Okaloosa County SHIP Purchase Assistance Program

Special Alert

Maximum Purchase Price


Contact Info:

1250 Eglin Pkwy N, Suite 301, Shalimar, FL 32579 850-651-7180


Credit Score Requirements

Based on 1st mortgage requirements.

Deferred Payments?

Yes, for 10 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:


Is Forgivable?

Loan is forgiven at the end of 10 years as long as the loan is in good standing.


1 County: Okaloosa Home must be located in Okaloosa County, FL.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2023 120% AMI guidelines Must have a total gross family income that does not exceed 120% of the Area Median Income (AMI). SHIP income limits are adjusted annually by Florida Housing Finance Corporation.

Maximum Assistance

$30,000 Up to $30,000. 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:

Must Attend Homebuyer Counseling Class https://hudgov-answers.force.com/housingcounseling/s/

Eligible Property Types:

Single Family Detached Condo Townhome/PUD

Income By Household Size:

HH1HH2HH3HH4HH5HH6HH7HH8 $78,240$89,400$100,560$111,720$120,720$129,600$138,600$147,480 *Income limits as of 06/01/2023

Qualifying Ratios:

Housing Ratio: Up To 30% Total DTI: — Monthly mortgage payments including taxes and insurance must not exceed 30% of the median adjusted monthly gross income of applicant.
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