Alachua County SHIP Down Payment Assistance Program
Special Alert
Currently no funds available for 120% AMI.
Maximum Purchase Price
$250,000
Contact Info:
https://alachuacounty.us/Depts/CSS/House/Pages/housing.aspx John Henry Thomas, M.D. Center, 218 SE 24 Street, Gainesville, FL 32641 352-337-6240
Limitations
Buyer must be a first-time home buyer. Purchase property located outside the City of Gainesville limits and within Alachua County. If an applicant has received SHIP assistance in the past 15 years, then the applicant is not eligible for additional assistance (Exception: Disaster Recovery)
Credit Score Requirements
Based on 1st mortgage requirements.
Deferred Payments?
Yes
Accepted First Mortgage Type:
Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA, USDA / RD
Homeowners Education Class:
Required
Is Forgivable?
Terms of the loan varies based on income categories of the borrower. NOTE: Our program model reflects the terms for the 30% AMI Borrower. Years in loan term: 15 Forgiveness: AMI of 30% or below: the loan will be forgiven at the end of the loan term Repayment: AMI of 31-50%: thirty percent (30%) of the loan shall be repaid in monthly installments over the term of the loan. The remainder is forgiven at the end of the term. AMI of 51-120%: fifty percent (50%) of the loan shall be repaid in monthly installments over the term of the loan. The remainder is forgiven at the end of the term.
Location:
1 County: Alachua Purchase property located outside the City of Gainesville limits and within Alachua County.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2022 120% AMI guidelines Income level categories served: Very Low income borrowers (50% AMI) Low income borrowers (80% AMI) Moderate income borrowers (120% AMI) NOTE: Our program model will reflect the highest eligible category.
Maximum Assistance
$16,000 Assistance amounts vary based on income level category of borrower: Up to $15,000 for very low income borrowers (up to 50% AMI) Up to $10,000 for low income borrowers (80% AMI) Up to $5,000 for moderate income borrowers (120% AMI) Above the award in each category, up to an additional $1,000.00 will be made available to cover title searches, recording fees etc. Loan will be awarded in the amount of money required in order to allow the homebuyer to qualify. The maximum ($16,000) will not be awarded in all cases.
Education Requirements Info:
To obtain the Homebuyer Education Class schedule, List of Lenders, and/or Approved Inspection Service list, please contact the Alachua County Housing Program at 352-337-6240 or by email at housing@alachuacounty.us.
Eligible Property Types:
Single Family DetachedCondo Co-OpTownhome/PUD Manufactured Home
Income By Household Size:
None
Qualifying Ratios:
Determined by first mortgage product or lender.
