QWhen are applications available?
Normally applications are available in the month of July, after the 30 days of advertising has been accomplished.
QWhat are the income requirements for the program?
Income guidelines are furnished by the State of Florida each March. These guidelines include income limits for families in size from one to eight members.
QWhat income is counted?
Gross annual income (before taxes) of all adult members (18 years and older) of the household.
QDo certificates of deposit, other land owned, savings accounts, etc., count toward total family income?
Yes, all assets count toward the family income.
QHow many times may one apply for assistance through this program?
As many times as one wishes; however, once selected and provided funds, the family is not eligible for further assistance for a period of 10 years from the previous award. The lifetime maximum amount of funding for an applicant is $75,000.
QCan other program funds (rural development, etc.) be used in conjunction with SHIP funds to purchase a home?
Yes.
QCan owner financing work with this program?
No.
QCan one receive funds to rehabilitate their home if they have an "agreement for deed" through owner financing of their home?
No, the applicant must have a mortgage or deed to their home.
QHow long is the mortgage for SHIP funds to purchase or build a home?
The mortgage is forgiven for this type of loan after 10 years. It's repayable only if the home ceases to be the primary residence of the applicant. Repayment is interest-free, and the principal amount is reduced by 10% each year.
QWhat about mortgages for rehabilitation assistance?
The mortgage for rehabilitation assistance is for 10 years, provided the applicant resides in the home for the full period. If the applicant moves, sells, or otherwise stops using the home as their primary residence, the mortgage is due and payable with no interest due.
QCan a person make application even though they live together but are not married?
Yes, however, both must sign the mortgage, and both incomes are counted for verification and approval.
QHow long does it take to get approved to build or buy a home through the purchase assistance program?
Everything depends on verification of income, commitment from a seller or contractor, and bank approval for the loan.
Non-Discrimination Policy: Gulf County's SHIP Program does not discriminate on the basis of race, color, national origin, sex, religion, age, or disability in admission, access to, treatment, or employment in its programs and activities.