City of Gainesville Down Payment Assistance Program (SHIP)

What is City of Gainesville Down Payment Assistance Program (SHIP)?

City of Gainesville Down Payment Assistance Program (SHIP) is a forgivable loan for homebuyers in Gainesville, Florida.

• City of Gainesville provides income-tiered SHIP DPA: Very Low ≤50% AMI up to $30,000; Low ≤80% AMI up to $20,000; Moderate ≤120% AMI up to $15,000. Forgiven after 10 years. Separate from Alachua County program.
• Funding comes from State.

Do you have to pay it back?

City of Gainesville Down Payment Assistance Program (SHIP) is forgiven after 10 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, Refinance, and No longer primary within 10 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?

City of Gainesville Down Payment Assistance Program (SHIP) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

City of Gainesville Down Payment Assistance Program (SHIP) limits household income to 120% of the area median income, which varies by county and household size.

• Very Low ≤50% AMI: $30,000; Low ≤80% AMI: $20,000; Moderate ≤120% AMI: $15,000.
• 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?

City of Gainesville Down Payment Assistance Program (SHIP) can be used for Single Family, Condo, and Townhouse.

Where does it apply?

City of Gainesville Down Payment Assistance Program (SHIP) serves buyers purchasing in Gainesville, Florida.

How do you apply?

Applications for City of Gainesville Down Payment Assistance Program (SHIP) go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

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

3. 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.