City of Miami SHIP Purchase Assistance

City of Miami SHIP Purchase Assistance is a deferred second loan for homebuyers in Miami, Florida. City of Miami SHIP-funded purchase assistance for first-time homebuyers purchasing within city limits. Provides deferred 0% interest second mortgage for down payment and closing costs. Funding comes from State.

City of Miami SHIP Purchase Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, Refinance, and Transfer of Title. 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 Miami 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. A homebuyer education course is required.

City of Miami SHIP Purchase Assistance limits household income to 80% of the area median income, which varies by county and household size. Income at or below 80% AMI for Miami-Dade 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 Miami SHIP Purchase Assistance can be used for Single Family, Condo, and Townhouse.

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

Applications for City of Miami 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.