A select few Florida residents are hoping they’re among the chosen to receive help with a down payment toward a new home.
The HOME First-Time Homebuyer Program will award up to $100,000 to eligible applicants who are hoping to achieve homeownership in Palm Beach County.
As it stands now, the June median list price is $499,000, according to Realtor.com® data.
This down payment help will assist eligible applicants with the purchase of a new home. The money can be used toward new construction, down payment, and closing costs. The home must be their primary place of residence.
The program is run by the Palm Beach County Department of Housing and Economic Development. It received $3 million in funding from the U.S. Department of Housing and Urban Development.
“We provide up to $100,000 for down payment assistance, new construction, acquisition, and closing costs,” said Dorina Jenkins-Gaskin, the director of mortgage and housing investment with the Palm Beach County Housing and Economic Development, according to WPBF.
Who’s eligible
Applicants cannot currently own a home. They also cannot have liquid assets of more than $200,000 and/or a combination of liquid and nonliquid assets exceeding the current purchase price limit.
The purchase price of the property cannot be more than $568,557.
The money will be awarded as a 0%-interest deferred payment loan secured by a mortgage, promissory note, or declaration of restriction for 30 years.
Applicants must show a pre-approval letter from a first mortgage lender.
Other requirements include a driver’s license or state identification, a birth certificate, employment verification, and a Social Security letter. If a person is not employed, a copy of their unemployment benefits statement must be turned in.
“You could not have had a mortgage in your name for three years. And that qualifies you as a first-time homebuyer. You must purchase a property within Palm Beach County. And also, you must come to the table with the pre-approval from the lender,” said Jenkins-Gaskin.
The down payment help is meant for people who meet certain income requirements. A one-person household cannot make more than $65,450. The income threshold varies according to the number of people in the home.
- 1 person in household: $65,450
- 2 people in household: $74,800
- 3 people in household: $84,150
- 4 people in household: $93,500
- 5 people in household: $101,000
- 6 people in household: $108,500
Helping hand
David Serle, the broker-owner at Re/Max Services Boca Raton, told WPBF that he and other real estate agents have been working with Florida lawmakers to address the housing problems in the state.
“It’s amazing. I mean, you know, the out-of-the-box thinking with the Palm Beach County legislators was really good,” Serle told the station. “It brings in the community, whether it’s the developer, the investor, as well as the first-time homebuyer.”
He also said it’s an opportunity for renters to try to achieve homeownership: “Owning a home is still really one of the American dreams. And homeownership is so real. We hope that everyone has an opportunity to own a home.”
The money will be given to eligible applicants on a first-submitted, first-qualified, first-served basis. Applications are now filled. So, it remains to be seen who will get the helping hand.
Home inventory
The good news is there’s a slew of home listings on the market at various price ranges. The inventory of homes for sale rose 28.9% year over year, according to the Realtor.com June 2025 Monthly Housing Market Trends Report.
Even though inventory was up, buyer activity wasn’t plentiful. Pending home sales—listings under contract—fell 1.6% year over year, following 2.6% drops in both May and April.
The most home inventory can be found in the West (+38.3%), South (+29.4%), Midwest (+21.3%), and Northeast (+17.6%).