Through the Palm Bay HOME Down Payment Assistance Programs, Palm Bay City offers closing cost and down payment assistance (and, in certain cases, rehabilitation assistance) to qualified first-time homebuyers. Individuals in the “low-income” or “very-low-income” brackets will receive preference in this program.
The “very-low-income” bracket consists of families who earn under 50% of the area median income.
As much as $17,881.50 can be received to help cover the costs of the down payment, closing costs, and in certain cases, rehabilitation. This is a loan that is deferred and can be forgiven after its term has been completed. It will need to be paid back if the house is no longer owner-occupied or the title has been transferred.
In order to be eligible, applicants must be creditworthy, fall within certain income limits, and finish a homebuyer education class. Homebuyers will also be required to put down a contribution of at least $750 (for those in the very-low-income bracket) or $1,250 (for those in the low-income bracket).
As of 2020, the annual household income limits are:
- 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
Other programs in Florida:
- Broward County Homebuyer Purchase Assistance Program
- State Housing Initiatives Partnership Program
- Orange County Down Payment Assistance Program
- Hardest Hit Fund Down Payment Assistance
- Escambia County Down Payment and Closing Cost Assistance