Indian River County Down Payment Assistance Program

What is the Indian River County Down Payment Assistance Program?

The Indian River County Down Payment Assistance Program is a strategic initiative designed to make homeownership attainable for more Floridians. Administered through a partnership with the Escambia County Housing Finance Authority (ECHFA), this program allows eligible buyers to purchase homes in Indian River County with significantly less upfront capital. By offering a 0% interest, deferred second mortgage, the program bridges the gap between your savings and the rising costs of down payments and closing fees, ensuring that the dream of owning a home remains within reach.

$10,000

Max Assistance

640

Min Credit Score

100%

Cash-to-Close Coverage

Understanding the Benefit

The Indian River County HFA Down Payment Assistance program (offered via Escambia HFA) helps first-time homebuyers bridge the gap between their savings and the cash required to close.

Assistance Structure

This is a Classic DPA model. It provides up to $10,000 as a 0% interest, non-amortizing second mortgage.

No monthly payments on the DPA.
Repayment is deferred for 30 years.
Due only upon sale, refinance, or payoff of first mortgage.

Allowed Properties

Eligible properties must be located within Indian River County and serve as your principal residence.

Single-family detached homes.
Townhomes and Condos.
PUDs (Planned Unit Developments).

2026 Qualification Limits (Indian River County)

Criteria	Requirement
Credit Score	Minimum 640
First-Time Buyer?	Yes (No ownership in past 3 years). Exceptions for Veterans & Targeted Areas.
Income Limit (1-2 People)	$97,894 (Non-Target) / $114,360 (Target)
Income Limit (3+ People)	$112,578 (Non-Target) / $133,420 (Target)
Purchase Price Limit	$544,232 (Non-Target)

See If You Qualify

Ideal Candidates

Who is this Program Perfect For?

The Rent-Weary

Perfect for those tired of rising rents in Indian River County who can afford a mortgage payment but struggle to save the large lump sum needed for a down payment.

The Cash Preserver

Ideal for buyers who have some savings but want to keep their cash reserves for moving costs, furniture, or emergencies rather than draining it all at the closing table.

The Stability Seeker

Designed for those seeking the long-term stability of a 30-year fixed mortgage combined with a silent second mortgage that requires no monthly payments.

Frequently Asked Questions

How does the Indian River County down payment assistance program work?

It provides up to $10,000 as a 0% interest, deferred second mortgage to cover down payment and closing costs. Payments are deferred for 30 years or until you sell, refinance, or pay off your first mortgage.

What is the income limit for Indian River County down payment assistance?

For 2026, income limits depend on household size and location. Generally, limits range from $97,894 to $114,360 for 1-2 person households, and up to $133,420 for larger families in targeted areas.

Do I have to be a first-time homebuyer for Indian River County assistance?

Yes, typically you must be a first-time homebuyer, defined as not owning a principal residence in the last three years. Exceptions exist for qualified veterans and buyers purchasing homes in designated targeted areas.

Is the Indian River County down payment assistance forgivable?

No, this assistance is not forgivable. It is a deferred lien. You must repay the principal amount when you sell the home, refinance, or pay off the first mortgage. It has 0% interest.

What credit score is needed for the Indian River County HFA program?

You need a minimum FICO credit score of 640 to qualify for the Escambia HFA program offered in Indian River County. This applies to all borrowers on the loan application.

Can I use the Indian River County DPA for closing costs?

Yes, the funds can be used for both the down payment and eligible closing costs. The program covers up to 100% of the cash-to-close requirement, provided no cash is returned to the borrower at closing.

When do I have to pay back the Indian River County down payment assistance?

Repayment is triggered when you sell the property, transfer title, refinance the first mortgage, or pay off the first mortgage in full. Until then, no monthly payments are required on the second mortgage.

What is the maximum purchase price for a home with this assistance?

The purchase price limit for new and existing homes in Indian River County is currently $544,232 for non-targeted areas and $665,173 for targeted areas under the 2026 guidelines.

Can veterans get down payment assistance in Indian River County?

Yes, qualified veterans are eligible and are often exempt from the first-time homebuyer requirement. This allows veterans to access the $10,000 assistance even if they have owned a home within the past three years.

What types of properties are eligible for the Indian River County program?

Eligible properties include 1-unit single-family homes (attached or detached), townhomes, condominiums, and Planned Unit Developments (PUDs) located within Indian River County.

Is there an interest rate on the down payment assistance loan?

The down payment assistance second mortgage has a 0% fixed interest rate. It is non-amortizing, meaning the balance does not grow over time, and you only repay the original principal amount borrowed.