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Florida Down Payment Assistance in 2026: Every Program a Brevard Buyer Should Know

By John Kleopoulos, Mortgage Loan Originator, NMLS #2686219 | Loan Factory, Inc., NMLS #320841 | Last reviewed October 14, 2026

The short answer: A Brevard County first-time buyer in 2026 has at least nine sources of down payment help, from the state’s $10,000 FL Assist and the $35,000 Hometown Heroes program down to the county’s own SHIP program, which can reach $75,000 for lower-income households. Almost all of it is a second mortgage you eventually repay, not a grant — and most of it can’t be stacked. Here’s every program, what it actually gives you, who qualifies, and the trade-offs nobody puts on the flyer.

I’ve organized this from the biggest and most local to the smallest and most general, because the local programs are the ones buyers never hear about and the ones that move the needle most. I’ve also been blunt about the catches. Down payment assistance is real money, but the first-mortgage rate that comes with it often isn’t shoppable, the “deferred” loans aren’t forgiven, and some programs have waitlists measured in months. Knowing that up front is how you use these well.

Key numbers (as of October 14, 2026)

  • Brevard median single-family price: $376,018; condos/townhomes $270,000 (August 2026). — Space Coast Association of REALTORS data
  • FHA minimum down payment: 3.5% = about $13,160 on the median home. Conventional minimum: 3% = about $11,280. VA and USDA: zero. — HUD, Fannie Mae, VA, USDA
  • Typical Brevard closing costs and prepaids: roughly 2.5% to 4% of price, or $9,000 to $15,000 on the median home, on top of the down payment. — my files; varies by lender, title company and insurance
  • Florida Housing income and price limits for Brevard (reservations on or after May 6, 2026): purchase price cap $566,354; income limits vary by program and household size. — Florida Housing Finance Corporation
  • Brevard SHIP purchase price caps: $304,000 existing homes, $329,000 new construction. — Brevard County Housing and Human Services via Community Housing Initiative

First, the rule that governs all of it: deferred is not forgiven

Nearly every program below is a second mortgage. Some are 0% with no monthly payment (“deferred”), some carry a small payment, and a few are forgiven over time. “Deferred” means you pay nothing now and the full balance comes due when you sell, refinance, move out, or pay off the first mortgage. If you take $18,000 in deferred assistance in 2027 and refinance in 2030, you write a check for $18,000 in 2030. That’s fine — it’s interest-free money — but it’s not free money, and it reduces what you walk away with. Plan for it.

1. Brevard County SHIP Purchase Assistance — up to $75,000

What it is: Brevard County’s own program, funded by Florida’s State Housing Initiatives Partnership (SHIP). A 0% deferred second mortgage of up to $75,000 for very-low-income households (at or below 50% of area median income) or up to $60,000 for low-income households (51–80% AMI). It covers down payment, closing costs, and sometimes minor repairs after closing. Forgiven after a residency period (reported as 10 to 15 years; confirm with the county) if you stay in the home.

Who qualifies: First-time buyers (no ownership in the past three years), under the SHIP income limits for household size, buying a new or existing home in Brevard County (not a mobile home) under the price caps: $304,000 for existing, $329,000 for new construction. Your proposed payment has to fit the program’s affordability ratios. A 5-hour first-time homebuyer workshop is required.

The catches: The price caps are well under the county median, so in practice this program buys condos, townhomes, and single-family homes in Palm Bay, Titusville, Cocoa and parts of Melbourne. Funding is limited and runs out; the process goes through Community Housing Initiative (321-253-0053) and an approved lender, and it is slow — budget weeks to months, not days. The county decides the actual amount based on need, not a flat number. And if you sell or move out before the forgiveness period ends, the full amount is due.

Who it’s for: A single earner or family under 80% AMI who can carry a $250,000–$300,000 payment but has nothing saved. This program can put $40,000 to $75,000 between you and the purchase price. It’s the largest assistance available to a Brevard buyer, by a wide margin.

