Emerald Coast Regional Council (ECRC) – Holmes County SHIP First Time Homebuyer Program

Special Alert

Assistance amounts vary by income. Review program guidelines to determine assistance eligibility by income level.

Maximum Purchase Price


Contact Info:

https://www.ecrc.org/index.php P.O. Box 11399, Pensacola, FL 32524 850-637-1923


Buyer must be a first-time home buyer.

Credit Score Requirements

Based on 1st mortgage requirements.

Deferred Payments?

Waiting Period: 10 years Affordability Period: 15 years Forgiveness Increment: 20% per year Forgiven Portion: 100%

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

Homeowners Education Class:


Is Forgivable?

The loan is forgivable at​ a rate of 20% per year, beginning in year 11. At the end of 15 years, the loan is completely forgiven


1 County: Holmes Program is available countywide – Holmes County (FL)

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2022 120% AMI guidelines Program serves 50% AMI, 80% AMI and 120% AMI income limits. Cannot exceed 120% AMI. Income limits are supplied by Florida Housing Finance Corporation and are adjusted annually.

Maximum Assistance

$20,000 Up to $20,000 in assistance, based on income categories: up to $20,000 for Very Low (50% AMI) income category up to $15,000 for Low (80% AMI) income category up to $10,000 for Moderate (120% AMI) income category

Education Requirements Info:

Must complete SHIP Homebuyer Education Class https://sfyl.ifas.ufl.edu/osceola/family-and-consumer-sciences/financehousing/ The Homebuyer Education class is valid for one year from date of completion. If you have not purchased your home within that time period, you will need to retake the Homebuyer Education class.

Eligible Property Types:

Single Family Detached

Income By Household Size:

Based on 1st mortgage guidelines.

Qualifying Ratios:

Determined by first mortgage product or lender.