Mortgage Loans in Delray Beach, FL: FHA, Conventional, Investor and HomeTown Heroes
You can get a mortgage in Delray Beach with William A. Ledesma, a Florida-licensed loan officer at Bold Mortgage, a division of PRMG. He works with buyers in Delray Beach and across Florida by phone, video and e-sign, with local agents on the ground. Your options include FHA, conventional, investor and DSCR loans, plus Florida HomeTown Heroes help if you are an eligible first-time buyer.
Buying a home in Delray Beach: what to know
Delray Beach is a coastal city in south Palm Beach County, between Boca Raton and Boynton Beach. Its heart is Atlantic Avenue, a walkable street of restaurants, shops and galleries that runs from I-95 east across the Intracoastal to the public beach. Old School Square, a group of restored school buildings, is the downtown arts center, and the Pineapple Grove arts district sits just north of Atlantic. The Delray Beach Tennis Center hosts a pro tournament each year, and the Morikami Museum and Japanese Gardens is just west of town.
Close-in neighborhoods include Lake Ida, with homes around the lake; Del-Ida Park, a historic district north of downtown; and Osceola Park, south of Atlantic. Near the Intracoastal, Seagate and Tropic Isle have canal homes with boat docks. Delray has several historic districts, and the city reviews exterior changes to homes in them.
Housing near downtown mixes small older cottages, rebuilt and new single-family homes, townhomes and low-rise condos. West of I-95 and out toward the Turnpike, you find large 55+ communities and gated neighborhoods, many of them in unincorporated Palm Beach County with a Delray Beach mailing address. Delray Medical Center is a major local employer, and many residents commute to Boca Raton or West Palm Beach. The city has a Tri-Rail station.
Buyers include young professionals and couples who want to walk to dinner, families in the older neighborhoods, retirees and seasonal owners, and investors drawn by the downtown and the beach.
FHA loans in Delray Beach
FHA allows 3.5% down with a 580+ credit score. With a score of 500 to 579 you need 10% down, and lender overlays may apply. The 2026 FHA one-unit limit in Palm Beach County is $667,000. Limits are higher for 2 to 4 unit properties.
FHA charges upfront mortgage insurance, usually rolled into the loan, plus a monthly premium. With less than 10% down, the monthly premium lasts for the life of the loan.
In Delray Beach, FHA works for townhomes, villas and smaller homes away from the beach. Condos must be in an FHA-approved project or qualify for single-unit approval, and many 55+ condos west of the city are not approved. Older cottages must meet FHA property standards, so peeling paint on pre-1978 homes, roof wear or electrical issues can need repair before closing.
Conventional loans in Delray Beach
Conventional loans start at 3% down for qualifying first-time buyers and 5% for others. Below 20% down you pay PMI, which you can remove later as you gain equity. The 2026 conforming limit in Palm Beach County is $832,750 for one unit, and jumbo loans cover amounts above it.
Homes near Atlantic Avenue and east of the Intracoastal often go above the conforming limit, so jumbo is common there. Conventional also works for second homes, which fits buyers who split the year between Delray and up north. For condos, the lender reviews reserves, insurance, special assessments and rental mix to confirm the project is "warrantable."
Investor and DSCR loans in Delray Beach
DSCR loans qualify you on the property's rent instead of your personal income. Expect 20 to 25% down. They can close in an LLC, which suits self-employed and portfolio investors. Conventional investment loans and bank statement loans are also options.
Rental demand comes from the downtown dining and beach scene, seasonal visitors, hospital staff and people who work in Boca Raton or West Palm Beach. Many condos and 55+ communities limit or ban rentals in the first years of ownership. Check city zoning and licensing rules before buying for short-term rental.
Florida HomeTown Heroes and down payment help in Palm Beach County
Florida HomeTown Heroes is a Florida Housing Finance Corporation program for first-time buyers, generally people who have not owned a primary residence in the past 3 years, who work full time for a Florida-based employer.
It gives you 5% of your first mortgage, with a $10,000 minimum and a $35,000 maximum, as a 0% interest second mortgage with no monthly payment. You repay it when you sell, refinance, transfer the deed, pay off the first mortgage, or stop living in the home. You need a 640 minimum score and homebuyer education, and Palm Beach County income limits apply.
