Palm Beach County down payment assistance

How Palm Beach County SHIP assistance works

Palm Beach County's SHIP purchase assistance is structured as a 0 percent deferred payment loan with a 30-year term. The maximum award is $105,000 including project delivery costs, and the program is commonly quoted as up to $100,000 in assistance. That distinction between the maximum award and the assistance amount matters when a buyer is budgeting, because delivery costs sit inside the maximum award rather than on top of it. There is no monthly payment on the deferred loan during its term, which keeps the buyer's monthly housing cost focused on the first mortgage, taxes, insurance, and any association dues. The trade off for that deferred structure is a long commitment to the occupancy and ownership rules that govern forgiveness.

Forgiveness arrives at the end of the term, not gradually along the way, under the county terms described in the source document. The loan is forgiven at the end of the 30-year term if the conditions are met, which means a buyer should think of this as a 30-year housing commitment rather than as a short term boost that fades after a few years. That long horizon suits buyers who plan to stay in the home for a long time and who are comfortable with the county's conditions, and it suits them less well if a move, a sale, or a change in use is likely in the near term. A buyer who expects to relocate for work, upsize quickly, or convert the home to another use should weigh that expectation against a 30-year deferred loan before applying.

Several triggers can make the loan due before the end of the term. Under the county terms, the balance is due if the home is sold, transferred, rented out, if homestead is lost, or if the home is no longer the borrower's primary residence. Each trigger is worth reading in full, because everyday decisions such as renting out a spare arrangement, transferring title for estate planning, or moving out temporarily can interact with program rules in ways a buyer may not expect. Buyers should ask the county program how each trigger is applied and whether any exception or approval process exists, rather than assuming a common sense reading of the rule will match the county's enforcement. Getting that answer in writing from the program avoids a surprise at sale or refinance.

Eligibility also includes a first mortgage and ownership conditions that narrow who can use the program. The first mortgage must come from an approved lender, so a buyer should confirm lender approval early instead of choosing a lender first and checking program fit later. The buyer must not currently own a home, which means this is assistance aimed at buyers without a current homeownership stake. Liquid assets must be at most $200,000 under the county's Local Housing Assistance Plan, which sets a clear asset ceiling that buyers with substantial liquid savings should check before applying. Instant Money Mortgage, brokered by Complete Mortgage LLC, can help a buyer work through the first mortgage side, but the county program is the authority on SHIP eligibility, asset counting, and current availability.

State programs that may sit alongside county help

The state layer for a Palm Beach County buyer deserves the same care as SHIP itself, because the two loans end differently. Florida Hometown Heroes offers up to 5 percent of the first mortgage, with a maximum of $35,000 and a minimum of $10,000. It is set up as a 0 percent, non-amortizing, 30-year deferred second mortgage, so there is no monthly payment on it during its term, but the balance is due in full on sale, refinance, transfer of deed, or if the home is no longer a primary residence. It is explicitly not forgivable, and that warning matters most when it sits next to SHIP: one loan is forgiven at the end of its term and the other is due in full at a trigger event, and confusing the two would misstate what the buyer owes. First mortgage options that work with it are FHA, VA, USDA-RD, and conventional loans. Eligibility is limited to first-time, income-qualified buyers who work full time for a Florida-based employer. The qualifying fields include school staff, health care, child care, first responders, and public safety and court staff. Servicemembers and veterans in full time Florida-based employment are covered too. A buyer carrying both SHIP and Hometown Heroes is carrying two deferred second mortgages with different endings, and the plan should account for each separately.

The remaining statewide options each change the monthly or long term picture in their own way. Florida Assist is listed at up to $10,000, and it works as a 0 percent deferred second mortgage with no monthly payment. Its primary-verified pairing covers FHA, VA, and USDA-RD first mortgages only. HFA PLUS takes a forgiveness schedule instead: a forgivable second mortgage at 3 percent, 4 percent, or 5 percent, with 20 percent forgiven per year over 5 years, so its balance shrinks on a schedule rather than waiting for a single event. Florida HLP is listed at up to $12,500 as an amortizing 3 percent second mortgage with a monthly payment, which adds a recurring cost that a deferred loan does not. Because stacking depends on program rules and first mortgage lender approval, a Palm Beach County buyer should ask a participating lender to confirm the full combination, including the approved lender requirement for SHIP, before making an offer that depends on more than one assistance source.

Planning around a long deferred loan

A 30-year deferred loan rewards careful long term planning. Buyers should consider how long they realistically expect to live in the home, whether a future refinance is likely, and how a future sale would be handled with a deferred balance still in place. They should also keep program documents and county contacts with their closing file, so that years later, when a sale or refinance is on the table, the repayment or forgiveness language is easy to find. Program terms can change over time, and the county program or a participating lender should be asked to confirm current rules before a buyer relies on them. Where a current term cannot be verified, direct confirmation from the county program is the safe step, not an assumption based on an older document.

• Confirm the SHIP award and what delivery costs sit inside the maximum
• Confirm every trigger that makes the deferred loan due
• Confirm approved lender, ownership, and liquid asset rules
• Confirm how any state program pairs with SHIP before you offer

County program terms change. Confirm current SHIP rules with Palm Beach County or a participating lender before relying on any figure on this page.

More in this series

• First-Time Homebuyers in Florida: Programs, Assistance, and First Steps
• Broward County Down Payment Assistance
• Miami-Dade County Down Payment Assistance
• First-Time Homebuyer in Miami, FL
• First-Time Homebuyer in Fort Lauderdale, FL
• First-Time Homebuyer in West Palm Beach, FL
• Florida Hometown Heroes Guide
• Florida Assist Guide
• HFA Preferred Florida Guide
• Salute Our Soldiers Florida Guide
• Can DPA Programs Be Stacked?
• DPA Qualifications and Income Limits in Florida
• Does Hometown Heroes Have to Be Repaid?
• Hometown Heroes Teacher and Nurse Eligibility
• DPA with FHA, VA, and USDA
• DPA with a 580 to 640 Credit Score
• Credit Score to Buy a House in Florida
• How Much Down Payment Assistance in Florida?
• How Long Does Preapproval Take?
• Why Instant Money Mortgage

Related loan programs

Related answers

• Can down payment assistance programs be stacked in Florida?
• What are the qualifications and income limits for Florida down payment assistance?
• How much down payment assistance can I get in Florida?
• How long does pre-approval take?

See also

• Down Payment Assistance
• Florida
• West Palm Beach
• Palm Beach County
• First-Time Homebuyer

Frequently asked questions

Sources

• Palm Beach County: SHIP agenda item
• Florida Housing: Hometown Heroes
• Florida Housing: program list