Franklin County SHIP Down Payment Assistance Program

Special Alert

Maximum Purchase Price


Contact Info: 66-4th Street, PO Box 722, Apalachicola, FL 32329 850-653-8199


Credit Score Requirements

Based on 1st mortgage requirements.

Deferred Payments?


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 principal of the loan will be reduced by 10% for each year the residency requirement is met; at the end of the tenth year, the entire balance will be forgiven and the DPL Agreement satisfied.


1 County: Franklin Purchase must be located in Franklin County, FL

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2022 120% AMI guidelines Income Categories served are: Very Low (50% AMI), Low (80% AMI) and Moderate (120% AMI) SHIP funds are supplied by Florida Housing Finance Corporation.

Maximum Assistance

$15,000 Assistance amounts vary and will be based on income category of the applicant: Very Low = $15,000 Low = $12,500 Moderate = $10,000 Loan will be awarded in the amount of money required in order to allow the homebuyer to qualify. The maximum will not be awarded in all cases

Education Requirements Info:

CLT homebuyers must complete an education class that contains a community land trust component/or session with the CLT that requires CLT buyers to demonstrate and attest to a clear understanding of the terms of community land trust homeownership.

Eligible Property Types:

Single Family Detached

Income By Household Size:

HH1HH2HH3HH4HH5HH6HH7HH8 $51,950$59,400$66,840$74,160$80,160$86,040$92,040$97,920 *Income limits as of 05/15/2023

Qualifying Ratios:

Housing Ratio: Up To 30% Total DTI: — Monthly housing debt, principle plus interest including taxes and insurance should not exceed 30% of total monthly household income, unless the first mortgage lender approves a higher monthly housing debt-to-monthly income ratio.