Union County SHIP Program

What is Union County SHIP Program?

Union County SHIP Program is a deferred second loan for homebuyers in Union County, Florida.

• Union County SHIP provides deferred 0% loan for down payment and closing cost assistance. Administered by SREC.
• Funding comes from State.

Do you have to pay it back?

Union County SHIP Program 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?

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

What are the income limits?

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

• Income up to 120% AMI for Union 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?

Union County SHIP Program can be used for Single Family, Condo, and Townhouse.

Where does it apply?

Union County SHIP Program serves buyers purchasing in Union County, Florida.

How do you apply?

Applications for Union County SHIP Program 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.