Community Housing Initiative (CHI) – Brevard County Purchase Assistance Program
Special Alert
Maximum Purchase Price
$238,000
Contact Info:
http://www.chibrevard.org/
Limitations
Credit Score Requirements
Based on 1st mortgage requirements.
Deferred Payments?
Yes
Accepted First Mortgage Type:
Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA
Homeowners Education Class:
Required
Is Forgivable?
If assistance amounts fall between: Lien Period Forgiven Annually/Repayment Up to $12,400 is 10 years, 0% interest. Between $12,401 – $22,400 is 15 years, 0% interest. NOTE: Our program model reflects the highest assistance amount one can receive; therefore reflects the 15 year term in repayments.
Location:
1 County: Brevard Must be located in Brevard County and be located in one of the “unincorporated taxing districts” of Brevard County. These include (but may not be limited to): Cocoa Beach, Indialantic, Indian Harbour Beach, Melbourne Village, Merritt Island, Palm Shores, Rockledge and Satellite Beach. To determine the taxing district, go to http://BCPAO.com.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2023 120% AMI guidelines Income limit cannot exceed 120% AMI. Assistance amount determination uses income levels of 50% AMI, 80% AMI and 120% AMI. (Our program model reflects the highest AMI limit)
Maximum Assistance
$22,400 Assistance is based on income categories as follows: Up to $22,400.00 for Very-Low Income Household (50% or less of the AMI); Up to $12,400.00 for Low Income Household (51-80% AMI); Up to $5,400 for Moderate Income Household (81-120% AMI). (Our program model reflects the highest amount available)
Education Requirements Info:
Must attend a 5 hour Homebuyer Education workshop. https://www.chibrevard.org/uploads/1/1/6/9/11696644/2022_hbe_schedule.pdf
Eligible Property Types:
Single Family Detached Condo Townhome/PUD
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $45,500$52,000$58,500$64,950$70,150$75,350$80,550$85,750 *Income limits as of 06/08/2023
Qualifying Ratios:
Housing Ratio: Up To 34% Total DTI: Up To 42% Proposed monthly mortgage payment cannot exceed buyer’s affordability ratios (front-end 34% / back-end 42%).
