Thanksgiving Week: Thursday’s pickup for garbage, recycling and yard trash will be on Wednesday. There will be no other changes for the week.

CAUTION: The City of Titusville has received several complaints from citizens in reference to receiving fraudulent telephone calls from subjects claiming to be with the utility department. If you receive a telephone call of this nature and are unsure about the origin of the call, please immediately hang up and contact your local law enforcement agency for further assistance.
 
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P.O. BOX 2806 ZIP 32781
725 S. De Leon Avenue, Suite 113
Titusville, FL 32780
Phone: 321-567-3987
Fax: 321-383-5614
Contact: Terrie Franklin, Director
Email: 
Hours: Monday-Friday 8:00 AM to 5:00 PM
The City of Titusville, Florida / Community Development / Neighborhood Services / Housing / GOALS & PROGRAMS / First Time Homebuyer Program

First Time Homebuyer Program

APPLICATIONS ARE BEING ACCEPTED FOR THIS PROGRAM UNTIL FUNDS ARE DEPLETED-
ASSISTANCE IS ON A FIRST-QUALIFIED, FIRST-SERVED BASES

The City of Titusville offers loans to qualified applicants who wish to purchase and occupy new or existing homes within the city limits.  First-Time Homebuyer Assistance loans can be used for down payment, closing costs, and/or interest rate buy down.  These loans are deferred and offered at a 0% interest with no monthly payments required.  Repayment of the principal balance of the loan plus a portion of the net appreciation is required when the home is sold, the property is transferred or the home is no longer owner-occupied as primary resident.  The loan terms are as follows: 

ASSISTANCE

REPAYMENT TERM

FORGIVENESS RATE
(100% after repayment term)

Under $15,000

5 years

0% *

$15,000 to $40,000

10 years

First 5 years at 0%, then 20% per year thereafter*

More than $40,000

15 years

First 5 years at 0%, then 10% per year thereafter*

*PLUS: % of pro-rated 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 assistance was provided. For Example:

Initial Purchase Price of Home= $160,000
Assistance Provided= $ 32,000
Percent of Assistance to Purchase= 20%
New Sale Price= $200,000
Amount due the City= $ 40,000(32,000+20% of $40,000)

**In the event an Essential Services Personnel receiving the additional incentive in Section G of the policy terminates their employment, he/she shall be required to repay only the incentive portion of the loan, unless he/she is in default; then the loan terms in Section H of this policy shall apply.

HOMEBUYER ELIGIBILITY

 

FAIR HOUSING MARKETING

The City of Titusville takes all steps necessary to ensure affirmative marketing to further the fair housing objectives of Title VI of the Civil Rights Act of 1964, Title VIII of the Civil Rights Act of 1968, as amended, and other relevant federal, state, and local fair housing laws that will attract eligible persons from all racial, ethnic, and gender groups in the housing market area.  A wide range of marketing strategies are implemented to ensure that eligible persons living within Titusville city limits are informed and have ample opportunity to participate in the City's First Time Homebuyers Program.

ELIGIBLE PROPERTY 

Eligible housing purchase assistance includes new or existing single family homes, condominiums, town homes, or modular homes. Mobile or Manufactured Homes are not eligible.  Property, including lot, may not exceed 90% of the Melbourne-Titusville-Palm Bay Metropolitan Statistical Area (MSA) Median Area Purchase Price, as established by the United States Department of Treasury and provided by Florida Housing Finance Corporation, as may be adjusted periodically.  Effective 2017, the purchase price may not exceed $147,000 for existing homes and $224,000 for new construction, for the City of Titusville.  ALL PROPERTIES MUST PASS A HOME INSPECTION.

The proposed monthly mortgage payment cannot exceed buyer's affordability ratios (front-end 34%, back-end 42%).

 LEVELS OF ASSISTANCE FOR THE 2017 PROGRAM  ARE:

INCOME LEVEL

% of the area median income

Maximum Subsidy Amount*

 Very Low Below 50% of the area median income  up to $17,400.00
 Low Between 50% - 80% of the area median income  up to $12,400.00
     
*The actual amount of assistance provided would be the minimum amount needed to get an affordable housing unit.  WE WILL NOT OVER SUBSIDIZE ANY HOUSEHOLD.

HOMEBUYER'S CONTRIBUTION REQUIREMENTS ARE:

Applicants must make a MINIMUM GOOD FAITH CONTRIBUTION based upon their income bracket.  Out of Pocket expenses paid before closing are considered as part of the applicant’s contribution (i.e. appraisal fees, credit reports, deposits, homeowner’s insurance premium, etc.).  At closing, the minimum contribution must be satisfied on the settlement statement.  The lender may require more contribution.
Very Low Income (50% or less of AMI $500.00
Low Income (51% to 80% of AMI) $1,250.00
   


2016 INCOME LIMITS

Qualifying homebuyer's income must be at or below 80% of the area median income, adjusted to household size, as shown below.  These amounts are subject to change:

 FAMILY SIZE  INCOME LIMIT
 1 34,550
 2 39,500
 3 44,450
 4 49,350
 5 53,300
 6 57,250
 7 61,200
 8 65,150
   
   

ARE YOU READY TO BE A HOMEOWNER?

Beginning June 1, 2017, Community Housing Initiative, Inc, (C.H.I.) will accept applications for the City's First-Time Homebuyer Program.  CHI will implement the City of Titusville's First-Time Homebuyer Program; they are dedicated to assisting residents in attaining home ownership.

C.H.I. administers the City's down payment and closing cost assistance, marketing, pre-screening, income and asset verification, loan processing, property inspections, closing requirements and recording of the city's mortgage.

As a potential homebuyer there will be documentation that you will need to gather; you will need to know and understand your credit and credit score; you will need to know how much house you can afford; you will need to fill out forms, submit an application, fill out more forms, and fill out even more forms.  To guide you through this process and to answer any questions that you might have you can go directly to C.H.I.'s website at www.chibrevard.org and explore all the areas of importance to you.  You may also call CHI at 321-253-0053 for more information on or after June 1, 2017.

C.H.I is not a Finance Company nor a Realtor, therefore, you will need to make arrangements for financing and locating a home in which you would like to purchase.  However, you should contact C.H.I. before you begin that process to inquire about funding availability, how long the waiting list is, which level of assistance you qualify to receive and the maximum purchase price of a home you can afford to buy.  Once these factors have been determined, it is recommended that you contact several lenders to get the best rate and terms package that most closely meets your needs.  When you call the lenders, identify yourself as an applicant for Titusville's First-Time Homebuyer's Program and your lender will do the rest.  The lender will "Pre-Qualify" you for a loan amount.  A "Pre-Qualification" is NOT a commitment by the lender but an estimate of the maximum loan amount you may qualify for after you have selected your home. 

HOME BUYER EDUCATION

It is a requirement of receiving assistance through the City of Titusville's First Time Homebuyers program, implemented by C.H.I., that all homebuyers attend and complete a Homebuyer Training Workshop. Homebuyers not fulfilling this requirement will not be eligible to receive funds under this program.  The course is designed to educate the client on the program's rules and regulations and all aspects of home ownership, fair housing, and the purchase/mortgage process.

C.H.I. is a HUD approved Housing Counseling Agency. As such, they conduct many types of counseling services; pre-purchase counseling, credit counseling, rental counseling, homebuyer education and mortgage default counseling.  It is highly recommended and to the benefit of each homebuyer to participate in these counseling services prior to committing to purchase a home. 

Below is the brochure on this years Program.






Download File
Titusville FTHB Brochure 2017.pdf

(269.9KB)
  Brochure

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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