Get $100,000 for Your First Home in Palm Beach County (But Act Fast!)

Dream of Owning a Home in Palm Beach County? $100,000 Could Help, But Act Fast!

WEST PALM BEACH, FL – If you’re hoping to buy your first home in Palm Beach County, a major opportunity is coming up. The county’s Department of Housing and Economic Development (HED) is relaunching its popular Purchase Assistance Program. This program offers eligible first-time homebuyers up to $100,000 to help tackle the high costs of housing in South Florida.

Funding comes from Florida’s State Housing Initiatives Partnership (SHIP), aiming to make owning a home a reality for more low-to-moderate-income residents.

Get Ready: It’s Competitive

This program is in high demand. Be prepared for a fast-paced application process:

  • Portal Opens: Monday, May 5, 2025, at 12:00 PM (Noon) sharp.
  • Portal Closes: Friday, May 23, 2025, at 11:59 PM.
  • Important: The application window will close sooner if 100 applications are submitted. This could happen very quickly!

Speed and preparation are key. Let’s break down what you need to know.

What Exactly is the SHIP Purchase Assistance Program?

The State Housing Initiatives Partnership (SHIP) gives Florida local governments money to create affordable housing. In Palm Beach County, the HED uses these funds for programs like this Purchase Assistance Program.

Its main goal? To help first-time buyers cover down payments and closing costs, which can be major hurdles in this market. It helps the county provide more affordable housing and allows more people to move from renting to owning, building financial stability.

How the $100,000 Assistance Works

  • What You Get: Eligible buyers can receive up to $100,000.
  • How You Can Use It:
    • Down payment
    • Closing costs
    • Other buying costs
    • Costs for new construction
  • Loan Details: This isn’t a free grant upfront. It’s a 0% interest, deferred payment loan. You won’t make monthly payments. The loan is secured against the property.
  • The Best Part – Forgiveness: If you live in the home as your primary residence for the full 30-year loan term, the entire loan amount is forgiven. It essentially becomes a grant over time for long-term homeowners.

Could You Be Eligible? Check These Requirements:

Eligibility is specific. Here’s what the program requires:

  1. First-Time Homebuyer:
    • You generally haven’t owned a principal residence in the last 3 years (per HUD definition).
    • Exceptions: You might still qualify if you’re a single parent or displaced homemaker who only owned with a former spouse, or if you only owned a mobile home not on a permanent foundation or a substandard property that couldn’t be fixed cost-effectively.
    • You cannot currently own a home.
  2. Income Limits:
    • Your household income must be at or below 140% of the Area Median Income (AMI), adjusted for family size.
    • 2025 Maximum Annual Household Income:
      • 1 Person: $114,660
      • 2 Persons: $131,040
      • 3 Persons: $147,280
      • 4 Persons: $163,660
      • 5 Persons: $176,820
      • 6 Persons: $189,980
    • Income from all adult household members usually counts.
  3. Property Requirements:
    • Max Purchase Price: $568,557 (for existing or new homes; subject to change).
    • Must Be Primary Residence: You have to live there.
    • Location: Must be in Palm Beach County. (If buying within city limits like Boca Raton, West Palm Beach, etc., it’s wise to double-check specific location eligibility with HED).
  4. Asset Limits:
    • Liquid Assets: Cannot exceed $200,000 (cash, checking/savings, stocks, bonds).
    • Total Assets: Liquid and non-liquid assets combined cannot exceed the max purchase price ($568,557). (Your current primary home’s value is excluded, but remember, you can’t currently own one).

Applying: Prepare for a Sprint!

The application process is time-sensitive and competitive.

  • Application Window: Noon on May 5, 2025, to 11:59 PM on May 23, 2025.
  • The Catch: Only the first 100 complete applications submitted will be considered. The portal will close once this number is reached.
  • How it Works: Applications are reviewed in the order they are received online (“First-Submitted, First-Qualified, First-Served”). Being application #101 won’t help, even if submitted before the deadline.

Bottom line: You need to be fully prepared before May 5th. Waiting until the portal opens is likely too late.

Get Ready BEFORE You Apply: Your Checklist

Complete these steps before submitting your application:

  1. Get Mortgage Pre-Approval: You must have a pre-approval letter for a first mortgage from a lender.
  2. Attend Mandatory Orientation: Sign up for one of the required virtual sessions run by HED staff. They explain the rules and process.
  3. Complete Homebuyer Education: Finish an 8-hour course from a HUD-approved agency or NeighborWorks America. You’ll need the completion certificate (proof of a scheduled class might be okay initially). Find counselors via HUD’s website or PBC HED.

The Application: Online Portal & Documents

  • Where to Apply: Use the online portal on the PBC HED website: pbcgov.org/HED.
  • Documents Needed: Be ready to upload everything when you apply. Start gathering these now! Key items include:
    • Mortgage Pre-Approval Letter
    • Valid ID (Driver’s License/State ID) for adults
    • Proof of U.S. Legal Residency for all household members
    • Income Proof (pay stubs, tax returns, benefit letters, P&L if self-employed)
    • Asset Proof (bank statements, investment statements)
    • Household Status Proof (child support docs, divorce decrees)
    • Homebuyer Education Certificate (or proof of scheduled class)
    • Check the official HED list for all required documents.

The 30-Year Commitment: Staying Put

Remember that loan forgiveness hinges on a long-term commitment. You must live in the home as your primary residence for the entire 30 years. If you sell, refinance (check terms), or move out before 30 years, you’ll likely have to repay the assistance money. This program favors buyers looking for long-term stability in Palm Beach County.

Questions? Contact the Official Source

For accurate information, always go directly to the county:

Palm Beach County Department of Housing and Economic Development (HED)
Mortgage and Housing Investments Division
100 Australian Avenue, 5th Floor
West Palm Beach, FL 33406

  • Phone: (561) 233-3600 (Reception) | Staff: Antoinette Prescott (561) 233-3606, Rommel Sankhi (561) 233-3693
  • Email: HEDVerify@pbc.gov
  • Website: pbcgov.org/HED

Using official channels ensures you get correct information and avoids potential scams.

Final Word: Prepare NOW to Seize This Opportunity!

The Palm Beach County SHIP Purchase Assistance Program offers a huge $100,000 boost for first-time buyers. But getting these funds requires quick action and advance preparation.

With the short application window opening May 5th at noon, the strict 100-application limit, and the first-come, first-served system, you can’t afford to wait.

Your immediate steps should be:

  • Attend a mandatory orientation ASAP.
  • Get your mortgage pre-approval letter now.
  • Enroll in and complete the 8-hour homebuyer course.
  • Start gathering all required documents immediately.

Don’t delay! Being ready to submit a perfect application the moment the portal opens is your best shot at this valuable program.