Palm Bay’s Path to Homeownership: The HOME Down Payment Assistance Program

The City of Palm Bay in sunny Florida has your path to homeownership paved with its HOME Down Payment Assistance Program. Designed to assist income-eligible first-time homebuyers, this initiative is your ticket to realizing your homeownership dreams without breaking the bank.

With the HOME Down Payment Assistance Program, qualifying households earning less than 50 percent of the area median income (AMI) are considered very low-income and can secure up to a generous $17,881.50 in total assistance. Out of this sum, a minimum of $10,881.50 must be allocated toward your down payment and closing costs. Additionally, you have the flexibility to utilize the remaining $7,000 either for further down payment and closing costs support or, if necessary, to invest in code-related rehabilitation work for your new home.

What sets this program apart is its user-friendly assistance format—a deferred, multi-year loan that becomes a gift at the end of the prescribed affordability period. This means that you won’t have to worry about repaying the amount as long as you occupy the property as your primary residence and the title remains unchanged.

To unlock the door to this fantastic opportunity, you must be a first-time homebuyer, with no recent homeownership within the last three years. You should also meet creditworthiness criteria, ensuring you have a clean financial record without bankruptcies, judgments, repossessions, or charge-offs. Further, securing a first mortgage, whether it’s a conventional, FHA, or VA loan, is essential. Don’t forget to complete a homebuyer education course to enhance your financial literacy.

Income requirements are structured to include all income received by household members aged 18 or older who will reside in the home, regardless of their presence on the mortgage. The income limits vary based on household size:

• 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 those whose total annual income falls between 50 and 80 percent of the AMI, the program still offers robust assistance. Low-income households can benefit from up to $12,881.50 in assistance, of which $7,881.50 must be dedicated to covering down payment and closing costs, while the remaining $5,000 can be utilized for rehabilitation purposes if necessary. Palm Bay’s HOME Down Payment Assistance Program is your gateway to homeownership, ensuring you can invest in your future while staying within your budget.