First-Time Home Buyer in West Palm Beach, FL: Programs, Prices and Cash to Close

Short answer

First-time buyers in West Palm Beach may qualify for Palm Beach County assistance of up to $100,000 (SHIP) or up to $50,000 (Homebuyer Match), the City of West Palm Beach's own SHIP purchase assistance of up to $100,000, and Florida Hometown Heroes, all paired with an FHA or conventional first mortgage. Most of these programs open in short rounds and the latest county rounds are closed, so as of October 2026 the plan is to get pre-approved now and be ready when a window opens. With the city's median condo at $364,500 in Q2 2026, 3.5% down on FHA is about $12,758.

Palm Beach County programs: big amounts, short windows

The statewide rules (who counts as a first-time buyer, how FHA and conventional compare, Florida Housing programs) are in our Florida first-time buyer guide. This page covers what a buyer inside West Palm Beach can actually use. As of October 2026, Palm Beach County's Department of Housing and Economic Development (HED) runs three purchase programs:

• SHIP Purchase Assistance: up to $100,000 as a 0% deferred loan, forgiven after 30 years, for first-time buyers under the HUD definition with income up to 140% of area median ($114,660 for one person, $163,660 for four). The maximum price is $568,557, liquid assets cannot exceed $200,000, and you need a lender pre-approval before you apply. The last portal opened May 5, 2025 and closed early after 100 applications; the county page still says the application limit has been reached.
• Homebuyer Match Pilot: matches your own cash dollar for dollar up to $50,000 (minimum $10,000 from you) on a house, townhouse or condo up to $700,000, for households from 80% to 140% of area median. Phase I pre-applications ran March 30 to April 20, 2026, followed by a lottery for 60 applications, and the window is closed. Local reporting in January 2026 said the county planned more rounds later in 2026 and that the assistance is forgiven after 15 years in the home; the county page lists only Phase I so far.
• SHIP First Mortgage Loan Assistance: instead of a second mortgage, the county itself makes a fixed-rate 30-year first mortgage, up to a $450,000 price, with a 630 minimum score and at least 3.5% down from you. The 2026 lottery window ran March 11 to 27, 2026. Because it replaces the FHA or conventional loan, we compare it line by line against a market loan.

County HED is at 561-233-3600. Separately, the Housing Finance Authority of Palm Beach County sponsors an "Own a Home Opportunity" program of fixed-rate first mortgages with down payment and closing cost help, made through participating lenders countywide. Its site does not post current amounts, so ask us whether it fits your file before you count on it.

The City of West Palm Beach's own purchase assistance

West Palm Beach receives its own SHIP money from the state, separate from the county's. The city's Local Housing Assistance Plan for fiscal years 2024-25 through 2026-27 includes a Purchase Assistance Strategy of up to $100,000 for very low, low and moderate income buyers, usable for down payment, closing costs, a rate buydown or repairs at purchase.

• It is a 0% deferred second mortgage with no monthly payment, forgiven pro rata over the time you live in the home: 5 years under $15,000, 10 years from $15,000 to $40,000, and 15 years above $40,000.
• The full balance comes due if you sell, rent the home out, lose the homestead exemption or move out during that term.
• You must finish homeownership counseling with a HUD-approved agency before closing. The West Palm Beach Housing Authority is one HUD-approved counseling agency that runs first-time buyer classes.
• The price cap is set at 90% of the area's average purchase price under the U.S. Treasury method, and income limits follow the HUD figures Florida Housing posts each year.

The plan does not say whether money is available right now; it says qualified applicants go on a waiting list when funds run out. As of October 2026, call the city's Housing and Community Development office to confirm the current round before you sign a contract. The city program only applies inside city limits, so check the address: plenty of homes with a "West Palm Beach" mailing address sit in unincorporated Palm Beach County, where only the county programs apply.

