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Palm Bay HOME Down Payment Assistance Program

Florida

Available Assistance

Under the HOME Down Payment Assistance Program, households earning less than 50 percent of the area median income (AMI) are considered very low-income and can receive up to $17,881.50 in total assistance. A minimum of $10,881.50 must be put toward the down payment and closing costs, and the remaining $7,000 can also be directed toward the down payment and closing costs or, if needed, be spent on assistance for code-related rehabilitation work on the house.

Eligibility Requirements

The HOME Down Payment Assistance Program grants only first-time homebuyers eligibility; any person who has owned a home in the last three years cannot qualify for assistance. Applicants must also be creditworthy (no bankruptcies, judgments, repossessions, or charge-offs), and must have secured a first mortgage (conventional, FHA, or VA loans are acceptable). They are also required to complete a homebuyer education course and fall within the program’s stated income limits (shown below). A minimum contribution is also required of each homebuyer, the amount of which depends on their income bracket (Very low-income: $750; low-income: $1,250).

Property Guidelines

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