See programs you qualify for

By Tyler Thompson · Licensed Real Estate Agent · Updated March 25, 2026

Homebuyer Programs in Palm Bay, FL (2026)

Population: 153,000 | Median home price: $315,000 | Est. closing costs: $6,500 - $9,500

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.

City 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 →

City of Palm Bay HOME Down Payment Assistance Program

Type:: Deferred Loan
Amount:: Up to $67,400 (Very Low Income) or up to $57,400 (Low Income)
First-time only:: Yes

County Programs in Brevard County

Program Name	Type	Amount	First-Time Only	Details
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 →

Brevard County Housing Finance Authority Homebuyer Program

Type:: Deferred Loan
Amount:: Up to $15,000
First-time only:: Yes

Brevard County Mortgage Credit Certificate Program

Type:: Tax Credit
Amount:: Up to $2,000 per year in federal tax credits
First-time only:: Yes

Brevard County SHIP Purchase Assistance Program

Type:: Deferred Loan
Amount:: Up to $75,000
First-time only:: Yes

State Programs in Florida

Program Name	Type	Amount	First-Time Only	Details
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+	Grant	Up to $15,000 in home purchase assistance for down payment and closing costs	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 total first mortgage loan amount (HFA Advantage PLUS TBA, Freddie Mac first mortgage only)	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 →

FHLBA Community Partners Product

Type:: Forgivable Loan
Amount:: Up to $20,000 in home purchase assistance for down payment and closing costs
First-time only:: No

FHLBA First Time Homebuyer Product

Type:: Forgivable Loan
Amount:: Up to $17,500 in home purchase assistance for down payment and closing costs
First-time only:: Yes

FHLBA Workforce Housing Plus+

Type:: Grant
Amount:: Up to $15,000 in home purchase assistance for down payment and closing costs
First-time only:: No

Florida Assist (FL Assist) Second Mortgage Program

Type:: Deferred Loan
Amount:: Up to $10,000
First-time only:: Yes

Florida HFA Preferred and Advantage PLUS Program

Type:: Forgivable Loan
Amount:: 3%, 4%, or 5% of the total first mortgage loan amount (HFA Advantage PLUS TBA, Freddie Mac first mortgage only)
First-time only:: Yes

Florida Hometown Heroes Housing Program

Type:: Deferred Loan
Amount:: Up to 5% of first mortgage loan amount, minimum $10,000, maximum $35,000
First-time only:: Yes

Federal Programs

Program Name	Type	Amount	First-Time Only	Details
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 →
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 →

FHA Loans

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

Good Neighbor Next Door (HUD)

Type:: Government Property Sale Program
Amount:: 50% discount off the list price of HUD-owned homes
First-time only:: Yes

Home Possible Mortgage (Freddie Mac)

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

HomeReady Mortgage (Fannie Mae)

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

HUD $100 Down Program

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

USDA Rural Development Loans

Type:: Government-Guaranteed Mortgage
Amount:: 100% financing (no down payment required); loan amount up to appraised value
First-time only:: No

VA Loans

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

Nonprofit Programs

Program Name	Type	Amount	First-Time Only	Details
Space Coast Habitat for Humanity Homeownership Program	Zero-Interest Loan	Affordable mortgage with 0% interest	No	View →

Space Coast Habitat for Humanity Homeownership Program

Type:: Zero-Interest Loan
Amount:: Affordable mortgage with 0% interest
First-time only:: No

Free eligibility check

18 programs available in Palm Bay. See which ones you qualify for.

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housebuyerguides

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.

Frequently Asked Questions

How much down payment assistance can I get in Palm Bay?+

Palm Bay buyers can stack multiple programs for significant savings. The City of Palm Bay HOME program offers up to $67,400 for very low income households or up to $57,400 for low income households. The Brevard County SHIP Purchase Assistance Program provides up to $75,000. The Brevard County Housing Finance Authority adds up to $15,000 in deferred-loan assistance, plus a Mortgage Credit Certificate worth up to $2,000 per year in tax credits. At the state level, the Florida Hometown Heroes Program offers up to 5% of the loan amount and the Florida Assist program provides up to $7,500. Combined with federal options like FHA and VA loans, eligible buyers could access well over $100,000 in total assistance.

Do I have to be a first-time homebuyer to qualify?+

The City of Palm Bay HOME program, Brevard County SHIP program, and Brevard County HFA program all require first-time homebuyer status, generally defined as not having owned a home in the past three years. The Brevard HFA waives this requirement for qualified military veterans. The Florida Hometown Heroes Program is available regardless of prior homeownership, and federal programs like FHA and VA loans do not have first-time buyer requirements.

What are the income limits for Palm Bay homebuyer programs?+

Income limits vary by program and household size. The City of Palm Bay HOME program and Brevard County SHIP program both require income at or below 80% of the Area Median Income. Very low income households (up to 50% AMI) qualify for higher assistance amounts under the city program. The Brevard County SHIP program also requires liquid assets not to exceed $15,000. Contact the City of Palm Bay Housing Division or Community Housing Initiatives (CHI) at 321-253-0053 for current income limit figures.

What homebuyer education is required?+

Both the City of Palm Bay HOME program and the Brevard County SHIP program require completion of a 5-hour homebuyer education workshop before you can apply. Contact Community Housing Initiatives (CHI) at 321-253-0053 for upcoming workshop dates and registration. Space Coast Habitat for Humanity at 321-728-4009 also provides homebuyer education in the Brevard County area.

Are there purchase price limits for Palm Bay homes?+

The Brevard County SHIP Purchase Assistance Program has a maximum purchase price of $304,000 for existing homes and $329,000 for new construction. The City of Palm Bay HOME program and the Brevard County HFA program do not have published purchase price caps, though homes must meet program requirements and pass inspection. Given the median home price in Palm Bay is around $315,000, many homes fall within the SHIP program limits.