Hey there! Navigating the journey to homeownership can feel overwhelming, but there are programs designed to make it more attainable. Let’s explore the City of Melbourne’s Purchase Assistance Program, a fantastic resource for first-time homebuyers in Melbourne, Florida.

Program Overview

The City of Melbourne’s Purchase Assistance Program offers financial support to eligible first-time homebuyers, covering down payment, closing costs, and necessary home repairs. This initiative aims to make homeownership more accessible and sustainable for low to moderate-income individuals and families.

Funding Source

This program is funded through federal and state resources, including the State Housing Initiatives Partnership (SHIP) and the Home Investment Partnerships Program (HOME), administered by the city’s Housing and Urban Improvement Division.

Eligibility Criteria

To qualify for assistance, applicants must meet the following requirements:

First-Time Homebuyer Status

Applicants should not have owned a home in the past three years.

Income Limits

Eligibility is based on household income, which must fall within specified limits adjusted for family size:

• Very Low Income (≤50% of Area Median Income): Up to $43,000 for a family of four.
• Low Income (51% – 80% of AMI): Up to $68,750 for a family of four.
• Moderate Income (81% – 120% of AMI): Up to $103,200 for a family of four.

Note: Income limits are subject to change; refer to the latest guidelines.

Minimum Contribution

Applicants must contribute a minimum amount based on their income bracket:

• Very Low Income: $1,000
• Low Income: $1,500
• Moderate Income: $2,000

Property Requirements

The home must be located within Melbourne city limits, be owner-occupied or vacant, and cannot be a mobile home. Properties with swimming pools are generally ineligible unless purchasing a condominium.

Homebuyer Education

Applicants are required to complete a homebuyer education course approved by the City of Melbourne.

Benefits

• Provides financial assistance for down payment and closing costs.
• Can include funding for home repairs to meet safety standards.
• Designed to help low to moderate-income families achieve homeownership.

Potential Drawbacks

• Limited funding availability—applications are processed on a first-come, first-served basis.
• Income restrictions apply, which may disqualify some applicants.
• Property requirements limit eligible homes.

Application Process

1. Check eligibility based on income and property location.
2. Complete a homebuyer education course.
3. Submit an application along with required financial documents.
4. Obtain pre-approval from a lender and select a home that meets the program’s criteria.
5. Work with the City of Melbourne to finalize funding assistance.

Program Type

This program provides down payment assistance and can also include funds for home repairs.

Availability

This program is available exclusively in Melbourne, Florida.

More Information

For the most up-to-date details, visit the official City of Melbourne Housing Assistance page.