First Time Homebuyer Program

Applications are being accepted starting October 1, 2019.

The City of Titusville offers loans to qualified applicants who wish to purchase and occupy new or existing homes within the city limits. First-Time Homebuyer Assistance loans can be used for down payment, closing costs, and/or interest rate buy down.

These loans are deferred and offered at a 0% interest with no monthly payments required. Repayment of the principal balance of the loan plus a portion of the net appreciation is required when the home is sold, the property is transferred, or the home is no longer owner-occupied as a primary resident during the loan term period.

Loan Terms

The loan terms are as follows:

AssistanceRepayment TermForgiveness Rate
Under $15,0005 years0%*
$15,000 to $40,00010 yearsFirst 5 years at 0%, then 20% per year thereafter*
More than $40,00015 yearsFirst 5 years at 0%, then 10% per year thereafter*

*Plus: % of pro-rated share of the difference between the sales price and the original purchase price; net closing costs, improvements, etc. See example.

Example

In the event of default (sell or title transfer), the full amount of the loan will be owed to the City of Titusville in addition to a pro-rated share of the difference between the sale price and the initial cost of the home at the time assistance was provided. For example:

  • Initial Purchase Price of Home = $185,000
  • Assistance Provided = $45,000
  • Percent of Assistance to Purchase = 24%
  • New Sale Price = $200,000
  • Amount due the City = $48,600 (45,000 + 24% of $15,000)

Employment Termination

In the event an Essential Services Personnel receiving the additional incentive in Section G of the policy terminates their employment, he/she shall be required to repay only the incentive portion of the loan, unless he/she is in default; then the loan terms in Section H of this policy shall apply.