Panama City SHIP Purchase Assistance Program
Special Alert
Maximum Purchase Price
$300,000
Contact Info:
https://www.pcgov.org/ 501 Harrison Avenue, Panama City, FL 32401 850-872-3000
Limitations
Credit Score Requirements
Minimum Credit Score: 620 Must have a credit score of at least 620.
Deferred Payments?
Yes
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:
Required
Is Forgivable?
100% forgiveness after 30 years if home remains the owner occupied, primary residence of the homebuyer.
Location:
Panama City Property must be located in Panama City, FL
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2022 120% AMI guidelines
Maximum Assistance
$50,000 Max Award: Up to $50,000 ($45,000 in down payment assistance and up to $5,000 in closing cost assistance).
Education Requirements Info:
Applicants must complete a HUD-certified homebuyer education course prior-to closing on a home. Certificate of completion submitted with application or during eligibility process. Bay County, through the University of Florida, Institute of Food and Agricultural Sciences Extension (UF/IFAS) offers monthly homebuyer education courses. To register, please contact (850) 784-6105.
Eligible Property Types:
Single Family DetachedCondo 1/2 DuplexTownhome/PUD Manufactured HomeMobile Home
Income By Household Size:
$1,000 Purchasers are required to contribute a minimum of $1,000 of their own funds toward the down payment and/or closing cost assistance.
Qualifying Ratios:
Determined by first mortgage product or lender.
