Palm Bay HOME Down Payment Assistance Program

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

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