FY 2017/2018 SHIP DOWNPAYMENT ASSISTANCE

Are Down Payment and/or Closing Costs the only missing pieces to help you realize your Dream of Homeownership?

Many Home Buyers can afford a monthly mortgage payment but may not be able to pay all or a portion of the down payment and/or closing costs needed to purchase a home. Eligible Very Low (50% AMI), Low (80% AMI) and Moderate (120% AMI)* Income applicants (See chart on second page of Program Eligibility Requirements) can receive assistance through the SHIP program to pay these costs. The homebuyer must agree to reside in the home as their primary residence.

 

The program provides second mortgage loans to purchase existing and newly constructed single family homes and condominiums.

 

PLEASE NOTE:  THIS APPLICATION IS FOR CERTIFIED LENDERS ONLY.  IF YOU ARE AN INDIVIDUAL INTERESTED IN THIS PROGRAM, PLEASE CONTACT ONE OF OUR PARTICIPATING LENDERS HERE

 

SHIP Downpayment Brochure

 

 

How do I Qualify?

  • Homeowner must choose certified lender from Manatee County approved Lender list
  • Be a Home Buyer who will own the property as your permanent residence within 30 days of closing on the property.  (See Program Eligibility Requirements.)
  • Total household income must not exceed Manatee County’s Very Low, Low and Moderate income limits for the SHIP program.   (See chart on second page of Program Eligibility Requirements )
  • Property must be located in unincorporated Manatee County or City of Palmetto.
  • Existing properties to be purchased must be inspected by Manatee County (see Down payment – Property Inspection Report). 
  • The total value of property (house and land) may not exceed the established levels per the maximum income limits as follows:

Maximum Allowable Purchase Prices

Very Low = $144,000

Low = $160,000

Moderate = $176,000

  

  • Applicants must contribute $500 towards the purchase of the home.
  • Applicants must have obtained first mortgage financing approval and have an executed contract on property.

·         Applicants must complete one of Manatee County’s approved Homeownership Training Courses and receive a Certificate of Completion prior to closing. To register for one of these approved classes, please call:

 

Manatee Community Action Agency, @ (941) 757-1166, opt.#1
(Class List)                

                                  or

 

The Catholic Charities, Manatee, DOV at (941) 714-7829, ext. 302 

(Class List)

 

·         Mobile homes are not eligible.

 

APPLICATIONS WILL BE TAKEN ON A FIRST COME, FIRST ELIGIBLE BASIS

Program Ends When All Funding For This Program Has Been Committed To SHIP Eligible Applicants.

 

How do I apply?

Certified lenders may access the web-based funding application through the links below. For additional information contact Neighborhood Services Department, Community Development Division at 941-749-3029.

Required Submission Documents:

 

See Down payment Assistance Application Process and income qualifications as well as SHIP Important Notice

 

Also, be sure to read the document that explains Income Inclusions-Exclusions for computing Total Annual Household Income.

 

When you are ready to apply, use the handy submission checklist  to be sure you have all the documents you need.

 

Lenders may also want to consult the SHIP Program Manual this is a 134 page document in pdf format.  Or the HUD Handbook , a 799-page pdf document.

 

If you have questions or need further information, please contact Redevelopment and Economic Opportunity Department, Community Development Division, Denise L. Thomas, (941) 749-3029, Fax:  (941) 742-5848.