Seminole County SHIP Purchase Assistance Program

Special Alert

Maximum Purchase Price

$349,525

Contact Info:

https://www.seminolecountyfl.gov/departments-services/community-services/community-development/ 520 W. Lake Mary Blvd, Suite 100, Sanford, FL 32771 407-665-2300

Limitations

Credit Score Requirements

Minimum Credit Score: 620 A minimum representative credit score of 620 is required. If no score is available, alternative documentation may be used to demonstrate credit worthiness such as twelve (12) months’ rent and utility payments.

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)

Homeowners Education Class:

Required

Is Forgivable?

Assistance provided will be forgiven by equal amounts on an annual basis, with the complete amount of assistance being forgiven after the full affordability period. Affordability period depends on the size of the assistance loan. Assistance loans up to $15,000 have deferral and affordability period of 6 years – forgiven by an amount equal to 1/6th of the total amount of assistance on an annual basis, with the complete amount of assistance being forgiven after six (6) years. Assistance loans of $15,001 and up to $30,000 have deferral and affordability period of 12 years – forgiven by an amount equal to 1/12th of the total amount of assistance on annual basis, with the complete amount of assistance being forgiven after twelve (12) years. Assistance loans of $30,001 and up to $55,000 have deferral and affordability period of 20 years – forgiven by an amount equal to 1/20th of the total amount of assistance on an annual basis, with the complete amount of assistance being forgiven after twenty (20) years

Location:

1 County: Seminole The housing unit must be located within Seminole County.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2023 120% AMI guidelines Applicants must meet the minimum criteria of having a total combined household income at or below 120% of the area median income (AMI) level. Community Development Division use the income level provide by Florida Housing Finance Corporation (FHFC) for the program.

Maximum Assistance

50% of Purchase Price up to $55,000 The Purchase Assistance Program provides down payment assistance to income eligible first-time homebuyers of up to $55,000 depending on income level and need to help cover the costs to purchase a newly-constructed or existing home in Seminole County: Very Low – $55,000; Low Income – $45,000; Moderate Income – $25,000. NOTE: Assistance will not exceed 50% of the purchase price of the home.

Education Requirements Info:

https://www.cflhands.org/services.classes.php Any Hud-approved provider: https://hudgov-answers.force.com/housingcounseling/s/

Eligible Property Types:

Single Family Detached Condo Townhome/PUD Manufactured Home

Income By Household Size:

$1,000 Applicant must invest a minimum of one thousand dollars ($1,000) of their own funds into the transaction. In the event that the applicant needs additional funds, and these are given in the form of a gift, these funds must be verified/documented by a gift letter provided by the first mortgage lender.

Qualifying Ratios:

Housing Ratio: Up To 35% Total DTI: Up To 45% The housing ratio must not exceed 35. If the household has a housing ratio of less than 30, that household will only receive assistance to pay for the downpayment costs (if Purchase Assistance), the closing costs, and the pre-paids and reserves. However, if the housing ratio is between 30 and 35, the household will receive moneys to pay for principal reduction. The debt ratio must not exceed 45. Deferred loans (including student loans) are to be considered when calculating the debt ratio.

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