homebuyer is also required to contribute a minimum amount, which varies depending on their income level (Very low-income: $750; low-income: $1,250).
Income Limits: Household income encompasses all earnings received by household members aged 18 or older who will be residing in the home, regardless of their mortgage status.
1 person household: $33,000 2 person household: $37,700 3 person household: $42,400 4 person household: $47,100 5 person household: $50,900 6 person household: $54,650
For households with a total annual income between 50 and 80 percent of the AMI, they fall within the low-income category of the program and are eligible to receive up to $12,881.50 in assistance funds. Of this amount, $7,881.50 is designated for the down payment and closing costs, with the remaining $5,000 available for potential rehabilitation work if needed.
Don’t miss this opportunity to embark on your journey towards homeownership with Palm Bay’s HOME Down Payment Assistance Program. Affordable, accessible, and designed to make your dream of owning a home a reality.
