Hey there! Navigating the journey to homeownership can feel overwhelming, but I’m here to share some good news that might make the process a bit smoother for you. If you’re considering buying your first home in Delray Beach, Florida, the city’s First-Time Homebuyers Program offers valuable assistance to help make your dream a reality.

Program Overview

The City of Delray Beach’s First-Time Homebuyers Program is designed to support low to moderate-income individuals and families in purchasing their first home within the city limits. The program provides financial assistance of up to $75,000 to eligible applicants, which can be used toward down payments, closing costs, and necessary rehabilitation expenses. This assistance comes in the form of a zero-interest, deferred payment loan, which means you won’t have to worry about monthly payments, and the loan may be forgiven after a certain period, provided you meet the program’s requirements.

Funding Source

The program is funded through various federal, state, and local grants, including the Community Development Block Grant (CDBG) and the State Housing Initiatives Partnership (SHIP). These funds are specifically allocated to assist first-time homebuyers in achieving affordable and sustainable homeownership.

Eligibility Criteria

To qualify for this program, applicants must meet the following criteria:

• First-Time Homebuyer Status: You must not have owned a home in the last three years.
• Income Eligibility: Your household income should fall within the program’s specified limits, which are based on the area’s median income and adjusted for household size.
• Property Location: The home you intend to purchase must be within the Delray Beach city limits.
• Occupancy: You must plan to use the property as your primary residence.
• Homebuyer Education: Completion of a HUD-approved homebuyer education course may be required to ensure you’re well-prepared for homeownership responsibilities.

Benefits

• Financial Assistance: Receive up to $75,000 to cover down payment, closing costs, and potential rehabilitation expenses, reducing the financial burden of purchasing a home.
• Deferred Payment Loan: The assistance is structured as a zero-interest loan with deferred payments, meaning no immediate repayment obligations.
• Potential Loan Forgiveness: If you adhere to the program’s terms, such as maintaining the home as your primary residence for a specified period, the loan may be forgiven entirely.