Community Housing Initiative (CHI) – City of Palm Bay Down Payment Assistance Program

Special Alert

Maximum Purchase Price


Contact Info:



Credit Score Requirements

Subject to Lender Guidelines

Deferred Payments?

Waiting Period: 10 years Affordability Period: 10 years Forgiven Portion: 100%

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:


Is Forgivable?

Forgiven after 10 years of owner occupancy as primary residence if assistance amount is greater than $15,000. If assistance is under $15,000 then affordability is 5 years.


Palm Bay Must be located within the city limits of Palm Bay.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2023 80% AMI guidelines Income limits cannot exceed 80% AMI for the program. Assistance amount determination; however, uses income levels of 50% AMI and 80% AMI. (Our program model reflects the highest AMI limit)

Maximum Assistance

$67,400 Assistance is based on income categories as follows: Up to $67,400.00 for Very Low-Income Household (50% or less of the AMI); Up to $57,400.00 for Low-Income Household (51-80% AMI). (Our program model reflects the highest amount available) Please note that the actual amount of assistance provided will be the minimum needed to get you into an affordable housing unit. We will not over subsidize any household.

Education Requirements Info:

Must attend a 5-hour Homebuyer Education Workshop. Contact Community Housing for next class, (321) 253053.

Eligible Property Types:

Single Family Detached Condo 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 payments cannot exceed buyer’s affordability ratios (front-end 34% / back-end 42%).