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The City of Titusville, Florida / Community Development / Neighborhood Services / News

FIRST-TIME HOMEBUYER PROGRAM IS ACCEPTING APPLICATIONS

 APPLICATIONS ARE BEING ACCEPTED UNTIL FUNDS ARE DEPLETED.  ASSISTANCE IS PROVIDED ON A FIRST-QUALIFIED, FIRST-SERVED BASIS.

CITY OF TITUSVILLE’S
FIRST TIME HOMEBUYER PROGRAM
 
UNIT ELIGIBILITY                                                                               
                                       HOMEBUYER ELIGIBILITY  
Household Size 1
Person
2
Person
3
Person
4
Person
5
Person
6
Person
7
Person
8
Person
Maximum Household Income Limits 34,550 39,500 44,450 49,350 53,300 57,250 61,200 65,150
 
 
 
 
Community Housing Initiative
CITY OF TITUSVILLE’S
FIRST TIME HOMEBUYER PROGRAM
 
HOMEBUYER’S CONTRIBUTION
Very Low  (50% or less of AMI) $   500.00
Low   (51% - 80% of AMI) $1,250.00
             
MAXIMUM ASSISTANCE LEVELS:
Based on HUD’s 2017 Income Limits, adjusted to family size.                                                                                                                                                                  Income Limits:                                      Maximum Assistance:                 
Very Low  (50% or less of AMI) $17,400.00
Low           (51%  - 80% of AMI) $12,400.00
Essential Services Personnel ** $5,000.00 additional onto above amounts
 
 
*Essential Services Personnel (teacher or educator, police, fire, EMS, safety and security, building trades, or government employee) are eligible to receive up to an additional $5,000 in assistance as an incentive to continue their employment with their current employer for a minimum of five (5) years after receiving assistance.  In the even an Essential Services Personnel receiving the additional incentive terminates their employment, he/she shall only be obligated to repay the incentive portion of the loan upon termination, unless he/she is in default, then the loan terms become payable as well.
 
 
 
 
 
Community Housing Initiative
CITY OF TITUSVILLE’S
FIRST TIME HOMEBUYER PROGRAM
 
ASSISTANCE BECOMES A SECOND MORTGAGE:  
If assistance amounts fall between:    Lien Period               Forgiven annually/Repayment 
Under $15,000.00                                 5 years                             0
$15,001-$40,000.00                               10 years                 First 5 yrs at 0%; then 20%
per year thereafter* 
 
 
*PLUS a % of the pro-rate share of the difference between the sales price and the original purchase price; net closing costs, improvements, etc.  Example provided below:
 
 
In the event of default (sell or title transfer), the full amount of the loan will be owed to the CITY OF TITUSVILLE in addition to a pro-rated share of the difference between the sale price and the initial cost of the home at the time the assistance was provided.  For Example:  
 
          Initial Purchase Price of Home:                 $160,000.00
          Assistance Provided *                              $ 32,000.00
          % of Assistance to Purchase:                            20%
          New Sales Price:                                    $200,000.00
Amount due to City:                               $40,000.00 ($32,000 + 20% of $40,000)   
 
 
Brevard County 2017 HUD Income Limits, adjusted to family size:
% of Area Median Income (AMI)  
1
Person
 
2
Person
 
3
Person
 
4
Person
 
5
Person
 
6
Person
 
7
Person
 
8
Person
                 
50% 21,600 24,700 27,800 30,850 33,350 35,800 38,300 40,750
                 
80% 34,550 39,500 44,450 49,350 53,300 57,250 61,200 65,150
                 
100% 43,200 49,400 55,600 61,700 66,700 71,600 76,600 81,500
 
 
 
For further information, contact:
  Community Housing Initiative, Inc.
PO Box 410522, Melbourne, FL 32941-0522
Phone: 321-253-0053 Fax: 321-253-1575
 
 



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The City of Titusville, Florida
P. O. Box 2806, (32781-2806) - 555 S. Washington Avenue - Titusville, FL 32796 - Phone: (321) 567-3775 - Fax: (321) 383-5704 - Site by Project A