What West Palm Beach prices mean for a first purchase

As of October 2026, the latest Florida Realtors city report (Q2 2026, published by MIAMI REALTORS) shows:

• Townhouses and condos: 247 sales at a median of $364,500, up 13.7% from a year earlier, with a median of 84 days to contract and 8.4 months of supply. That price fits under every program cap above.
• Single-family houses: 311 sales at a median of $651,000. That is above the county SHIP cap of $568,557 but under the Homebuyer Match cap of $700,000, so the median house only works with the match program or no county help at all.
• Cash buyers: 146 of the 247 condo sales (about 59%) and 163 of the 311 house sales (about 52%) were cash. A financed first-time offer competes best with a full pre-approval and a clean contract.

Condos are where most West Palm Beach first-time buyers start, and the building matters as much as the unit. Ask the association for the condo questionnaire, the latest milestone inspection and SIRS. Under Florida Statute 553.899, condo buildings three habitable stories or taller need a milestone inspection by December 31 of the year they turn 30, then every 10 years; many of the city's 1970s and 1980s buildings are past that date, and repairs often show up as a special assessment you would inherit.

Example only: cash to close and monthly cost on a $364,500 condo

Example only, using the Q2 2026 city median condo price and FHA with 3.5% down, as of October 2026:

• Down payment: about $12,758, for a base loan of about $351,743.
• Upfront FHA mortgage insurance: 1.75%, about $6,155, usually financed into the loan.
• Annual FHA mortgage insurance: 0.55% for this loan size with under 5% down, about $1,935 a year (roughly $161 a month). See what MIP is.
• Florida note stamps: $0.35 per $100 of the loan, about $1,250 on the financed amount, part of your closing costs.
• Property taxes: the 2026 proposed millage for a West Palm Beach address outside the downtown district (city, county, school board, Children's Services, Health Care District, water management and FIND) adds up to about 20.4 mills. On $364,500 that is about $7,430 a year before exemptions. With the homestead exemption ($25,000 on all taxes, plus an additional amount on non-school taxes that the Property Appraiser lists at up to $25,722 for 2025), the estimate drops to roughly $6,560 a year. File by March 1 after you move in.
• HOA dues and insurance: the association fee covers the master policy; you add an HO-6 policy and flood coverage if the lender requires it.

A conventional loan with 3% down would need about $10,935 down, with PMI instead of MIP; see FHA vs. conventional. If the city or county assistance is open, it can cover the down payment and part of closing, but the program's own approval adds time to the contract.

State help and grants that work in West Palm Beach

When the local rounds are closed, these options still apply to a West Palm Beach purchase, as of October 2026:

• Florida Hometown Heroes: for first-time, income-qualified buyers who work full time for a Florida-based employer in health care, schools, public safety or courts, child care, or who serve in the military or are veterans. Up to 5% of the first mortgage, $10,000 minimum and $35,000 maximum, as a 0%, 30-year deferred second mortgage that is due on sale or refinance and is not forgiven. It works with FHA, VA, USDA and conventional first mortgages. See Florida Hometown Heroes 2026.
• QMS forgivable down payment grant: a grant paired with an FHA loan that does not require first-time buyer status. It cannot be stacked with another program, so we price it against the county and state options.

If you would rather use FHA on a duplex to fourplex and live in one unit, see FHA in West Palm Beach. The full statewide list is on Florida down payment assistance programs.

The order that keeps local money on the table

Program money in Palm Beach County goes fast, often in days or by lottery. The order that works:

• 1. Pre-approval first. County purchase programs ask for a lender pre-approval or prequalification letter before you can apply. We prepare one that shows your full payment, including MIP or PMI, taxes and HOA dues.
• 2. Counseling early. Take a HUD-approved first-time buyer class now; the city and county programs require it before closing.
• 3. Confirm the address. City limits decide whether the City of West Palm Beach program applies.
• 4. Check the building before the offer. For a condo, we review the questionnaire, inspection reports and assessments before you sign.
• 5. Leave time in the contract. Program approvals add days; a short closing date can cost you the assistance.

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