SHIP Eligibility Requirements & Income Limits

SHIP Program Eligibility Requirements

The following requirements are for the FY 2019-2020 State Housing Initiative Partnership (SHIP) Down Payment Closing Cost Assistance Program:

  • Household members must earn at or below 120% of the area median income adjusted by family
    size for the Bradenton/Sarasota MSA.
  • Maximum sales price is $160,000 for Very Low, $176,000 for Low income and $192,000
    for Moderate Income households.
  • Property must be located in unincorporated Manatee County or City of Palmetto.
  • Eligible properties must be existing or newly constructed single family homes, townhomes or
    condominiums. Funds may not be used for mobile homes.
  • Existing properties must meet Manatee County’s minimum housing quality standards. All existing
    units assisted with SHIP Down payment Assistance funding must be inspected and approved by
    Manatee County Redevelopment and Economic Opportunity Department staff.
  • Eligible properties must have had some type of documented repair occur on the property within
    the past 12 months to be eligible. Property inspection will include inspection of acceptable
    repairs.
  • Homebuyer must reside in the subject property as their primary permanent residence.
  • Homebuyer's must complete an 8 hour Manatee County approved or HUD certified First Time
    Homebuyer's Education Class prior to receiving SHIP assistance.
  • Maximum per unit assistance is up to $40,000 for very low income households, up to $35,000 for low income households and up to $25,000 for moderate income households. (Assistance includes up to $6,000.00 for closing costs)
  • Applicants will be required to contribute a minimum investment of $500.00 toward the transaction.
  • SHIP funding is provided as a subordinate mortgage at 0% interest deferred loan for 30 years with forgiveness at the end of the term. Payment shall be deferred until one of the following events occur: Sale of the property, transfer of property, property is no longer owner occupied, or term has expired.
  • Homebuyer must choose a certified lender from Manatee County approved Lender List
  • First mortgage lender loan must be a fixed rate loan product. No ARM loans, no-prepayment penalty, no negative amortization or balloon loans.
  • Lender may not impose a rate that exceeds ¾% over the FNMA or FHLMC 60 day delivery rate at time of rate lock-in.

2020 INCOME LIMITS

Effective April 1, 2020

Manatee County Median Income: $70,900

Below are the income guidelines for Manatee County, Florida for the State Housing Initiative Partnership (SHIP) Program:

50% - Very Low Income

  • 1-Person Household - $26,800
  • 2-Person Household - $30,600
  • 3-Person Household - $34,450
  • 4-Person Household - $38,250
  • 5-Person Household - $41,350
  • 6-Person Household - $44,400
  • 7-Person Household - $47,450
  • 8-Person Household - $50,500

80% - Low Income

  • 1-Person Household - $42,850
  • 2-Person Household - $49,000
  • 3-Person Household - $55,100
  • 4-Person Household - $61,200
  • 5-Person Household - $66,100
  • 6-Person Household - $71,000
  • 7-Person Household - $75,900
  • 8-Person Household - $80,800

120% - Moderate Income*

  • 1-Person Household - $64,320
  • 2-Person Household - $73,440
  • 3-Person Household - $82,680
  • 4-Person Household - $91,800
  • 5-Person Household - $99,240
  • 6-Person Household - $106,560
  • 7-Person Household - $113,880
  • 8-Person Household - $121,200

*Moderate Income will be provided on a funding availability basis in order to ensure that the statutory requirement to serve low income households are met.

Maximum Sales Price

  • Households @ 50% & below = $160,000.00
  • Households @ 80% & below = $176,000.00
  • Households @ 120% & below = $192,000.00

The above income limits are current in effect for determination of household eligibility for funding under Manatee County's State Housing Initiative Partnership (SHIP) Program. Income limits are adjusted annually and provided by the Florida Housing Finance Corporation.