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Lake County SHIP Home Ownership Assistance

Lake County, Florida

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Income limit

120% AMI

Of area median income; varies by county and household size

Repayment

Forgivable

Forgiven after 15 years

What is Lake County SHIP Home Ownership Assistance?

Lake County SHIP Home Ownership Assistance is a forgivable loan for homebuyers in Lake County, Florida.

  • Lake County provides income-tiered SHIP assistance as a forgivable 0% loan with 15-year compliance period. Up to $5,000 available for eligible minor repairs in addition to DPA.
  • Funding comes from State.

Do you have to pay it back?

Lake County SHIP Home Ownership Assistance is forgiven after 15 years, so a buyer who stays that long does not repay it.

  • Repayment is triggered by Sale, Refinance, and No longer primary within 15 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?

Lake County SHIP Home Ownership Assistance 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 120% 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?

Lake County SHIP Home Ownership Assistance limits household income to 120% of the area median income, which varies by county and household size.

  • Income up to 120% AMI for Lake 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?

Lake County SHIP Home Ownership Assistance can be used for Single Family, Condo, and Townhouse.

Where does it apply?

Lake County SHIP Home Ownership Assistance serves buyers purchasing in Lake County, Florida.

How do you apply?

Applications for Lake County SHIP Home Ownership Assistance 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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Lake County SHIP Home Ownership Assistance, explained

A short, free course on Lake County SHIP Home Ownership Assistance: 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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