Gulf County SHIP Purchase Assistance

What is Gulf County SHIP Purchase Assistance?

Gulf County SHIP Purchase Assistance is a forgivable loan for homebuyers in Gulf County, Florida.

• Gulf County SHIP provides up to $50,000 (capped at 50% of purchase price) in deferred/forgivable loan. No repayment if 5-year residency requirement met. Max purchase price $255,000. Apply via portal.neighborlysoftware.com/ARPC/Participant.
• Funding comes from State.

Do you have to pay it back?

Gulf County SHIP Purchase Assistance is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, Refinance, and No longer primary within 5 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?

Gulf County SHIP Purchase Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Gulf County 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 Gulf 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?

Gulf County SHIP Purchase Assistance caps the purchase price at $255,000.

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

Where does it apply?

Gulf County SHIP Purchase Assistance serves buyers purchasing in Gulf County, Florida.

How do you apply?

Applications for Gulf County SHIP Purchase 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.