I hope everyone had a great Wednesday!
I am working with a lot of clients that are in need of buying assistance. I always knew about local programs and what was available for sales and rentals, but I didn't realize that the threshold had changed so much in the last year. I expect that it may change again in March 2008.
The Melbourne Housing Department has many programs funded by federal and state funds to improve the quality of life for Melbourne's low-income residents and low-income neighborhoods.
The programs range from housing assistance to code enforcement activities, demolitions, neighborhood public facility improvements, and funding assistance to a variety of social support agencies.
- Low Income qualifications for a 1 person family is 32K: Family of 8 is 60K
- Very-Low Income qualifications for a 1 person family is 20K: Family of 8 is 38K.
Purchase Assistance Program (PAP)
Funds are available to eligible very low- and low- income homebuyers for down payment and closing costs, and repair assistance in the purchase of existing homes located in the City of Melbourne. Funding is also available for down payment and closing costs in the construction of a new home. Maximum assistance for very low-income persons is $45,000; for low-income persons is $35,000. An additional $5,000 is available for code-related repairs, regardless of income level, when purchasing an existing home.
As the market is shifting, I hope we are all taking the time to "sharpen the saw" -Stephen Covey.. and learn about the avenues that your clients can recover from some bad times.
I'm sure some areas are worse than others, most of my clients just found themselves in the 'bad lending', 'bad advice' curve. I really feel good when I help someone and they can recover from bad situations. Call me if you have any questions, or leave a comment if you know of any that you have been using. Josephine Carpenter 321-243-4519, www.abrevardrealtor.com