State Housing Initiatives
Partnership Program (SHIP)
Purchase Assistance

 

SHIP Purchase Assistance Program ​

 

Dreaming of homeownership but need help covering your down payment or closing costs?

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The Sarasota County SHIP Purchase Assistance Program offers eligible low-income, first-time homebuyers the opportunity to receive up to $75,000 in financial assistance to purchase a home in unincorporated Sarasota County. Homebuyers must be working with a mortgage lender to qualify.
 
The amount of assistance awarded is subject to the program’s underwriting procedures and determination of each applicant’s eligibility and financial needs. The maximum assistance amount of $75,000 is not guaranteed, and applicants may qualify for a lesser amount. Eligible areas include Unincorporated Sarasota County, the City of North Port, City of Venice, Osprey, Nokomis and Englewood. Properties located within the City of Sarasota are not eligible for assistance through this program.

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Assistance is provided as a 0% interest deferred loan that is forgiven at a rate of 5% per year over 20 years, provided the home remains the buyer's primary residence and all program requirements are met. No payments required provided the loan remains in good standing and complies with all mortgage requirements.

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To apply, prospective homebuyers must first obtain mortgage pre-approval. The lender will then submit the Purchase Assistance application on the buyer's behalf. Any licensed lender may participate—there are no preferred lenders and no lender approval process.

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Before applying, please review the Purchase Assistance Fact Sheet, Required Documents, and Frequently Asked Questions (FAQs) for information about income eligibility, program requirements, and the documentation needed to complete an application.

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The SHIP Purchase Assistance Program is designed to help eligible families achieve sustainable homeownership by encouraging long-term residency. Participants are expected to occupy the home as their primary residence for at least 20 years, helping to build stable households and stronger communities.​​​​

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How is the amount of funding provided by SHIP Purchase Assistance determined?

 

Before awarding applicants with Purchase Assistance, applications are reviewed thoroughly by staff to verify program eligibility. If the applicant is determined to be eligible, the amount of potential financial assistance will be calculated based on the amount of funding still available, the funding gap identified, and the household’s Annual Median Income (AMI). If approved, applicants will receive an award letter with the final award determination.
 
Lenders should generally calculate the potential SHIP award based on the following information:

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• Households with a verified income between 50% and 80% of Sarasota County’s AMI may be eligible to receive assistance of up to 10% of the purchase price.

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• Households with a verified income below 50% of Sarasota County’s AMI may be eligible to receive assistance of up to 15% of the purchase price.​​