Homebuyer Programs in Palm Bay, FL (2026)
Palm Bay is a fast-growing city on Florida's Space Coast in Brevard County, with a population of approximately 153,000 and a median home price around $315,000. The city offers its own HOME Down Payment Assistance Program providing up to $67,400 for very low income buyers and up to $57,400 for low income buyers as a zero-interest deferred loan. The Brevard County SHIP Purchase Assistance Program adds up to $75,000 in additional deferred-loan assistance, and the Brevard County Housing Finance Authority offers up to $15,000 in down payment help plus a Mortgage Credit Certificate worth up to $2,000 per year in tax credits. At the state level, the Florida Hometown Heroes Program and Florida Assist provide further assistance. By combining city, county, state, and federal programs, Palm Bay buyers can potentially access over $100,000 in total homebuyer assistance.
Top Homebuyer Programs in Palm Bay
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| City of Palm Bay HOME Down Payment Assistance Program | Deferred Loan | Up to $67,400 (Very Low Income) or up to $57,400 (Low Income) | Yes | View → |
| Brevard County Housing Finance Authority Homebuyer Program | Deferred Loan | Up to $15,000 | Yes | View → |
| Brevard County Mortgage Credit Certificate Program | Tax Credit | Up to $2,000 per year in federal tax credits | Yes | View → |
| Brevard County SHIP Purchase Assistance Program | Deferred Loan | Up to $75,000 | Yes | View → |
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| FHLBA Community Partners Product | Forgivable Loan | Up to $20,000 in home purchase assistance for down payment and closing costs | No | View → |
| FHLBA First Time Homebuyer Product | Forgivable Loan | Up to $17,500 in home purchase assistance for down payment and closing costs | Yes | View → |
| FHLBA Workforce Housing Plus+ | Forgivable Loan | Up to $15,000 in home purchase assistance for down payment and closing costs | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
| Space Coast Habitat for Humanity Homeownership Program | Zero-Interest Loan | Affordable mortgage with 0% interest | No | View → |
| Florida Assist (FL Assist) Second Mortgage Program | Deferred Loan | Up to $10,000 | Yes | View → |
| Florida HFA Preferred and Advantage PLUS Program | Forgivable Loan | 3%, 4%, or 5% of the first mortgage loan amount | Yes | View → |
| Florida Hometown Heroes Housing Program | Deferred Loan | Up to 5% of first mortgage loan amount, minimum $10,000, maximum $35,000 | Yes | View → |
- Type:
- Deferred Loan
- Amount:
- Up to $67,400 (Very Low Income) or up to $57,400 (Low Income)
- First-time only:
- Yes
- Type:
- Deferred Loan
- Amount:
- Up to $15,000
- First-time only:
- Yes
- Type:
- Tax Credit
- Amount:
- Up to $2,000 per year in federal tax credits
- First-time only:
- Yes
- Type:
- Deferred Loan
- Amount:
- Up to $75,000
- First-time only:
- Yes
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $20,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $17,500 in home purchase assistance for down payment and closing costs
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
- Type:
- Zero-Interest Loan
- Amount:
- Affordable mortgage with 0% interest
- First-time only:
- No
- Type:
- Deferred Loan
- Amount:
- Up to $10,000
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- 3%, 4%, or 5% of the first mortgage loan amount
- First-time only:
- Yes
- Type:
- Deferred Loan
- Amount:
- Up to 5% of first mortgage loan amount, minimum $10,000, maximum $35,000
- First-time only:
- Yes
How to Apply
- Step 1:
Check your eligibility. For the City of Palm Bay HOME program, your household income must be at or below 80% of the area median income, and you must not have owned a home in the past three years. The Brevard County SHIP program has similar income requirements and a $15,000 liquid asset cap.
- Step 2:
Complete a homebuyer education workshop. Both the city and county programs require completion of a 5-hour HUD-approved homebuyer education course. Contact Community Housing Initiatives (CHI) at 321-253-0053 to find upcoming workshop dates.
- Step 3:
Contact the City of Palm Bay Housing Division to begin your city HOME application. For the Brevard County SHIP program, call Community Housing Initiatives (CHI) at 321-253-0053 for a telephone pre-screening to determine initial eligibility.
- Step 4:
Get pre-approved for a first mortgage through a participating lender. For the Brevard County Housing Finance Authority program, you will need a minimum credit score of 640. Contact the HFA at 321-264-0334 for the approved lender list.
- Step 5:
Find a home within Palm Bay city limits for the city program, or anywhere in Brevard County for county programs. The Brevard County SHIP program has a maximum purchase price of $304,000 for existing homes and $329,000 for new construction.
- Step 6:
Submit your complete application package. You will need to provide a minimum buyer contribution of $1,000 or 50% of the required down payment for the city HOME program.
- Step 7:
Attend closing and move into your new home. The city HOME assistance is a deferred loan with a 15-year affordability period. The Brevard HFA second mortgage is deferred at zero interest for 30 years.