Massive Assistance
Very Low Income: Up to $67,400
Low Income: Up to $57,400
Based on affordability needs.
Updated for 2026 Guidelines
Palm Bay Down Payment Assistance
Get up to $67,400 in assistance to buy your first home in Palm Bay. 0% interest, deferred payment options available for eligible buyers.
See If You Qualify
No impact to credit score
2026 Funding Status: 73% Allocated
Limited funds remain. Check eligibility before allocation closes.
Allocated
73%
0
Families Helped
$0M+
Dollars Awarded
0
%
Approval Rate
0
Days
Avg. Time to Close
HUD
Approved
Approved
Florida Housing
Partner
Partner
NMLS
#2536820
#2536820
256-bit
Encryption
Encryption
2026 Program Benefits
The City of Palm Bay provides substantial assistance to make homeownership affordable for local families.
Favorable Terms
Assistance is structured as a 0% interest, deferred-payment second mortgage. No monthly payments on the assistance amount.
Flexible Funding
Funds can cover your down payment and closing costs. Some funds may even be used for repairs on existing homes.
Do You Qualify?
The program is designed to help first-time buyers who can afford a monthly mortgage but need help with the upfront cash. Here are the core 2026 requirements:
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First-Time Homebuyer:
Cannot have owned a home in the last 3 years.
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Income Limits:
Household income must be at or below 80% AMI. (e.g., 4-person limit approx. $79,900).
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Property Location:
Must be within Palm Bay city limits. Existing or new construction allowed.
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Buyer Contribution:
Minimum contribution of $1,000 or 50% of the required down payment (whichever applies).
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Restrictions:
No mobile homes. No swimming pools (unless community pool). WDO clearance required.
The Process
Your Path to Homeownership
Navigating the Palm Bay assistance application is easier with an experienced guide. Here is how we get you to closing.
01
Check Eligibility
Fill out the form to see if you meet the preliminary income and credit requirements for the city's program.
02
Pre-Approval
We help you secure a first mortgage (FHA, VA, or Conventional) that works in tandem with the down payment assistance.
03
Shop & Educate
Attend the required 5-hour homebuyer workshop while you shop for an eligible home within Palm Bay limits.
04
Closing
Funds are applied directly at closing to cover your down payment and costs. You get the keys!
Interactive Tool
Calculate Your Savings
See how much you could receive based on your home price and income level.
$250,000
$150K
$400K
Your Estimated Assistance
$67,400
0% interest • No monthly payments • Deferred repayment
$8,750
Down Payment (3.5%)
100%
Covered by Assistance
Don't Leave Money on the Table
See what you're missing by not using the Palm Bay Down Payment Assistance Program.
WITHOUT PROGRAM
Standard Home Purchase
- Pay $8,750+ out of pocket for down payment
- Pay $10,000+ in closing costs
- Higher monthly mortgage payment
- Depleted savings for emergencies
Total Out-of-Pocket:
$18,750+
WITH PALM BAY ASSISTANCE
Assisted Home Purchase
- Down payment fully covered
- Closing costs fully covered
- Lower monthly payment with principal reduction
- Keep savings for moving & furniture
Your Contribution:
$1,000
Minimum buyer contribution only
You Save: $17,750+
Claim Your SavingsUnderstanding the Loan Terms
The Palm Bay Down Payment Assistance Program is designed to be affordable. Unlike a traditional second mortgage that requires monthly payments, this program utilizes a "Deferred Payment" structure to ensure you aren't burdened with extra monthly costs.
0% Interest Rate
The assistance amount acts as a silent second mortgage. It accrues absolutely zero interest over the life of the loan.
Deferred Payments
You make no monthly payments on this assistance. The loan is recorded as a lien on the property.
Repayment Conditions
Per April 2025 guidelines, the loan is typically repaid only if you sell the home, transfer the title, or stop using it as your primary residence during the affordability period (15 years).