2. Housing Finance Authority of Brevard County — up to $15,000

What it is: Brevard’s HFA pairs its own 30-year fixed first mortgage with up to $15,000 in down payment and closing cost assistance as a 0%, 30-year deferred second mortgage. Available for single-family homes, condos, townhomes and PUDs anywhere in the county.

Who qualifies: First-time buyers (three-year rule), with the requirement waived for qualifying veterans and for purchases in designated target areas. Income limits by household size; purchase price limit $466,355 in most of the county, $592,211 in target areas.

The catches: The first mortgage is the HFA’s, at the HFA’s rate, with a 1% origination fee — you can’t shop that rate. Deferred, not forgiven. Must be used with the HFA’s first mortgage, so it doesn’t combine with Florida Housing’s programs.

Who it’s for: Buyers who are over the SHIP income limits or need a home above the SHIP price caps, but still need $10,000–$15,000 to close. The higher price limit ($466,355) covers most of the Brevard market.

3. City of Melbourne and City of Palm Bay SHIP programs

Both cities run their own SHIP-funded purchase assistance separate from the county’s, for homes inside city limits. Terms, amounts and income limits are set by each city and change with each funding cycle; Palm Bay’s has historically been one of the stronger city programs in Brevard. Titusville and Cocoa have run programs in some years as well. If you’re buying inside a city, check the city’s housing or community development office before assuming the county program is your only option — and note you generally can’t take both the city’s and the county’s SHIP money on the same purchase.

4. Florida Hometown Heroes — up to $35,000

What it is: Florida Housing’s largest program: 5% of your first mortgage amount, minimum $10,000, maximum $35,000, as a 0%, 30-year deferred second. Not forgivable. The 2026 round opened July 13 with $50 million; lender estimates had about half left by mid-September with a projected run-out around late November.

Who qualifies: Full-time (35+ hours) employees of a Florida-based employer; active-duty military, veterans and Florida National Guard. First-time buyers (three-year rule) — waived for veterans, who are also exempt from the full-time employment rule. Household income under 150% of AMI for Brevard, counting everyone in the home. Credit 640+. Purchase price under $566,354.

The catches: The first mortgage is at Florida Housing’s rate, not a shopped rate. Funds are reserved only when you’re under contract, first-come, first-served, and the fund hits zero every cycle. And if you’ve ever received any Florida Housing assistance (FL Assist, FL HLP, PLUS, or a prior Hometown Heroes), you’re ineligible. I wrote a full breakdown of when Hometown Heroes beats a shopped loan and when it doesn’t; the short version is that it depends on your credit, how long you’ll stay, and whether you can get seller credits instead.

5. FL Assist — $10,000

What it is: Florida Housing’s simplest program. A flat $10,000 at 0%, no monthly payment, deferred for 30 years, due on sale, refinance, transfer or move-out. Not forgivable.

Who qualifies: First-time buyers (three-year rule; waived for veterans and target-area purchases), under Florida Housing’s income and price limits for Brevard, 640+ credit, paired with a Florida Housing first mortgage (FHA, VA, USDA or conventional HFA Preferred/Advantage).

The catches: Same Florida Housing first-mortgage rate as Hometown Heroes. Doesn’t stack with FL HLP, PLUS or Hometown Heroes — you pick one. The amount is fixed at $10,000 regardless of price.

Who it’s for: Buyers who don’t qualify for Hometown Heroes (not full-time, or Hometown Heroes is out of money) but still want 0% deferred help with no payment.

6. FL HLP Second Mortgage — $10,000 to $12,500, with a payment

What it is: Florida Housing’s other second mortgage. Sources in 2026 list it at $10,000 or $12,500 (confirm the current figure with a participating lender), at 3% interest, fully amortizing with a monthly payment — roughly $69 a month on $10,000 over 15 years.

