Bay County SHIP Purchase Assistance

Bay County SHIP Purchase Assistance is a forgivable loan for homebuyers in Bay County, Florida. Bay County provides up to $50,000 in 15-year forgivable deferred 0% SHIP loan for eligible homebuyers in Panama City, Lynn Haven, Callaway, and surrounding Bay County. First-qualified first-served. Funding comes from State.

Bay County SHIP Purchase Assistance is forgiven after 15 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, Refinance, and No longer primary within 15 years. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Bay County SHIP Purchase Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. The program lists a minimum credit score of 620. A homebuyer education course is required.

Bay County SHIP Purchase Assistance limits household income to 120% of the area median income, which varies by county and household size. Income up to 120% AMI for Bay County. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Bay County SHIP Purchase Assistance can be used for Single Family, Condo, and Townhouse.

Bay County SHIP Purchase Assistance serves homebuyers purchasing in Bay County, Florida.

Applications for Bay County SHIP Purchase Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.