Santa Rosa County First Time Homebuyer Program (SHIP)

Special Alert

Maximum Purchase Price


Contact Info:



Credit Score Requirements

Based on 1st mortgage requirements.

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, USDA / RD

Homeowners Education Class:


Is Forgivable?

The amount of the award will subject to the execution of a promissory note with zero (0) percent interest and secured by a second mortgage. No monthly payment is required. The loan is a deferred payment loan (DPL) with a ten (10) year residency requirement. If the homeowner moves out, sells, transfers, rents, refinances or adds additional liens during the 10 years, the outstanding balance of said mortgage must be repaid. Half of the DPL will be forgiven at the completion of the 5th year, 20% will be forgiven for every remainder year.


1 County: Santa Rosa Property must be located in Santa Rosa County, FL.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2022 120% AMI guidelines Applicant’s gross household annual income must meet limitations as published for the Pensacola MSA by the U.S. Department of Housing and Urban Development (adjusted annually). Cannot exceed 120% AMI

Maximum Assistance

$25,000 Up to $25,000 in assistance

Education Requirements Info:

All recipients of SHIP funding (including all recipients on the loan and all spouse regardless of if on loan) are required to attend a HUD approved Homebuyer Education Class (in-person) prior to receiving funding. Classes are available through: • Community Enterprise Investments, Inc. (CEII). Reservations for the class can be made by calling Preston Denagall at 850-595-6234 extension 206. The class is provided free of charge to the prospective homebuyer. For convenience the course is also offered online for a fee. • Pensacola Habitat for Humanity. Classes offered on a monthly basis. The Course is free and includes a light breakfast and lunch. For more information go to: or contact Betsy McDonald at 850-434-5456, Ext 131 or via email

Eligible Property Types:

Single Family Detached Condo Townhome/PUD

Income By Household Size:


Qualifying Ratios:

Housing Ratio: Up To 30% Total DTI: — The housing unit must be affordable with total monthly principal, interest, taxes and insurance not exceeding 30% of the family’s total gross monthly income. A higher ratio of income to PITI, maximum 39%, may be considered if two or more of the following compensating factors apply: -Demonstrated ability to budget and save on a consistent basis with an average six (6) month savings of twice the PITI on the proposed loan. -History of steady employment for more than two years in the same line of work or having completed college or specialized training in the field currently employed with a good probability of continued employment verified by the current employer. -Credit score above 650. -Demonstrated ability to pay monthly rent on-time at a comparable amount to the proposed PITI on the new loan (no payment shock). If an application is approved with a front-end ratio above 30%, the applicant will be required to sign an affidavit to signify that they are aware that the payment ratio exceeds the recommended program guidelines and that they are financially capable of meeting their monthly mortgage requirements. Applications with PITI to income ratios of 40% and higher will not be approved.