Suwannee River Economic Council – Suwannee 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:



Assistance depends on income tier (very low, low, moderate). See income tiers in application link. Return to SREC, Inc. a signed, completed S.H.I.P. Housing Assistance Application form and a prequalification letter from a lender. Disclose all sources of income from all household members on the application. You will be contacted for an intake appointment to verify the household income. The following items are required to be presented at this appointment: ID for all adult household members (driver’s license, military ID, voter registration); ID for all minor household members (birth certificate, immunization record, school enrollment ID); Most recent year’s income tax return page showing dependents claimed; Most recent Social Security award letter (if applicable); Child Support court order document (if applicable). When incomes of all household members are verified, an analysis will be made to determine if the applicants are eligible within the maximum income limits allowed. Assistance cannot be more than 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. Seller financing permitted. 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.

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?

Forgiveness: 10% per year from the date of the SHIP lien.


1 County: Suwannee Property must be located in Suwannee 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 $25,000 Maximum assistance is based on income: Moderate Income = up to $20,000; Low Income = up to $22,000; Very Low Income = up to $25,000. 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.