City of Boca Raton SHIP Purchase Assistance

City of Boca Raton SHIP Purchase Assistance is a deferred second loan for homebuyers in Boca Raton, Florida. City of Boca Raton provides up to $190,000 in deferred 0% interest SHIP loan for eligible homebuyers within city limits. 20-year compliance period. Funding comes from State.

City of Boca Raton SHIP Purchase Assistance is forgiven after 20 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, Refinance, and No longer primary within 20 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.

City of Boca Raton 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.

City of Boca Raton 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 Palm Beach 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.

City of Boca Raton SHIP Purchase Assistance can be used for Single Family, Condo, and Townhouse.

City of Boca Raton SHIP Purchase Assistance serves homebuyers purchasing in Boca Raton, Florida.

Applications for City of Boca Raton 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.