Purchase Assistance Program
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Community Housing
Initiative, Inc.
P.O. Box
410522
Melbourne, FL 32941-0522
Phone:
(321) 253-0053
Fax:
(321) 253-1575
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Maximum
Assistance Levels
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The maximum assistance
provided is based on the household income and need. |
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The actual amount of
assistance will be the MINIMUM amount needed to get the homebuyer
into a unit. |
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Very low-income
homebuyers are eligible for up to $50,000, including project
delivery fees. |
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Low-income homebuyers
are eligible for up to $40,000, including project delivery fees. |
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Project delivery fees
paid to Community Housing Initiative constitute a grant to the
homebuyer, and are not included in the mortgage lien. |
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Basic Assistance Facts
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The assistance is to be used for down
payment, closing costs, and repairs (when necessary). |
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Down payment/closing cost/repair
assistance is in the form of a deferred payment loan secured by a 0%
interest mortgage forgiven as follows:
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Assistance Provided |
Lien Period |
Amortization |
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Under $15,000 |
5 years |
20% per year |
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$15,000 - $40,000 |
10 years |
10% per year |
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More than $40,000 |
15 years |
6.67% per year |
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Must be primary residence for the
duration of the lien period. |
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In the event of default, then the
interest is 5%. |
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The homebuyer must have ability to secure a first
mortgage from an institutional mortgage lender. |
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The homebuyer must receive homebuyer education
and one-on-one counseling BEFORE closing. |
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The homebuyer must make a minimum
GOOD FAITH
CONTRIBUTION towards the purchase ($750 for very low-income; $1,250
for low-income).
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Preference is given to first time homebuyers. |
Unit Eligibility
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Home must be located in city limits of Melbourne. |
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Mobile homes are not
permitted. |
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When purchasing an existing home, the home must be in need of, or have received in the
previous 12 months, code-related repairs. |
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The purchase price limit
for new and existing homes is $189,682. |
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No home may have a swimming pool or similar
amenity. |
Total income from all sources for all household
members
must not exceed the following limits for family size:
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Household
Size |
Income
Limits * |
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1 |
$32,100 |
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2 |
$36,700 |
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3 |
$41,250 |
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4 |
$45,850 |
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5 |
$49,500 |
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6 |
$53,200 |
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7 |
$56,850 |
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8 |
$60,500
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* 2006 Income Limits adjusted to Family Size
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