(Brooksville, FL) – Did you know that individuals and families eligible to receive a State Housing Initiatives Partnership (SHIP) Loan can receive up to $30,000.00 to put towards their down payment and closing costs for the purchase of a home?
The SHIP Program is a loan that provides down payment assistance for families/individuals that meet the eligibility guidelines. The four main eligibility requirements are as follows:
· Applicants must meet income limits for family size without going over.
· Ability to qualify with a financial institution (obtain a pre-approval)
· Must participate in a First Time Home Buyers Education Class and receive a class certificate upon completion.
· Must not have owned a home anywhere within the three previous years (public record searches are conducted for verification)
Eligibility is based upon household size and anticipated gross annual income. Gross annual income is defined as any working member of the household over 18 years of age and any other member of the household receiving other forms of income such as Social Security benefits, pensions, retirement, etc. Anticipated is defined as gross income earned projected for a period of 12 months ahead from the date the Income Certification Form is completed.
Hernando County FY 2023 Income Limit Category
# in Household | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | |||||||||
Very Low Income (50%) | 28,750 | 32,850 | 36,950 | 41,050 | 44,350 | 47,650 | 50,950 | 54,200 | |||||||||
Low Income (80%) | 46,000 | 52,600 | 59,150 | 65,700 | 71,000 | 76,250 | 81,500 | 86,750 | |||||||||
Moderate (120%) | 69,000 | 78,840 | 88,680 | 98,520 | 106,440 | 114,360 | 122,280 | 130,080 |
Types of Down Payment Assistance Available:
There are three types of down payment assistance available (Existing, Existing with Construction Upgrades, and New Construction)
· Existing: up to $30,000.00 towards down payment and closing costs for the purchase of an existing home.
· Existing With Construction Upgrades: upto $30,000.00 for down payment assistance, closing costs and up to an additional $20,000.00 for necessary construction improvements.
· New Construction: up to $30,000.00 towards down payment and closing costs for the purchase of a newly built home.
For more information or to schedule an appointment, contact the SHIP Loan Coordinator Tania Franklin at the Hernando County Housing Authority. Call (352) 754-4160 press option #3 or email TFranklin@HernandoCounty.us.
Learn more about what housing resources are available to you by visiting www.HernandoCounty.us/Housing
###