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Community Housing Initiative (CHI) – City of Cocoa Purchase Assistance Program

Special Alert

Maximum income and purchase price limits vary depending on insurer and/or product. Review program guidelines for relevant details.

Maximum Purchase Price

$251,000

Contact Info:

Municipality

Limitations

Cannot have owned a home within 30 days of closing and any net proceeds from the sale of a previous home should be applied to the purchase of new home prior to receiving down payment assistance. Applicants that have previously received state or federal down payment assistance are not eligible for assistance for six (6) months. Total closing costs (excluding pre-paid charges) may not exceed five percent (5%) of the loan amount. No NSF in the prior 4 months. Max purchase price for existing homes is $225,000 and for new construction is $251,000. Buyer must be a first-time home buyer.

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?

Forgiven after 10 years at a rate of 10% per year

Location:

Cocoa Home must be within the city limits of Cocoa.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2023 80% AMI guidelines Program cannot exceed 80% AMI of HUD’s income limits. Assistance amount is determined using 50% AMI and 80% AMI limits. (Our program model takes into account the higher of the limits)

Maximum Assistance

$37,400 Assistance funds varies based on income level category of applicant: Very Low-income (50% AMI or less) households = $37,400; $32,400 for down payment and closing costs and $5,000 repair assistance. Low-income (51% – 80%AMI) households = $32,400; $27,400 for down payment and closing cost assistance and $5,000 for repair assistance. (Our program model reflects the highest amount available) The assistance funds are made up of down payment, closing costs and rehabilitation assistance. The actual amount of repair assistance will be based upon the actual repair costs as determined by obtaining three (3) bids. If all of the $5,000 is not needed for repairs, the remaining balance can be applied towards additional down payment/closing costs assistance, if needed. We will not over subsidize any household.

Education Requirements Info:

To schedule to attend the mandatory homebuyer class contact Community Housing Initiatives at (321) 253053. https://www.chibrevard.org/uploads/1/1/6/9/11696644/2022_hbe_schedule.pdf

Eligible Property Types:

Single Family Detached Condo Co-Op Townhome/PUD

Income By Household Size:

HH1HH2HH3HH4HH5HH6HH7HH8 $48,150$55,000$61,900$68,750$74,250$79,750$85,250$90,750 *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%).
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