The catch that matters: That monthly payment counts in your debt-to-income ratio. FL Assist’s $10,000 doesn’t, because it has no payment. On a tight approval, FL HLP can reduce what you qualify for on the first mortgage. The balance also comes due in full at sale or refinance, like the others.

Who it’s for: Buyers who need a bit more than FL Assist, have DTI room, and would rather pay the second down slowly than owe the whole balance at sale.

7. HFA Preferred / HFA Advantage PLUS — 3%, 4% or 5%, forgivable

What it is: The one Florida Housing program that’s actually forgivable. Paired with a conventional HFA Preferred (Fannie Mae) or HFA Advantage (Freddie Mac) first mortgage, it provides 3%, 4% or 5% of the loan amount as a second mortgage that’s forgiven over five years, 20% per year, as long as you stay in the home.

The catches: Tighter income limits than FL Assist (typically around 80% of AMI, varies). Conventional first mortgage only, so no FHA or VA pairing. And the forgiveness is prorated: sell in year two and you repay 60%.

Who it’s for: Lower-income buyers with decent credit who plan to stay five-plus years and want assistance that goes away instead of coming due.

8. Space Coast Credit Union Affordable Housing Program — up to $10,000

SCCU, headquartered in Melbourne, offers Federal Home Loan Bank grant money to its mortgage borrowers: reported at up to $10,000 for “community heroes” (first responders, teachers, healthcare, military) and up to $7,500 for other first-time buyers. These are grants, not loans, with income limits and a residency requirement. The catch is obvious: you have to take SCCU’s mortgage at SCCU’s rate. For some buyers that’s a great deal. For others, a shopped rate saves more than the grant. Run both before you commit.

9. The loan-level tools that aren’t “programs” but do the same job

Before or alongside any assistance program, these cover a lot of ground and come with no income limits, no waitlist and no second mortgage:

  • VA loan, zero down. If you’re eligible, this is the best down payment program in America and it isn’t on any list. Seller can pay all closing costs plus up to 4% in concessions.
  • USDA loan, zero down. For eligible rural areas — which in Brevard includes parts of the north county (Mims, Scottsmoor) and some western edges. Check the USDA eligibility map by address; it changes.
  • Seller concessions. In a market with 40 days on market and 3.5 months of supply, asking the seller to cover $8,000–$12,000 in closing costs is normal. That’s the same money as FL Assist, with no second mortgage.
  • Lender credits. A slightly higher rate in exchange for a credit toward closing costs. Worth it if you won’t keep the loan long; I run the break-even on every file.
  • Gift funds. FHA, VA and conventional all allow family gifts for the down payment with a simple gift letter.
  • HUD Good Neighbor Next Door. 50% off the list price on specific HUD-owned homes in revitalization areas for teachers, law enforcement, firefighters and EMTs who live there three years. Inventory is tiny and sporadic, but when it hits, nothing else comes close.

What stacks with what

This is where buyers get confused and sometimes get a bad surprise at underwriting. The general rules:

  • Florida Housing programs don’t stack with each other. FL Assist, FL HLP, PLUS and Hometown Heroes: pick one. All of them require Florida Housing’s first mortgage.
  • Brevard HFA is its own system with its own first mortgage. It doesn’t combine with Florida Housing programs.
  • County and city SHIP money can sometimes layer on top of a Florida Housing or HFA first mortgage, subject to each program’s combined loan-to-value and subordination rules. This is the combination that gets lower-income Brevard buyers to zero cash at closing, and it’s also the slowest and most paperwork-heavy. Confirm with both agencies before you count on it.
  • Seller concessions, lender credits and gifts work alongside any of the above, within the first mortgage program’s limits.
  • Prior Florida Housing assistance disqualifies you from future Florida Housing assistance. If you used FL Assist on a condo in 2019, you can’t use Hometown Heroes now.

