City of Boca Raton SHIP Purchase Assistance Program

Special Alert

Maximum Purchase Price


Contact Info:

https://myboca.us/392/Community-Improvement Community Improvement Division, Room 220 201 W. Palmetto Park Rd, Boca Raton, FL 33432 561-393-7797


Credit Score Requirements

Based on 1st mortgage requirements.

Deferred Payments?

Yes, for 20 years

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:


Is Forgivable?

Forgiven provided the buyer occupies the property as their primary residence for 20 years.


Boca Raton Property must be within the city limits of Boca Raton, FL.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2023 140% AMI guidelines SHIP funds are awarded on the basis of need and assistance amounts vary based on income level categories for Very Low, Low, Moderate and up to 140% AMI. Income cannot exceed 140% AMI income limits and are supplied by Florida Housing Finance Corporation. Our program model uses the highest category. It is up to the lender to make sure the applicant is qualified using the correct income category.

Maximum Assistance

$95,000 Assistance Amounts Vary and are based on income level (and need) of the applicant: Up to $95,000 for Very Low Income (50% AMI) Category; Up to $85,000 for Low Income (80% AMI) Category; Up to $45,000 for Moderate Income (120% AMI) Category; Up to $35,000 for (121% – 140% AMI) Income Category. In all instances $5,000 of the award reserved for closing costs and prepaids and/or repairs.

Education Requirements Info:

Program participants are required to complete a homebuyer education class conducted by a HUD-approved housing counseling agency. The homebuyer education class must be a minimum of six hours in duration and conducted in a classroom-like setting. The homebuyer education class must be completed prior to submission of the homeownership assistance application and the applicant must be awarded a certificate as proof of completion. Applicants should call these agencies directly for schedules, locations, and fees (if any): • http://DebtHelper.com – 800-920-2262 • DMCC – 866-618-3328 • Housing Foundation of America – 954-923-5001

Eligible Property Types:

Single Family Detached Condo Townhome/PUD

Income By Household Size:

HH1HH2HH3HH4HH5HH6HH7HH8 $95,480$109,200$122,780$136,360$147,280$158,200$169,120$180,040 *Income limits as of 06/08/2023

Qualifying Ratios:

Housing Ratio: Up To 35% Total DTI: Up To 45% Front End Debt-to-Income ratio cannot exceed 35% and cumulative Debt-to-Income ratio cannot exceed 45% of monthly gross income as calculated by the City.
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