Eligibility

Homebuyer Eligibility Requirements

• Conventional, FHA, and VA are all acceptable; 30-year fixed rate. A mortgage loan must be at current market interest rates. If the buyer cannot get a mortgage loan at a current interest rate, Community Housing Initiative, Inc, (CHI) will first assist the buyer in correcting credit issues.
• First-time homebuyers only (not having ownership in the past 3 years)
• The home must pass a housing inspection and be free of lead-based paint. All required repairs or lead-based paint abatement must be done before closing.
• Liquid assets can not exceed $8,000:
  • CD’s
  • Checking
  • Money market
  • Savings
  • Savings bonds
  • Treasury bonds
  • Other
• Maximum sales price and income limits apply.
• Must attend a 5-hour Homebuyer Education Workshop.
• Must have the ability to secure first mortgage financing

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 is 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, townhomes, or modular homes. Mobile or Manufactured Homes are not eligible. The 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 2022, the purchase price may not exceed $225,000 for existing homes and $251,000 for new construction, for the City of Titusville. Under certain conditions, utilizing the SHIP grant program, the purchase price may be extended to $349,525.  All properties must pass a home inspection and be free of lead-based paint.

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

Levels of Assistance for the 2022-2023 Program

*The actual amount of assistance provided would be the minimum amount needed to get an affordable housing unit. The program 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
• Low Income (51% to 80% of AMI): $1,250

2023 Income Limits- Effective June 15, 2023

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