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City of Ocala - Homebuyer Rehabilitation/New Construction

Ocala, Florida

Last verified
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Income limit

80% AMI

Of area median income; varies by county and household size

Repayment

Forgivable

Forgiven once the program's conditions are met

What is City of Ocala - Homebuyer Rehabilitation/New Construction?

City of Ocala - Homebuyer Rehabilitation/New Construction is a forgivable loan for homebuyers in Ocala, Florida.

  • City of Ocala SHIP new construction and rehabilitation homeownership program providing forgivable loan assistance for eligible low-income buyers within Ocala city limits.
  • Funding comes from State.

Do you have to pay it back?

City of Ocala - Homebuyer Rehabilitation/New Construction is a forgivable loan, so the balance is forgiven once the program's conditions are met.

  • Repayment is triggered by Sale, Refinance, and No longer primary within compliance period.
  • 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 Ocala - Homebuyer Rehabilitation/New Construction 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 completed homebuyer education course

The program excludes

  • Households above 80% 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?

City of Ocala - Homebuyer Rehabilitation/New Construction limits household income to 80% of the area median income, which varies by county and household size.

  • Income at or below 80% AMI for Marion 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?

City of Ocala - Homebuyer Rehabilitation/New Construction can be used for Single Family.

  • New construction is eligible.

Where does it apply?

City of Ocala - Homebuyer Rehabilitation/New Construction serves buyers purchasing in Ocala, Florida.

How do you apply?

Applications for City of Ocala - Homebuyer Rehabilitation/New Construction 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.

Learn this program

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

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City of Ocala - Homebuyer Rehabilitation/New Construction, explained

A short, free course on City of Ocala - Homebuyer Rehabilitation/New Construction: what it is, who it is for, how it is forgiven, where it applies and how to apply. Based on program data from July 2026. About ten minutes.

5 modules · About 10 minutes

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