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Bay County SHIP Purchase Assistance

Bay County, Florida

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Income limit

120% AMI

Of area median income; varies by county and household size

Repayment

Forgivable

Forgiven after 15 years

What is 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.

Do you have to pay it back?

Bay County SHIP Purchase Assistance is forgiven after 15 years, so a buyer 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.

Who qualifies?

Bay County SHIP Purchase Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — the program sets its own definition
  • The home is occupied as a primary residence
  • A minimum 620 credit score
  • A completed homebuyer education course

The program excludes

  • Households above 120% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

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.

What kind of home can it be used for?

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

Where does it apply?

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

How do you apply?

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.

  1. Take a homebuyer education course

    Required by the program before funds are reserved.

  2. Contact the administering agency to reserve funds

    Funds are reserved with the provider and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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Short reads on how it works, in plain language. Free, no sign-up needed to read.

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Bay County SHIP Purchase Assistance, explained

A short, free course on Bay County SHIP Purchase Assistance: what it is, who it is for, how it is forgiven, where it applies and how to apply. Based on program data from June 2026. About ten minutes.

5 modules · About 10 minutes

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