ReHouse Bay First-Time Homebuyers Program

Special Alert

Please note The current estimated waiting period to receive assistance is 10-12 weeks. It is highly recommended that applicants do not enter into a sales contract until they have been approved for assistance by ReHouse Bay.

Maximum Purchase Price

Inquire for Details

Contact Info:

https://rehousebay.org 840 West 11th Street , Panama City, FL 32401 (850) 215-2479



Credit Score Requirements

Minimum Credit Score: 620 Have at credit score of at least 620

Deferred Payments?

Determined by first mortgage product or lender.

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?

10% of the loan forgiven each year beginning in year 6. 100% forgiveness after 15 years if home remains the owner occupied, primary residence of the homebuyer. NOTE: ReHouse Bay will verify annually that the home is in the applicant’s Name and remains their primary residence


1 County, 6 Cities Excluding Panama City Property must be located with an eligible area of Bay County, FL.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2022 140% AMI guidelines The Bay County Purchase Assistance Program is open to SHIP-income eligible homebuyers. Household income cannot exceed 140% of the Area Median Income (AMI) for Bay County, adjusted by family size and published annually by the Florida Housing Finance Corporation (FHFC).

Maximum Assistance

$75,000 Max Assistance is income based: 80% AMI and below: Not to exceed $75,000 81% – 140% AMI: Not to exceed $50,000

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. To register for an upcoming homebuyer education course, applicants may contact Melanie Taylor with the UF/IFAS Bay County extension at (850) 784-6105.

Eligible Property Types:

Single Family DetachedCondo 1/2 DuplexTownhome/PUD Mobile Home

Income By Household Size:

HH1HH2HH3HH4HH5HH6HH7HH8 $73,640$84,140$94,640$105,140$113,680$122,680$130,480$138,880 *Income limits as of 05/08/2023

Qualifying Ratios:

Determined by first mortgage product or lender.
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