Clay County SHIP First-Time Homebuyer Down Payment Assistance

What is Clay County SHIP First-Time Homebuyer Down Payment Assistance?

Clay County SHIP First-Time Homebuyer Down Payment Assistance is a deferred second loan for homebuyers in Clay County, Florida.

• Clay County provides up to $20,000 in a 30-year deferred, 0% interest SHIP second mortgage for down payment and closing cost assistance to eligible first-time homebuyers. The second mortgage is never forgiven and must be repaid when the first mortgage is paid off, refinanced, sold, or the borrower ceases to occupy the property. Income limits approximately $78,865 (1-2 person) and $90,694 (3+ person); purchase price limit $322,925; minimum FICO 640.
• Funding comes from State.

How much assistance does it provide?

Clay County SHIP First-Time Homebuyer Down Payment Assistance offers up to $20,000 in assistance.

• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Clay County SHIP First-Time Homebuyer Down Payment 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.

Who qualifies?

Clay County SHIP First-Time Homebuyer Down Payment Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Clay County SHIP First-Time Homebuyer Down Payment Assistance limits household income to 120% of the area median income, which varies by county and household size.

• Income up to 120% AMI for Clay County. ~$78,865 (1-2 person) or $90,694 (3+ person).
• 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?

Clay County SHIP First-Time Homebuyer Down Payment Assistance caps the purchase price at $322,925.

• Eligible property types include Single Family, Condo, and Townhouse.

Where does it apply?

Clay County SHIP First-Time Homebuyer Down Payment Assistance serves buyers purchasing in Clay County, Florida.

How do you apply?

Applications for Clay County SHIP First-Time Homebuyer Down Payment Assistance 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.