Marion County SHIP Purchase Assistance Program
Special Alert
Maximum Purchase Price
$349,525
Contact Info:
https://www.marionfl.org/government/departments-facilities-offices/community-services 2710 E. Silver Springs Blvd, Ocala, FL 34470 352-671-8770
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?
Loan will be forgiven if person lives in home as primary residence for the entire 15 year length of the mortgage.
Location:
1 County: Marion Excluding Ocala Must be located within Marion County and outside the Ocala city limits.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2023 120% AMI guidelines Total household income at or below 120% Area Median Income (AMI). Income limits are from Florida Housing Finance Corp. (Our program model reflects the highest (120% AMI) amount)
Maximum Assistance
$50,000 Assistance amount will vary by income and is based upon need: Very-low Income (50% AMI) Household = $50,000; Low Income (80% AMI) Household = $40,000; Moderate Income (120% AMI) Household = $30,000.
Education Requirements Info:
https://www.marionfl.org/agencies-departments/departments-facilities-offices/community-services/homebuyer-purchase-assistance
Eligible Property Types:
Single Family DetachedCondo Townhome/PUDManufactured Home Modular Home
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $55,320$63,240$71,160$78,960$85,320$91,680$97,920$104,280 *Income limits as of 06/05/2023
Qualifying Ratios:
Determined by first mortgage product or lender.
