Down Payment and/or Closing Cost Loans may be awarded through the Indian River County Local Housing Assistance Program to help qualified Very Low-Income, Low-Income, and Moderate-Income households buy houses in Indian River County.

LHA-Program funds for Down Payment and/or Closing Cost Loans will be provided only for the following:

1.         Buying a new home to be constructed; or
2.         Buying an existing home constructed within the last calendar year (12 months); or
3.         Buying an existing home which has been rehabilitated within the last calendar year (12 months); or
4.         Buying an existing home that will be rehabilitated with SHIP funds in conjunction with down payment and closing cost loan for very low, low and moderate income households only (for the rehabilitation portion of the loan, applicant must submit two written estimates from licensed contractors).

Limited funds will be available to provide down payment and/or closing cost loans to help qualified households buy an existing home, which was not constructed or substantially rehabilitated within the last calendar year (12 months).

The down payment/closing cost loan will not serve as the primary financing for acquisition of a housing unit.  The purchaser will still be required to finance the home purchase with a banking institution mortgage. Down payment/closing cost loans are provided in order to help homebuyers qualify for standard financing.

The county’s program does not require an applicant to provide a minimum monetary contribution toward the down payment or closing costs. However, the financing institution providing the principal loan may require the applicant to provide a minimum monetary contribution for the home purchase. The lack of a minimum monetary contribution in the county’s program does not exempt the applicant from a financing agency's minimum monetary contribution requirement.

MOBILE HOMES ARE NOT ELIGIBLE FOR SHIP FUNDS

1. Explaining the county's Local Housing Assistance Program
2. Preparing for homeownership (including budgeting, saving, etc.)
3. Shopping for a home
4. Obtaining a mortgage (qualifying, processing, etc.)
5. Understanding Mortgages and the closing process
6. Life as a homeowner (includes maintenance and responsibilities)
7. Credit and credit reports

Please schedule to attend a homebuyer's educational workshop to be held in: