Brevard County Housing Finance Authority

Home Ownership Program

First Mortgage Loan Program

If you have ever dreamed about home ownership but felt that buying a home was a little beyond your reach, the Brevard County Housing Finance Authority (the Authority) may make your dream easier to attain with the Home Ownership Program. The Authority currently offers a 30 year, fixed rate mortgage (actual APR to be disclosed by the lender) with down payment and closing cost assistance in the amount of $10,000 in the form of a 0% second mortgage. In addition, the borrower may receive a mortgage certificate of up to $2,000 per year for the life of the loan.

How does the program work?

The program offers a borrower a 30-year, fixed rate, fully amortizing first mortgage loan. There is a 1.0% origination fee.

Down Payment and Closing Cost Assistance

Assistance is available in the form of a second mortgage of up to $10,000. The second mortgage is a 30-year deferred, 0% loan that may be used for down payment and/or closing costs. It is never forgiven and it is repayable at 30 years or sooner if the property ceases to be the borrower’s principal residence, is sold, refinanced or rented.

Alternative, borrowers may obtain a $15,000 loan for down payment and closing cost assistance.  This program is a deferred, non-amortizing, 0% interest, second mortgage that is forgiven over a five year period.  This program is available through participating lenders and requires participation in the first mortgage program through Florida Housing Finance Corporation.

Mortgage Credit Certificate (MCC)

The Authority will issue an MCC to qualified borrowers which gives the borrower the ability to deduct 50% of their annual mortgage interest up to $2,000 as a tax credit while the other 50% remains a deduction. This tax credit is available for as long as the borrower owns the home and the first mortgage is outstanding

Click to learn more about Mortgage Credit Certificate (MCC)

What kind of home may I purchase?

You may purchase a new or existing single family home (attached or detached) a condo, town home or PUD anywhere in Brevard County, Florida.

Who qualifies?

  • Buyers must be first-time home buyers (have not had an ownership interest in their primary residence for the past three years). This requirement is waived for qualified military veterans
  • Buyer must have a minimum FICO score of 640, and meet other standard credit requirements.
  • Non-Target Area: There are household income limits:
    • 1-2 Person Household Income Limit = $61,700
    • 3 or More Person Household Income Limits = $70,955
  • Target Area:
    • 1-2 Person Household Income Limit = $74,040
    • 3 or More Person Household Income Limits =  $86,380
  • The purchase price of the home may not exceed $253,809 in a non-target area or $310,211  in a target area

What are the steps in the process?

Contact a participating lender (below) so they may pre-qualify you for a loan. The lender will determine your eligibility for a loan and notify you. You will also be required to provide the lender with other information necessary. The funds are available on a first-come first-served basis.

What is Recapture Tax?

The benefits provided by this loan are considered a federal subsidy of your mortgage loan. Federal law requires a recapture of some of the benefit if all three of the following are true: 1. The property ceases to be your primary residence during the first full 9 years of ownership; 2. You make a net profit on the sale of the home; 3. Your household income exceeds the allowable income at the time of the sale. Your tax preparer can assist you with determining if you owe recapture tax.

Target Areas:

If a borrower purchases a home in a target area, the borrower’s income may be higher, the purchase price limit may be higher and the first time homebuyer requirement is waived. There are two federally designated target areas in Brevard County. They are census tracts 607 and 626. Census tract 607 is located in Titusville. It is an irregularly shaped tract that is bordered on the west by Norwood Avenue, Park Avenue, Barna Avenue and Elizabeth Avenue, on the south by Whispering Hills Road, Day Street and Sycramore Street, on the east by the Florida East Coast Railroad and S. Deleon Avenue and on the north by North Washington Avenue. Census tract 626 is located in Cocoa. It is bordered on the west by Clearlake Road, on the south by Rosa L. Jones Boulevard, on the east by the Florida East Coast Railroad and on the north by School Street.

Participating Lenders

Click here for a list of Participating Lenders