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Get Matched Free →City of Delray Beach First-Time Homeownership Program (SHIP)
Funding status: Active
How much assistance
Up to $75,000 for down payment and closing cost assistance
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)
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.
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