Community Housing Initiative (CHI) – City of Melbourne Purchase Assistance Program
Special Alert
Maximum Purchase Price
$251,000
Contact Info:
Municipality
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?
It is a Deferred Payment Loan (DPL) at zero percent (0%) interest and is forgiven in accordance with the following schedule: Level of Assistance Lien Period Forgiven annually at: Under $15,000 5 years at 20% per year; $15,000 – $17,600 10 years at 10% per year.
Location:
Melbourne Property must be in the City of Melbourne, FL.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2023 80% AMI guidelines Program serves 50% AMI and 80% AMI income categories. (Our program model will reflect the highest income limit eligible)
Maximum Assistance
$12,570 Assistance Amount varies based on income category of applicants: Up to $7,570 in assistance and an additional $5,000 for repairs for 50% AMI; Up to $4,570 in assistance and an additional $5,000 for repairs for 80% AMI. (Our program model reflects the highest amount available)
Education Requirements Info:
Must attend a Homebuyer Education workshop. Contact C.H.I. for next class, (321) 253053.
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