The honest comparison most buyers never get

Every program above that provides a second mortgage also requires you to take a specific first mortgage at a rate you can’t shop. For some buyers — FHA buyers with modest credit, buyers with nothing saved, buyers who plan to stay ten years — the assistance is worth far more than any rate difference. For others — VA buyers with zero down already, buyers with 740+ credit, buyers who’ll sell or refinance in three to five years — a loan shopped across dozens of lenders with a seller credit can cost less over the life of the loan and leave no second mortgage behind. Neither answer is always right. The only way to know is to run both on your actual numbers, which is what I do.

From my files: The buyer I think of is a single mom, a medical assistant in Melbourne, income around 70% of AMI, nothing saved, good credit. County SHIP got her $55,000 toward a $290,000 townhome in West Melbourne; her monthly payment ended up below her rent. It took four months from application to closing and more paperwork than she expected, and she’ll owe the $55,000 back if she sells in the next decade. She’d do it again tomorrow. That’s what these programs are for, and it’s why I’d rather spend a day explaining them than watch someone keep renting because nobody told them.

Frequently asked questions

Are any of these grants I don’t have to repay?
Two: the SCCU Affordable Housing Program grants and HFA Preferred/Advantage PLUS (forgiven over five years). Brevard SHIP is forgiven after a long residency period. Everything else is repaid at sale or refinance.

I’m a veteran. Which of these apply to me?
Most of them, and the first-time-buyer rule is waived for veterans on Hometown Heroes, FL Assist and the Brevard HFA program. But start with the VA loan itself: zero down, seller can pay closing costs. Assistance on top of a VA loan mainly covers closing costs, and a seller credit may do the same job without a second mortgage.

How long does Brevard SHIP take?
Weeks to months, depending on funding and the county’s queue. Don’t go under contract with a 30-day close expecting SHIP money. Get in the pipeline first.

Can I use assistance on a condo in Cocoa Beach or Satellite Beach?
If the price is under the program’s cap and the condo meets the first mortgage’s approval rules (FHA or VA approval, or conventional warrantability). Beachside condo approvals are where these deals most often fall apart; check the building before you check the program.

Does my household income include my partner who isn’t on the loan?
For most Florida Housing and SHIP programs, yes — income limits count everyone who will live in the home. This is the most common reason a buyer who looks eligible turns out not to be.

Not all lenders can do these, right?
Right. Florida Housing programs require a participating lender; Brevard HFA requires an HFA-approved lender; SHIP requires an approved lender working with the county. Ask any lender which programs they can actually originate before you get attached to one.

Sources

Program amounts, income limits, price caps, forgiveness terms and funding availability are set by each administering agency and change frequently, sometimes mid-year; figures here are as of the dates shown and several are reported by participating lenders rather than published directly by the agency. Confirm current terms with the agency or an approved lender before relying on any of them. This is general information, not a loan offer or financial advice.

Want to know which of these you actually qualify for — and whether any of them beat a shopped loan?

Send me your household income, household size, credit range, the price range you’re looking at, and whether you’ve owned a home in the last three years. I’ll tell you which programs you fit, what each one would really put toward your closing, and how the package compares to the best loan I can shop for you with seller credits. I work weekends, because that’s when you’re looking at houses.

Book a call · Start a secure application (opens Loan Factory’s secure borrower portal, a separate site)

John Kleopoulos, NMLS #2686219. Loan Factory, Inc., NMLS #320841. Florida License LO-150890. Equal Housing Opportunity. This article is for educational purposes only and is not a commitment to lend, an offer of credit, or financial advice. Programs, rates, terms and conditions are subject to change without notice and to borrower and property qualification. Not all applicants will qualify. Loan Factory and John Kleopoulos are not affiliated with, endorsed by, or acting on behalf of Florida Housing Finance Corporation, Brevard County, the Housing Finance Authority of Brevard County, the U.S. Department of Veterans Affairs, HUD, USDA, or any government agency. The $2,000 Best Price Guarantee is subject to the terms and conditions at loanfactory.com/best-price-guarantee.

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