Palm Beach County Down Payment Assistance

Why Apply for Assistance in 2026?

Palm Beach County offers powerful tools like the SHIP and HOME programs to make homeownership affordable.

Up to $100,000 Funding

Funds can be used for your down payment, closing costs, gap financing, and even repairs in certain cases.

0% Interest Loan

Structured as a deferred-payment loan. No monthly payments on the assistance amount for the 30-year term.

Forgivable

The loan is forgiven at the end of the 30-year term if you remain in the home as your primary residence.

Key Eligibility Highlights

To qualify for the 2026 SHIP or HOME programs, applicants generally need to meet these criteria:

First-Time Homebuyer: Must not have owned a home in the last 3 years (HUD standard exceptions apply).
Purchase Price Cap: Homes must not exceed the program limit (approx. $568,557).
Income Limits: Programs serve Low to Moderate income brackets (up to 140% AMI for SHIP).
Pre-Approval: You must have a first mortgage pre-approval before applying.

Application Reality Check

Funds for these programs are extremely limited and time-boxed. Windows often close quickly once application caps are reached.

Don't wait until the window opens to get prepared. Check your eligibility now to ensure you are ready to act when 2026 funds become available.

Understanding Your Options: SHIP vs. HOME

Palm Beach County primarily utilizes two key funding sources for first-time homebuyer assistance. While both offer similar 0% interest loan terms, they target different income brackets.

State Funded

SHIP Purchase Assistance

State Housing Initiatives Partnership

The SHIP program is designed for households with Moderate Income (up to 140% AMI). This is often the most versatile option for buyers in the $300k-$500k price range.

Income Limit: Higher allowance (approx. $114k for 1 person)
Asset Limit: Max $200,000 liquid assets
Ideal For: Buyers with steady income needing gap financing

Federally Funded

HOME Investment Program

Federal Partnership Program

The HOME program typically targets households with Low Income (up to 80% AMI). It provides crucial support for those who might otherwise be priced out of the market.

Income Limit: Stricter limits (approx. $65k for 1 person)
Structure: 0% deferred loan (same as SHIP)
Ideal For: Buyers needing maximum leverage to afford a home

*Income limits and specific program criteria are subject to change by Palm Beach County HED.

Your Path to Homeownership

Navigating Palm Beach County down payment assistance requires preparation. Follow these steps to ensure you are ready when the application portal opens.

1. Get Pre-Approved

You cannot apply for assistance without a first mortgage approval. Secure a pre-approval letter from a lender who understands DPA programs.

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2. Complete Education

All applicants must complete a HUD-approved homebuyer education counseling course. This is a mandatory requirement for closing.

3. Check Eligibility & Wait

Use our form to verify your status. Once verified, you must wait for the County to announce an open application window (often just once or twice a year).

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4. Apply & Close

When the portal opens, submit your file immediately. If approved, the gap funding is applied at closing as a 0% interest second mortgage.

Frequently Asked Questions

Common questions about securing down payment assistance in Palm Beach County.

Do I have to pay the down payment assistance back?

In most cases, no. Both SHIP and HOME programs are structured as 0% interest, deferred-payment loans. If you occupy the home as your primary residence for the full 30-year term, the loan is forgiven. However, if you sell, rent out, or refinance the home before the term ends, you may be required to repay the assistance.

What is the minimum credit score required?

While the County guidelines often state a minimum of roughly 600-620, most participating lenders (including us) require a minimum middle FICO score of 640 to ensure loan approval. Higher scores may be required for certain loan products.

Can I use this for a Condo or Townhouse?

Yes! Eligible property types generally include Single Family Homes, Townhomes, and Condominiums. Note that condos must usually meet specific loan approval requirements (such as FHA or Fannie Mae approval) to qualify for financing.

How much money do I need of my own?

Lenders typically require you to contribute a minimum investment (often around 1% of the purchase price or $1,000-$2,000) from your own funds. The assistance covers the bulk of the down payment and closing costs, but having some savings is essential.

Where Can I Buy?

The Palm Beach County assistance programs are generally available throughout the county (excluding certain municipal limits that have their own separate funding, though County funds often overlap).

West Palm Beach

Boca Raton

Boynton Beach

Delray Beach

Jupiter

Wellington

Palm Beach Gardens

Lake Worth

Pro Tip: Inventory is tight in 2026. We recommend searching for properties priced under $450,000 to safely stay under the program's purchase price limits while accounting for market fluctuations.