City of Palm Bay HOME Down Payment Assistance Program

Administered by: City of Palm Bay Housing Division · City · Deferred Loan

Funding status: Active

How much assistance

Up to $67,400 (Very Low Income) or up to $57,400 (Low Income) (Deferred Loan)

Zero-interest deferred payment second mortgage with a 15-year affordability period. Repayment triggered if home is sold, refinanced, or ceases to be primary residence within the term.

Eligibility

  • Income limits: At or below 80% of Area Median Income based on household size. Very Low Income (up to 50% AMI) qualifies for up to $67,400; Low Income (51-80% AMI) qualifies for up to $57,400.
  • First-time buyer required: Yes — Must not have owned a home in the past 3 years.
  • Geographic restrictions: Property must be located within Palm Bay city limits.
  • Homebuyer education required: Yes

How to Apply for City of Palm Bay HOME Down Payment Assistance Program

Step 1: Contact the City of Palm Bay Housing Division. Complete the required 5-hour homebuyer education workshop. Gather income documentation and submit application. Minimum buyer contribution of $1,000 or 50% of required down payment is required.

Visit program website

Notes

Funded through HUD HOME Investment Partnerships Program. Eligible for existing and new construction single-family homes within Palm Bay city limits.

Cities Where This Program Is Available