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Collier County SHIP Purchase Assistance Program

Special Alert

Maximum Purchase Price

$458,634

Contact Info:

https://www.colliercountyfl.gov 3299 Tamiami Trail East, Naples, FL 34112 239-252-8999

Limitations

Buyer must be a first-time home buyer. Award amount can change if more than one funding source is used to assist with the purchase of the home. (SHIP and HOME) Will allow Collier County and/or Federal Monitors access to this home during normal business hours with a week’s notice if selected for monitoring by HUD or County to ensure program compliance and owner-occupancy

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?

Deferred 15 years. The loan will be forgiven at the end of the 15 year period if all conditions have been met.

Location:

1 County: Collier Property must be located within unincorporated Collier County, City of Naples, City of Marco and Everglades City.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2023 120% AMI guidelines Income cannot exceed 120% Area Median Income (AMI).

Maximum Assistance

If approved as very-low, low or moderate-income, applicants may be eligible for assistance towards down payment and closing cost for the purchase of a home located within Collier County. This program provides interest-free loans up to $55,000 to assist qualifying first-time homebuyer(s) with both down payment and closing cost expenses. The awards may also include up to $10,000 for Essential Services Personnel. NOTE: Contact the agency for maximum funding amounts or your qualified Lender. Amount of award is based on income level of the applicant. (Our program model reflects highest available amount)

Education Requirements Info:

https://hudgov-answers.force.com/housingcounseling/s/

Eligible Property Types:

Single Family Detached Condo Townhome/PUD

Income By Household Size:

HH1HH2HH3HH4HH5HH6HH7HH8 $83,880$95,880$107,880$119,760$129,360$138,960$148,560$158,160 *Income limits as of 05/30/2023

Qualifying Ratios:

Determined by first mortgage product or lender.
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