Brevard County

First-time buyers in Brevard County have 2 great options for down payment and closing cost assistance. AND you may ALSO qualify for a Mortgage Credit Certificate.

Option #1
Housing Finance Authority of Brevard County Home Sweet Home Program

ELIGIBLE AREAS – Brevard County

ELIGIBILITY CRITERIA* –
Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US.
Buyers must live in the property they purchase as their principal residence. All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap. Buyers must occupy the property purchased within 60 days of closing. Buyers must live in the property as their principal residence and the property may never be rented.

* See loan officer for additional information

DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% second mortgage, up to $10,000. Must be used for down payment and closing cost. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.

INCOME CRITERIA – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.

  • 1 – 2 person household $61,700
  • 3 or more person household $70,955

MAXIMUM SALES PRICE – This must include everything paid by the buyer or on the buyer’s behalf. $253,809
HOMEBUYER EDUCATION – First-Time Homebuyers must complete a Program-approved pre-purchase homebuyer education course. Please speak with a participating lender for details.

ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.

CREDIT SCORE – FICO mid score must be 640 or higher.

DTI – The maximum debt-to-income (DTI) ratio is 45%.

Option #2
Hillsborough First with HHF DPA Program (multi-county program that includes Brevard County) First-Time Buyer Program

ELIGIBLE AREAS – Brevard County

ELIGIBILITY CRITERIA* –
Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US. Buyers must live in the property they purchase as their principal residence. All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
Buyers must occupy the property purchased within 60 days of closing. Buyers must live in the property as their principal residence and the property may never be rented.
* See loan officer for additional information

DOWN PAYMENT ASSISTANCE – 5 year forgivable, 0.00% second mortgage, up to $15,000. Must be used for down payment and closing cost. The second mortgage is forgiven 20% each year and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property. After the fifth year the second mortgage is completely forgiven.

INCOME CRITERIA – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.

  • 1 – 2 person household $61,700
  • 3 or more person household $70,955

MAXIMUM SALES PRICE – This must include everything paid by the buyer or on the buyer’s behalf.
$253,809

HOMEBUYER EDUCATION – First-Time Homebuyers must complete a Program-approved pre-purchase homebuyer education course. Please speak with a participating lender for details.

ELIGIBLE PROPERTY – New or existing, one to four units, detached or attached, condos, townhomes.

CREDIT SCORE – FICO mid score must be 640 or higher.

DTI – The maximum debt-to-income (DTI) ratio is 45%.

Option #3 (to be used as a supplemental with the programs listed above)
HFA of Brevard County Mortgage Credit Certificate Program

First-time buyers – don’t buy that house until you determine if you qualify for a Mortgage Credit Certificate (MCC) offered by the Housing Finance Authority of Brevard County!

The MCC could save you THOUSANDS of dollars by reducing the amount of federal income tax you owe. The MCC is not down payment assistance but rather a dollar-for-dollar reduction in your federal tax liability.

SO HOW DOES A MCC WORK?

An MCC is used in conjunction with a first mortgage loan provided by a participating lender. The MCC allows a borrower to take 50% of their annual mortgage interest as a tax credit (maximum $2,000) while continuing to use the balance of the interest as a deduction. The MCC Program tax credit is up to $2,000 EVERY YEAR FOR THE LIFE OF THE LOAN as long as the property remains the borrower’s principal residence. The MCC benefit may be received one of two ways. 1) Annually when a borrower files their federal income tax returns, or. 2) A portion may be claimed with each paycheck by filing a revised W-4 form with the employer adjusting federal income tax withholding. Another added bonus – this MCC program may be used with one of the first mortgage programs listed above that offer down payment and closing cost assistance. The Mortgage Credit Certificate program will have the strictest eligibility requirements so those must be followed in order to be combined with the program first mortgage.

To see if you qualify please contact a participating lender.

FEDERAL INCOME TAX LIABILITY – In order for a borrower to benefit from the Mortgage Credit Certificate they must have Federal income tax liability. Just because you received a tax refund does not mean you don’t have liability. To determine your tax liability look at your IRS 1040 form. On 1040A line 39, on the 1040EZ line 12 and on the 1040 line 63. The number indicated on that line is your tax liability. A large number means you are a great fit for the MCC program. Even a small number means you will benefit from the MCC. However, zero indicates you would not be a good fit for the MCC because you have no tax liability.