Palm Beach County Down Payment Assistance: Up to $100K for First-Time Homebuyers

Buying a home in Palm Beach County can feel out of reach when median prices exceed half a million dollars.

To help first‑time buyers bridge the gap, Palm Beach County’s Department of Housing & Economic Development (HED) runs two major programs: the State Housing Initiatives Partnership (SHIP) Purchase Assistance Program and the HOME Investment Partnership First‑Time Homebuyer Program.

Check Your Florida Down-Payment Assistance Eligibility

These initiatives offer up to $100,000 in down‑payment and closing‑cost assistance, structured as forgivable, interest‑free loans.

What You Get with Palm Beach County’s Purchase Assistance Programs

• Zero‑interest deferred loan: Buyers receive a 0 % interest loan secured by a second mortgage and promissory note. There are no monthly payments, and the loan is deferred for 30 years.

• Loan forgiveness: If the homeowner occupies the property as their principal residence for the entire 30‑year term, the loan balance is forgiven.

• Maximum award: Both programs offer up to $100,000 per household.

• Uses of funds: Assistance can cover down payment, closing costs, gap financing, lot acquisition and rehabilitation of the home.

These benefits dramatically reduce the cash needed at closing and help buyers overcome one of the largest barriers to homeownership.

Check Your Florida Down-Payment Assistance Eligibility

Eligibility Requirements for Palm Beach County First-Time Homebuyer Assistance

Eligibility begins with HUD’s definition of a first‑time homebuyer: someone who has not owned a principal residence in the past three years.

Exceptions exist for single parents who owned a home only with a former spouse and for displaced homemakers.

Income and Asset Limits

The programs target different income levels.

SHIP serves households up to 140 % of the area median income (AMI), while HOME is capped at 80 % of AMI.

Applicants may not have liquid assets exceeding $200,000 or combined assets above the purchase price limit (excluding their primary residence).

SHIP Purchase Assistance – Moderate Income Limits (140 % AMI)

HOME Program – Low Income Limits (80 % AMI)

Income is calculated using gross household income from all adult members.

Pre‑Approval and Credit

You must obtain a pre‑approval letter from a first mortgage lender before applying.

Credit and debt‑to‑income requirements are dictated by that lender.

For the county’s separate mortgage loan assistance program, applicants need a minimum 630 FICO score, which provides a general benchmark of credit readiness for the purchase assistance programs.

Property Requirements

• Primary residence in Palm Beach County: The home must be used as your principal residence and located within the county.

• Purchase price cap: The property’s purchase price cannot exceed $568,557.

• City restrictions: For homes in Boca Raton, Boynton Beach, Delray Beach or West Palm Beach, you must first apply through the city’s assistance program; if funds aren’t available, you need written confirmation before the county can help.

• Condition: Properties with Chinese drywall are ineligible, and homes with toxic black mold require a mold inspection. Illegal or unpermitted additions must be corrected.

Buyer Obligations

To participate, you must:

• Attend two mandatory orientation sessions hosted by the county.

• Complete eight hours of HUD‑certified homebuyer education and obtain a certification form.

• Submit extensive documentation, including identification, citizenship or permanent‑residency proof, employment verification, tax returns, bank statements and child‑support documentation.

• Occupy the home as your primary residence for 30 years. Selling, renting or moving out before then triggers repayment.

Income & Purchase Price Examples

• Moderate‑income family: A household of three earning $120,000 meets the 140 % AMI limit of $122,780. They can receive up to $100,000 in assistance toward a home priced below $568,557 and will owe nothing on the second mortgage if they stay for 30 years.

• Low‑income buyer: A single buyer earning $60,000 qualifies under the 80 % AMI limit of $65,450. After completing orientation and counseling, they may receive up to $100,000 to cover down payment and closing costs for a qualifying home.

Step‑by‑Step: How to Apply

1. Attend the mandatory orientation. These sessions explain eligibility and application procedures. Participants receive a certificate needed for the application.

2. Get pre‑approved by a lender. A mortgage pre‑approval letter is mandatory.

3. Collect required documents. Gather ID, citizenship proof, employment verification, recent pay stubs, tax returns, bank statements and the HUD homebuyer education certificate.

4. Complete HUD‑certified homebuyer education. Obtain the county’s education certification form.

5. Submit your application online. When the portal opens, complete and upload all required documents. Applications are processed on a first‑submitted, first‑qualified basis and the portal closes when the maximum number of applications is reached.

6. Income certification and home search. HED staff verify your income and assets (a 4–6‑week process). Meanwhile, work with a realtor or non‑profit to find an eligible home.

7. Finalize the contract and inspections. After income certification, provide the executed purchase contract, contract cover form, home inspection, termite inspection and—if the house was built before 1978—a lead‑paint inspection.

8. Closing and disbursement. Once all documents are reviewed, HED coordinates with your lender and title company. Funds are disbursed at closing.

Important Dates and Funding Availability

Application windows are short.

For example, the 2024 SHIP portal opened on January 10 and closed after 50 applications.

In 2025, the HOME program accepted 100 applications from July 23 to August 20.

Demand is extremely high, and the portal often closes within minutes.

To maximize your chances:

• Complete orientation and counseling before the portal opens.

• Prepare your documents well in advance.

• Subscribe to HED announcements so you know when applications will be accepted.

Contact and Resources

Mortgage and Housing Investments Division
100 Australian Avenue, 5th Floor, West Palm Beach, FL 33406
Phone: (561) 233‑3600; Antoinette Prescott: (561) 233‑3606
Email: HEDverify@pbcgov.org

Approved HUD counseling agencies include R.E.A.C.H., Urban League of Palm Beach County, We Help Communities “2” Develop Corporation and the West Palm Beach Housing Authority. Contact these agencies for homebuyer education and pre‑application guidance.

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Final Thoughts

Palm Beach County’s Purchase Assistance Programs offer an extraordinary opportunity for first‑time buyers.

By providing up to $100,000 as a forgivable, interest‑free loan, the programs help overcome the largest barrier to homeownership: the down payment.

With strict eligibility criteria and limited funding, preparation is essential.

Attend orientation early, get pre‑approved and assemble your documentation ahead of time to seize this chance to own a home in one of Florida’s most desirable markets.

Check Your Florida Down-Payment Assistance Eligibility