Financial Example
Hypothetical scenario for a Very Low Income borrower:
Home Price:
$250,000
FHA Down Payment (3.5%):
$8,750
Palm Bay Assistance:
Up to $67,400
Net Result:
Assistance covers 100% of down payment + closing costs + potential principal reduction.
Common Concerns
Worried About Something?
We've heard these concerns before. Here's the truth.
We understand the skepticism! This is a real government program funded by the City of Palm Bay using federal HOME and SHIP funds. It's designed specifically to help first-time homebuyers who contribute to the local workforce. The program has been running successfully for years and has helped hundreds of families.
Many people are surprised to learn they qualify! The income limits are more generous than you might think—a family of 4 can earn up to $79,900/year and still qualify. Even if you've owned a home before, you may still be eligible if it was more than 3 years ago. It takes just 2 minutes to check.
No hidden catches! The assistance is a 0% interest deferred loan. You make zero monthly payments. Repayment is only triggered if you sell, refinance, or move out within 15 years. Many families live in their homes for decades and never repay the assistance. It's designed to be affordable.
You don't need perfect credit! While you'll need to qualify for a first mortgage (typically 620-640+ score for FHA), we work with buyers across the credit spectrum. Many of our successful applicants didn't have "perfect" credit. Checking eligibility doesn't affect your credit score.
We guide you every step of the way! Yes, there's paperwork (it's real money, after all), but we've streamlined the process. Most of our clients say it was easier than expected. You'll attend a homebuyer workshop (which is actually helpful!), and we coordinate with the city on your behalf. Average time from application to keys: 45-60 days.
Frequently Asked Questions
Common questions about qualifying for and using the 2026 Palm Bay Down Payment Assistance Program.
How much down payment assistance can I get in Palm Bay?
Qualified buyers can receive up to $67,400 if they are in the Very Low Income category (≤50% AMI) or up to $57,400 for Low Income households (51-80% AMI). The exact amount depends on your specific financial need.
Do I have to pay back the Palm Bay assistance?
The assistance is structured as a deferred payment second mortgage with 0% interest. You typically do not make monthly payments. Repayment is usually triggered if you sell the home, refinance, or stop living there as your primary residence within the 15-year term.
What is the income limit for Palm Bay home assistance in 2026?
To qualify, your household income must generally be at or below 80% of the Area Median Income (AMI). For example, a 4-person household limit is approximately $79,900. These figures are subject to change, so verification is required.
Is credit score a factor for this program?
Yes. While the city program itself focuses on income, you must qualify for a first mortgage (FHA, VA, or Conventional) with a participating lender. Most lenders require a minimum credit score, often around 640 or higher, to approve that first loan.
Can I buy any home in Palm Bay?
No. The home must be located within the Palm Bay city limits. Mobile homes are not eligible. Additionally, homes cannot have swimming pools unless they are part of a condo or townhome community with a shared pool.
Do I have to be a first-time homebuyer?
Yes, the program is specifically for first-time homebuyers. This is generally defined as someone who has not had an ownership interest in a principal residence during the three-year period prior to the purchase.
Can I use the funds for closing costs?
Absolutely. The funds are versatile and can be applied toward your down payment, closing costs, and in some cases, principal reduction to make the monthly payments more affordable.
What is the "Buyer Contribution" requirement?
Buyers are required to make a "good faith contribution" towards the purchase. This is typically $1,000 or 50% of the required down payment (e.g., half of the 3.5% FHA requirement), whichever guideline applies to your specific loan scenario.
How long does the process take?
Because there are multiple layers of approval (the lender and the city/CHI), the process can take longer than a standard purchase. We generally recommend planning for a 45-60 day closing timeline to ensure all inspections and paperwork are cleared.
Who is the lender for the Palm Bay program?
The City of Palm Bay works with Community Housing Initiative (CHI) to administer the funds, but they do not originate the first mortgage. You must work with a private lender who understands how to layer these funds with a standard mortgage.