Hernando County SHIP Down Payment Assistance

What is Hernando County SHIP Down Payment Assistance?

Hernando County SHIP Down Payment Assistance is a deferred second loan for homebuyers in Hernando County, Florida.

• Hernando County provides Purchase Assistance to first-time homebuyers at or below 120% of the Tampa-St. Petersburg-Clearwater MSA AMI: an interest-free deferred forgivable loan of up to $30,000 toward down payment and closing costs (existing or new construction), with up to an additional $20,000 available for necessary construction improvements on the Existing-with-Construction-Upgrades option. Administered by the Hernando County Housing Authority.
• Funding comes from State.

How much assistance does it provide?

Hernando County SHIP Down Payment Assistance offers up to $30,000 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?

Hernando County SHIP 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?

Hernando County SHIP 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?

Hernando County SHIP 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 Hernando 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?

Hernando County SHIP Down Payment Assistance can be used for Single Family, Condo, and Townhouse.

Where does it apply?

Hernando County SHIP Down Payment Assistance serves buyers purchasing in Hernando County, Florida.

How do you apply?

Applications for Hernando County SHIP 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.