City of Delray Beach First-Time Homeownership Program (SHIP)
How much assistance
Up to $75,000 for down payment and closing cost assistance (Forgivable Loan)
Forgiven after 10 or 15 years depending on the amount received. The loan is a 0% interest, deferred payment second mortgage with no monthly payments required during the term.
Eligibility
- Income limits: Household annual income must be at or below 80% of Area Median Income, adjusted by household size.
- First-time buyer required: Yes — Must not have owned a home within the last 3 years.
- Geographic restrictions: Property must be located within the City of Delray Beach city limits and used as primary residence.
- Homebuyer education required: Yes
How to Apply for City of Delray Beach First-Time Homeownership Program (SHIP)
Step 1: Monitor the City of Delray Beach website for application opening dates, as funding is released periodically. Complete at least 6 hours of a HUD-approved Homebuyer Education class and obtain your certificate. Get pre-approved by a lender and submit a pre-approval letter. Contribute a minimum of 2% of the purchase price. Your housing expenses must not exceed 40% of gross monthly income. Submit your full application during the open enrollment period. The city will review eligibility and process the deferred second mortgage at closing.
Notes
The March 2026 application window opens March 2, 2026 at 8:00 AM and closes March 30, 2026 at 5:00 PM, or earlier if all funds are committed. Eligible activities include acquisition, acquisition/rehabilitation, new construction, down payment assistance, and closing cost assistance.