Funding Source
State Housing Initiatives Partnership (SHIP)
Loan Terms
0% deferred loan, 20-year term. Forgiven after 20 years.
Expanded Location
Unincorporated Manatee County OR City of Palmetto.
Who Qualifies
- First-Time Homebuyers: Generally required.
- Income Limits: Very-Low, Low, or Moderate Income Limits apply.
- Location Requirement: Purchase in Unincorporated Manatee County or City of Palmetto.
Assistance Details
Assistance & Home Value
Assistance available for homes with a value up to $400,000.
Repayment Terms
- 0% deferred loan, 20-year term.
- Fully forgiven if the owner occupies the home for the entire 20-year period.
- Repayment required if terms are not met (sale, refinance, non-occupancy).
Additional Requirements & Eligibility
Buyer Responsibilities
- • Buyer contribution: minimum $500
- • Must occupy property as primary residence
Property Standards
- • HQS inspection required for existing homes
- • Mobile homes not eligible
Why Choose SHIP?
The State Housing Initiatives Partnership (SHIP) program offers flexible assistance for a wider range of income levels (up to Moderate Income) and includes the City of Palmetto.
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Moderate Income Friendly
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Includes City of Palmetto
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State Funded Security
Frequently Asked Questions
What is the Manatee County SHIP Program?
The SHIP (State Housing Initiatives Partnership) program provides down payment and closing cost assistance to eligible first-time homebuyers in Manatee County. Funded by the state, it aims to make homeownership attainable for low-to-moderate income households through deferred, forgivable loans.
How does the SHIP down payment assistance program work?
SHIP offers a 0% interest loan to cover down payment and closing costs. No monthly payments are required. If you live in the home for the full 20-year term, the loan is completely forgiven. If you sell or move out early, repayment is required.
What is the maximum assistance amount for SHIP in Manatee County?
Assistance amounts vary by funding availability and household need, but the program supports purchases of homes with a value up to $400,000. It is designed to bridge the gap between what a buyer can afford and the upfront costs of buying a home.
Can I buy a home in the City of Palmetto with SHIP funds?
Yes, unlike some other county programs, SHIP funds can be used to purchase eligible homes in both Unincorporated Manatee County and within the City of Palmetto, providing wider geographic flexibility for homebuyers.
What are the income limits for the SHIP program?
The SHIP program serves Very-Low, Low, and Moderate-income households. This broader range allows more families to qualify compared to programs strictly for very-low income earners. Specific dollar limits depend on your household size.
Is the SHIP assistance a loan or a grant?
It is a 0% deferred loan, not a grant. However, it functions similarly to a grant if you stay in the home for the full 20-year term, as the entire loan balance is forgiven at the end of that period without you ever making a monthly payment.
Do I have to be a first-time homebuyer for SHIP?
Yes, eligible applicants are generally required to be first-time homebuyers. This means you must not have owned a primary residence within the last three years prior to applying for the assistance.
Can I use SHIP funds for a mobile home?
No, mobile homes are not eligible for SHIP assistance. You may purchase a single-family home, condominium, or townhome. Existing homes must also pass a Housing Quality Standards (HQS) inspection.
What happens to the SHIP loan if I live in the home for 20 years?
If you occupy the home as your primary residence for the entire 20-year term, the loan is fully forgiven. You will owe $0 back to the county, and the lien on your property will be released.
How much is the minimum buyer contribution for SHIP?
Buyers must contribute a minimum of $500 of their own funds towards the home purchase. This contribution is a requirement to demonstrate commitment to the investment and cannot be covered by other assistance funds.
What property types are eligible for SHIP assistance?
Eligible properties include single-family detached homes, townhomes, and condominiums. The property must be located in Unincorporated Manatee County or the City of Palmetto. Mobile homes are strictly excluded.