The purchase assistance program has been temporarily closed.                                      All future updates will be provided on this page.

The Purchase Assistance strategy was established to provide affordable housing for the first-time homebuyers through the City of Delray Beach.

The goals of the program are to increase:

• Homeownership opportunities
• Improve the condition of existing housing units 
• Contribute to the City's overall neighborhood improvement efforts

Program Features

The strategy provides assistance to those who are seeking to purchase in the City boundaries. The private lender will provide as much of a mortgage loan as the applicant can afford and the City will subsidize the remainder of the purchase price with available grant funds. 

Additional features include:

• Below market interest rates
• 30-year fixed mortgage rates
• Homes priced may not exceed 90% of the average area purchase price in the statistical area for new construction and existing properties and may be purchased depending on the buyer's current income and debt
• Deferred gap financing and closing costs assistance through 0% interest deferred loans held as second mortgages up to $75,000
• Provision of homebuyer/homeowner education and training to ensure successful homeownership
• Forgivable no interest loans made for "gap" financing purposes, principal reduction, payment of closing costs
• Subsidies are provided in the form of a second mortgage for a period of 10 years for loan amounts less than $35,000 and 15 years for loan amounts of $35,000 or more
• Maximum purchase price limit is $568,557.

Buyer Qualifications

• Obtain a certificate through the homebuyer education course
• Must meet lender credit standards & have bank pre-approval letter
• First-time homebuyer includes single parent who has been divorced and displaced within the 12 month period prior to application, and whose children are under the age of 18; who have not owned a home within 3 years of the date of application for housing assistance or a displaced victim of domestic abuse
• Must contribute 2% of the total purchase price at time of closing
• Must not have assets more than $200,000
• Housing expenses (PITI) cannot exceed 40% of gross monthly income.

For more information, please contact communityneighborhood@mydelraybeach.com.