Panama City SHIP Purchase Assistance Program

Special Alert

Maximum Purchase Price


Contact Info: 501 Harrison Avenue, Panama City, FL 32401 850-872-3000


Credit Score Requirements

Minimum Credit Score: 620 Must have a credit score of at least 620.

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?

100% forgiveness after 30 years if home remains the owner occupied, primary residence of the homebuyer.


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.