Funding is released in rounds and can run out. William checks availability the day you are under contract, because a fully signed contract is needed to reserve funds. See Florida Housing for details.
Palm Beach County also gets SHIP (State Housing Initiatives Partnership) funds for local down payment help through the Palm Beach County housing office. Ask whether the City of Delray Beach has its own buyer help open too.
Insurance, flood and condo rules that affect your loan in Delray Beach
Every homeowners policy here includes hurricane wind coverage. Older homes usually need a 4-point inspection and a wind mitigation report, and a newer roof or impact windows can lower the cost. Citizens Property Insurance is the state backstop if private carriers decline.
Homes east of the Intracoastal, on canals, and in some low areas near downtown can be in FEMA high-risk flood zones. If the home is in one and your loan is federally backed, flood insurance is required. On waterfront homes, check the seawall and dock too.
Florida's post-Surfside rules require milestone inspections and structural integrity reserve studies for condo buildings three stories and up. Some beachside buildings in Delray fall under them. In the large 55+ condo communities, many buildings are older, so ask about reserves, roof replacement plans and special assessments. A building that is behind may not qualify for conventional or FHA financing.
Your action plan
- Book a clarity call. Book a call with William. No hard credit pull to start.
- Get pre-approved. Start your pre-approval so you can move fast on homes near downtown.
- Pick the program. FHA, conventional, jumbo, second home, DSCR or bank statement.
- Check HomeTown Heroes and local help. See if you qualify and what county or city funds are open.
- Shop with a local agent. Use an agent who knows Delray's historic districts, flood zones and condo rules.
- Lock and close. Lock your rate, finish inspections and appraisal, and close.
Delray Beach mortgage FAQs
Where can I get the best conventional loan rates in Delray Beach?
Your rate depends on your credit, down payment, property type and loan amount. Compare Loan Estimates from a few lenders on the same day. Bold Mortgage offers multiple loan programs, and William gives you a side-by-side comparison of rate, fees and payment.
How do I qualify for an FHA loan in Delray Beach?
You generally need a 580 score for 3.5% down, steady income, and a primary residence within the 2026 Palm Beach County FHA limit of $667,000 for one unit. Condos must be FHA-approved or qualify on their own. Approval depends on your credit, income, assets and the property.
Where can I apply for investor or DSCR mortgage programs in Delray Beach?
You can apply with William at Bold Mortgage. He reviews the expected rent, leasing rules and your down payment, and matches you with DSCR, conventional investment or bank statement financing.
Can I use Florida HomeTown Heroes in Delray Beach?
Yes, if you are a first-time buyer who works full time for a Florida-based employer, meets Palm Beach County income limits and has at least a 640 score. William checks funding once your contract is fully signed.
Can I buy a home in a Delray Beach historic district with a mortgage?
Yes. FHA, conventional and jumbo loans all work for historic homes, as long as the home meets the loan's property standards and appraises. Plan ahead if you want to renovate, because the city reviews exterior changes in its historic districts, and older homes may need extra insurance inspections.
About William A. Ledesma
William A. Ledesma is a Florida licensed mortgage loan officer and Florida HomeTown Heroes specialist with Bold Mortgage, a division of PRMG. He helps buyers, homeowners and investors in Delray Beach and across Florida, in English and Spanish. Every client gets a clear action plan from pre-approval to closing.
- Call or text: (786) 387-3676
- Email: will@williamledesma.com
- Office: 4960 SW 72nd Ave, Suite 400, Miami, FL 33155
- Client reviews: Read reviews from William's clients
More Florida mortgage guides: Pompano Beach, Boca Raton, Boynton Beach, West Palm Beach. Lea esta guía en español.
William A. Ledesma, NMLS #1232716. Bold Mortgage is a division of Paramount Residential Mortgage Group, Inc. (PRMG), NMLS #75243, Florida Mortgage Lender Servicer License MLD1608. Equal Housing Opportunity. This page is general information, not a commitment to lend. All loans are subject to credit approval, underwriting guidelines and property eligibility. Loan limits, program terms and down payment assistance funding can change without notice.
Delray Beach
