Suwannee River Economic Council – Madison County SHIP Purchase Assistance Program

Special Alert

Assistance amounts vary by income. Review program guidelines to determine assistance eligibility by income level.

Maximum Purchase Price


Contact Info:



Down payment assistance cannot exceed 50% of the cost of the home including closing costs. Value of land owned or given may be applied toward client’s minimum cash participation. Construction contracts must be “turnkey” form, with floor plans, cost of materials and labor, and statement of no changes once submitted. Land owned at time of application will not be included in contract cost, but any financing payoff would be included. This applies only to site-built homes. Must attend Home Owner Course prior to closing of loan. In case of owner/seller financing, extra protection against default may be required placing the S.H.I.P. lien in first position priority, and the seller/financer in the subordinate lien position. Buyer must be a first-time home buyer. Applicants are eligible for SHIP assistance only twice in a lifetime. Program funds cannot be used towards debt consolidation, pay-down of debt, or any existing debt or judgment payoff other than an existing mortgage encumbering the property.

Credit Score Requirements

Based on 1st mortgage requirements.

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, USDA / RD

Homeowners Education Class:


Is Forgivable?

Forgivable at 10% per year from the date of the SHIP lien.


1 County: Madison Property must be located in Madison County FL.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2023 120% AMI guidelines Program uses Very Low (50% AMI), Low (80% AMI) and Moderate (120% AMI) income categories to determine assistance amounts. NOTE: Our program model utilizes the highest income category (Moderate), it is up to the lender to qualify the applicant in their correct income category.

Maximum Assistance

50% of Acquisition Cost up to $35,000 Maximum S.H.I.P. participation for New Construction and Purchase Assistance: Moderate Income category $25,000.00; Low Income category $30,000.00; Very Low Income category $35,000.00. Down payment assistance cannot exceed 50% of the cost of the home including closing costs.

Education Requirements Info:

Eligible Property Types:

Single Family DetachedCondo Townhome/PUDManufactured Home Mobile Home

Income By Household Size:

HH1HH2HH3HH4HH5HH6HH7HH8 $54,000$61,680$69,360$77,040$83,280$89,400$95,640$101,760 *Income limits as of 05/24/2023

Qualifying Ratios:

Housing Ratio: Up To 30% Total DTI: — Check the Maximum Mortgage Affordability Levels for the affordability figures based on 30% of the income levels. This chart can be found within the program application.