Buying a home can be easier than ever before for some first-time home buyers in Brevard County. The Brevard County Housing Finance Authority (HFA) currently offers a Home Ownership Program that will allow qualified buyers to finance both a 30-year, fixed-rate mortgage along with up to $10,000 for a down payment and/or closing costs.

Help with your down payment and closing costs

Saving for a down payment is one of the biggest hurdles for home ownership, and this program is designed to help buyers with overcoming that burden. The $10,000 for down payment and closing cost assistance is issued as a 0 percent second mortgage. In addition, the first mortgage and note are exempt from documentary stamps and intangible taxes, making closing costs even less expensive.

But the program offers even more savings in the form of a Mortgage Credit Certificate (MCC). The HFA issues the MCC to qualified borrowers, which gives them the ability to deduct 50 percent of their annual mortgage interest up to $2,000 as a tax credit, while the other 50 percent remains a deduction. The MCC is valid as long as the buyer owns the home and the first mortgage is outstanding. Both tax credits and deductions reduce your tax bill, but tax deductions change based on income. Tax credits, however, always reduce your tax liability in the same amount.

Good anywhere in Brevard County

The program will allow buyers to purchase new or existing single-family homes, condominiums, townhomes or planned unit developments anywhere in Brevard County, Florida. To qualify for the program, you must:

  • Be a first-time home buyer (no ownership of a primary residence for at least three years) or a qualified military veteran.
  • Meet standard credit requirements.
  • Earn no more than $64,985 annually (one to two person households) or $74,733 (three or more person households).
  • Purchase a home that costs no more than $265,158.

For certain target areas within Brevard County, the income limits and home purchase price are even higher. Within the target area, income limits are raised to $73,800 (one to two person households) and $86,100 (three or more person households). The purchase price limit in target areas is $324,082.

Get started now

Only a limited number of qualified lenders participate in the Home Ownership Program, and Embrace Home Loans is one them. If you meet the qualifications for the program, contact us today at 800-333-3004, extension 3560 or visit our website at for more information about loan options available for you. Our Brevard County Mortgage Specialists will work with you to help you take advantage of this popular program, and get you into your new home.