What is The Florida SHIP First-Time Homebuyers Program? | Up to $100,000 in DPA

The State Housing Initiatives Partnership (SHIP) First-Time Homebuyers Program is a valuable resource for Florida families looking to achieve homeownership.

Designed to assist low to moderate-income individuals, SHIP offers financial support of up to $100,000 for down payments, closing costs, and even necessary home repairs.

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In this blog, we’ll provide an overview of the program, its benefits, and how eligible homebuyers can apply.

An Overview of the SHIP First-Time Homebuyer Program

The State Housing Initiatives Partnership (SHIP) First-Time Homebuyers Program is a Florida initiative that helps low to moderate-income families achieve homeownership by offering financial assistance of up to $100,000 in some counties.

SHIP provides support for down payments, closing costs, and, in some cases, home rehabilitation, making homeownership more affordable.

The program also offers zero-interest deferred payment loans and requires participants to complete a homebuyer education course, ensuring they are well-prepared for the responsibilities of owning a home.

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Program Benefits

The SHIP First-Time Homebuyers Program offers several key benefits to help families achieve their dream of homeownership:

• Financial assistance of up to $100,000 in some counties
• Zero-interest deferred payment loans
• Help with down payments and closing costs
• Potential assistance with necessary home repairs
• Homebuyer education to prepare for long-term success

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Requirements to Qualify

To qualify for the SHIP First-Time Homebuyers Program, applicants must meet several key requirements:

• Must be a first-time homebuyer (not owned a home in the last three years)
• Meet income eligibility requirements, typically up to 140% of Area Median Income
• Live or work in the county where applying for at least 6-12 months
• Contribute a minimum amount from personal funds (e.g., $500-$1,000)
• Complete a homebuyer education program
• Have a credit score of at least 640 (in some counties)
• Obtain approval for a first mortgage from a participating lender

If you don't qualify for the SHIP program, don't worry—we've compiled a list of 25 other down payment assistance programs for first-time homebuyers in Florida to help you find the right option.

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How to Apply for the SHIP First-Time Homebuyers Program

Follow these steps to apply for the SHIP program and get the assistance you need to purchase your first home:

1. Attend an orientation session (if required by your county) to learn more about the program.
2. Complete a homebuyer education class to prepare for homeownership.
3. Get pre-approved for a first mortgage from a participating lender.
4. Submit your application through your county's housing department or program administrator.
5. Provide necessary documentation, such as proof of income, employment, and residency.

Alternatively, you can see every Florida DPA program you qualify for by checking your eligibility online with MakeFloridaYourHome.

See Which Florida DPA Programs You Qualify For

SHIP First-Time Homebuyers Program: Frequently Asked Questions

Here are answers to some common questions about the SHIP First-Time Homebuyers Program that may help clarify additional details.

Can I apply for SHIP if I’ve owned a home before?

You must be a first-time homebuyer, meaning you haven’t owned a home in the last three years. Some exceptions may apply, such as for displaced homemakers.

Are there income limits to qualify for SHIP?

Yes, income eligibility is typically up to 140% of the Area Median Income (AMI), but this can vary by county. Be sure to check your county's specific requirements.

Do I have to repay the SHIP assistance?

SHIP often provides zero-interest deferred loans, which means repayment is typically deferred until you sell the home, refinance, or no longer use it as your primary residence.

Is there a limit on the type of home I can buy?

Yes, eligible properties usually include single-family homes, townhomes, condominiums, and sometimes manufactured homes built after a certain year. Check with your county for specific guidelines.

What happens if I move before the loan term is up?

If you move, sell, or no longer use the home as your primary residence before the loan term ends, you may be required to repay all or part of the SHIP assistance.

Can I combine SHIP with other down payment assistance programs?

In some cases, yes. Many counties allow you to combine SHIP with other local, state, or federal down payment assistance programs, but you'll need to verify this with your county’s housing department.

How long does it take to get approved for SHIP assistance?

Approval timelines can vary by county, but the process generally takes a few weeks after you submit your completed application and required documents.

Does SHIP cover closing costs in full?

SHIP provides assistance for closing costs, but it may not cover 100% of them. The exact amount depends on the funding limits in your county.

Can I use SHIP funds for new construction?

Some counties allow SHIP assistance to be used for the purchase of newly constructed homes. Check with your local housing department to see if this applies in your area.

What credit score do I need to qualify for SHIP?

A minimum credit score of 640 is typically required, though some counties may have different standards. Be sure to verify your county’s specific credit requirements.

See Which Florida DPA Programs You Qualify For