Martin County SHIP Purchase Assistance

What is Martin County SHIP Purchase Assistance?

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

• Martin County provides up to $103,500 (Low Income) or $83,500 (Moderate Income) in 0% deferred SHIP loan. Forgiven 1/3 every 5 years over 15 years. $90,000 lifetime cap. Online portal at martincountyhousingassistance.com.
• Funding comes from State.

Do you have to pay it back?

Martin County SHIP Purchase 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?

Martin 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?

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

• Low Income (≤80% AMI): up to $103,500; Moderate Income (≤120% AMI): up to $83,500.
• 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?

Martin County SHIP Purchase Assistance can be used for Single Family, Condo, and Townhouse.

Where does it apply?

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

How do you apply?

Applications for Martin 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.