Five things to know about the county's $100,000 down payment plan for first-time home buyers

Yahoo

29-04-2025

For first-time eligible homeowners, a state program administered by the county is offering residents up to $100,000 that can be used as a down payment toward the purchase of a home.
The State Housing Initiatives Partnership (SHIP) Program is a Florida-based initiative that offers a huge assist for affordable housing. The goal is to help low and moderate-income families access affordable homeownership and rental housing. Local governments receive funds based on a population-based formula and then counties must outline their strategies.
Funds are awarded as a deferred loan secured by a recorded mortgage, but the loan is forgiven at the end of the 30-year term.
Here are five things to know and how the process works:
The online application portal will open Monday, May 5 and close Friday, May 23, or until 100 applications have been submitted.
About 40 awards are expected to be issued this year, with most of them at the $100,000 level. The program is only for first-time homebuyers, according to Sherrian Smith, who helps oversee the program. The county's allocation this year from the state is $3 million.
Applications must be submitted online and will be processed on a first-submitted, first-qualified, first-served basis, subject to the money being available.
Applicants must have a valid drivers' license or state identification card for all adult household members. An applicant may not currently own or have liquid assets exceeding $200,000.
You can check the documents checklist webpage and also a list of eligibility requirements.
Other things to know:
A valid email address is required.
Only one application per household will be considered.
If the application is missing documents, the application will be marked incomplete.
The applicant must complete and upload all required fields on the application for all household members 18 years and older.
The application can be completed on a computer, laptop, smartphone, tablet or iPad.
Internet Explorer does not support the application portal.
Once someone is approved, the applicant must then find a house that falls within the program's guidelines and obtain a first mortgage for it.
It is expected to take up to six weeks for county officials to begin making awards.
The loan is forgiven at the end of the five-year term.
Payment is deferred until one of the following events occurs: Sale of the property, transfer of property, property is no longer owner occupied or term has expired.
The SHIP program in Palm Beach County is overseen by the county Department of Housing and Economic Development, Mortgage and Housing Investments.
For more information about the program, applicants should visit the department's website.
Mike Diamond is a journalist at The Palm Beach Post, part of the USA TODAY Florida Network. He covers Palm Beach County government and issues impacting homeowner associations. You can reach him at [e-mail]. Help support local journalism. Subscribe today.
This article originally appeared on Palm Beach Post: 5 things to know about $100,000 down payment plan for first-time homeowners