Palm Beach County HOME First-Time Homebuyer Program

On a $390,000 home in Boynton Beach, near the city's median price, an FHA buyer would normally need 3.5% down, or $13,650. If Palm Beach County approves a full $100,000 HOME award, those funds can cover the down payment and reduce the amount borrowed, leaving a first mortgage near $290,000 instead of about $376,350. The final award depends on the county's review of your income, lender approval and purchase price.

Estimated closing costs in the Boynton Beach area run $8,000 to $11,500. Without assistance, the buyer's cash to close would be about $21,650 to $25,150 including the FHA down payment. Because HOME funds can also pay closing costs, a full award can bring out-of-pocket cash down to prepaid items and the earnest money deposit, and any seller credit negotiated in the contract lowers that further.

A buyer who also uses Florida Housing's FL Assist, a $10,000 0% deferred second mortgage available with a Florida Housing first mortgage, could reach $110,000 in combined help on this purchase. FL Assist must be repaid when the home is sold, refinanced or no longer owner-occupied, unlike the forgivable HOME loan. Layering both requires approval from the county and the lender, so confirm the combination before signing a contract.

The Palm Beach County HOME loan may be paired with Florida Housing Finance Corporation products if the county approves the layered financing. FL Assist offers up to $10,000 as a 0% deferred second mortgage on FHA, VA, USDA and conventional loans. The HFA Preferred and HFA Advantage PLUS second mortgage provides 3%, 4% or 5% of the loan amount, forgiven at 20% a year over 5 years. Both require a Florida Housing first mortgage from a participating lender.

The county has not published a rule allowing its HOME loan alongside its other purchase programs on the same home. The same division runs SHIP Purchase Assistance, also up to $100,000, and the Homebuyer Match Pilot, up to $50,000 through a lottery, so expect one county purchase award per household unless staff approve more. Call Mortgage and Housing Investments at 561-233-3600 or email HEDverify@pbc.gov before you apply.

Other ways to lower cash to close include seller credits written into the purchase contract, gift funds where your first mortgage allows them, and lender credits in exchange for a slightly higher rate. Buyers who miss the HOME round can check the city purchase programs in Boynton Beach, Delray Beach and West Palm Beach, each run by its own housing office with separate deadlines.

The biggest advantage is size: up to $100,000 at 0% interest with no monthly payment, forgiven after 30 years. That is ten times FL Assist's $10,000 and double the Homebuyer Match Pilot's $50,000 maximum, and the county's HOME notice lists no minimum buyer contribution. Funds can cover down payment, closing costs, acquisition or new construction. The $568,557 price cap also fits most homes in Boynton Beach, Delray Beach and West Palm Beach, where our listed medians are $390,000, $480,000 and $425,000.

The biggest limitation is access. The 2025 round accepted only 100 applications through a portal that opened July 23, the $3,000,000 allocation covers roughly 30 maximum awards, and the county's page now says the application limit has been reached. As of October 2026 no new round is posted. Income is capped at 80% of AMI ($93,500 for four), current owners are excluded, and the 30-year Declaration of Restriction stays recorded on the home. Buyers above the limit should look at the Homebuyer Match Pilot, which reaches 140% of AMI, or Florida Housing's HFA Preferred PLUS.