First-Time Homebuyer Loan Program in Titusville

The City of Titusville is accepting applications for a First-Time Homebuyer Assistance program that offers deferred loans up to $70,000 for down payments, closing costs, and interest rate buy-downs.

The loans carry 0% interest and require no monthly payments. Borrowers repay the principal and a pro-rated share of the home's net appreciation when they sell, transfer, or move out.

Repayment terms depend on the loan amount. Loans under $25,000 have a five-year term with no forgiveness. Loans between $25,000 and $50,000 extend 10 years, with the first five years interest-free and 20% of principal forgiven annually after. Loans exceeding $50,000 run 15 years, with 10% annual forgiveness after the initial five years.

If a borrower sells before the term ends, the full loan amount plus a pro-rated share of the home's profit becomes due. A borrower who received $45,000 in assistance and sold for a $15,000 gain would owe $48,600, for example.

Interested residents should contact Community Housing Initiative at 321-253-0053 to apply.