City of Ocala SHIP Purchase Assistance Program
Special Alert
Maximum Purchase Price
$349,528
Contact Info:
http://www.ocalafl.org 201 SE 3rd Street, 2nf Floor, Ocala, FL 34471 352-629-8231
Limitations
Credit Score Requirements
Based on 1st mortgage requirements.
Deferred Payments?
Yes, for 15 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:
Required
Is Forgivable?
Forgiven after 15 years as long as the terms of the loan are in good standing.
Location:
Ocala Purchased home must be in the Ocala city limits (Florida).
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2023 80% AMI guidelines Income cannot exceed 80% Area Median Income (AMI).
Maximum Assistance
$40,000 Up to $40,000 in assistance towards down payment and closing costs. NOTE: $1,000 also available for rehabilitation assistance on existing homes.
Education Requirements Info:
https://hudgov-answers.force.com/housingcounseling/s/
Eligible Property Types:
Single Family Detached Condo Townhome/PUD
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $36,900$42,150$47,400$52,650$56,900$61,100$65,300$69,500 *Income limits as of 06/01/2023
Qualifying Ratios:
Determined by first mortgage product or lender.
