Manatee County SHIP Down Payment Assistance Program
Special Alert
Maximum Purchase Price
$349,525
Contact Info:
https://www.mymanatee.org/departments/neighborhood_services 1112 Manatee Avenue West – Suite 300, Bradenton, FL 34205 941-749-3029
Limitations
Credit Score Requirements
Based on 1st mortgage requirements.
Deferred Payments?
Yes, for 30 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?
SHIP funding is provided as a subordinate mortgage at 0% interest deferred loan for 30 years with forgiveness at the end of the term.
Location:
1 County: Manatee Property must be located in unincorporated Manatee County or City of Palmetto.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from Agency-defined 2023 120% AMI guidelines Program uses Very Low (50% AMI), Low (80% AMI) and Moderate (120% AMI) income categories. Our program model houses the highest income limits used. (120% AMI) Income limits are supplied by Florida Housing Finance Corporation for the SHIP program annually.
Maximum Assistance
$45,000 Maximum per unit assistance amount will vary by income category: Up to $75,000 for very low (50% AMI) income households; Up to $70,000 for low income (80% AMI) households; Up to $55,000 for moderate (120% AMI) income households. (Assistance includes up to $6,000.00 for closing costs).
Education Requirements Info:
Applicants must complete Manatee County’s required Homeownership Training Course and receive a Certificate of completion. To register contact one of the agencies, listed below: Step up Suncoast @ 941-757-1166, option 1 Community Solutions 360 @ 941-809-2231 Suncoast Housing Connections @ https://suncoasthousingconnections.org/homebuyer-education-classes/
Eligible Property Types:
Single Family Detached Condo Townhome/PUD Manufactured Home
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $76,800$87,840$98,760$109,680$118,560$127,320$136,080$144,840 *Income limits as of 06/02/2023
Qualifying Ratios:
Determined by first mortgage product or lender.
