First Time Home Buyers Program

Escambia County and the City of Pensacola, Florida jointly participate in the (SHIP) First Time Home Buyers Program. This program is designed to assist low to moderate income families obtain affordable housing. SHIP funds will provide down payment and closing cost assistance, up to $7,500.00, which is offered in the form of a forgivable loan. Most buyers qualify for $5,000.00 or 10% of the purchase price, whichever is less. The loan is actually forgiven over 5 years at 20% per year. So after owning the property for three years, the homeowner would only owe 40% of the original amount.

To qualify for SHIP funds, applicants must meet the following requirements:

• Applicants must meet all of the loan requirement guidelines set for by their Financial Institute or Lender
• Applicants for the SHIP First Time Home Buyers Program must allow the local government or the designated representative to verify the gross anticipated household income to determine that the household is qualified as either very low, low, or moderate-income. The gross anticipated income for the next 12-month period of all persons in the households must be verified and included on an Income Certification PRIOR to the distribution of SHIP FUNDS.
• Applicants cannot have had OWNERSHIP INTEREST in any property in the past 3 years.
• Applicants must be a resident or be employed in Escambia County for at least 6 months prior to application.
• Applicants TOTAL HOUSEHOLD INCOME MUST BE WITHIN THE MAXIMUM INCOME ELIGIBILITY LIMITS.

INCOME ELIGIBILITY LIMITS
Family Size               Income

1               $26,550
2               $30,350
3               $34,150
4               $37,900
5               $40,950
6               $44,000
7               $47,000
8               $50,050

Some added facts about SHIP funds'

• The maximum sales price on homes is $98,000
• This program does not pay the mortgage
• Houses can be located within Escambia County or the City of Pensacola
• Buyer must go through one of the already participating local lenders.
• SHIP funds are available for both FHA and Conventional financing programs.
• All homes will be required to have a home inspection prior to SHIP approval.

** Santa Rosa County has a similar Down Payment Program but it is geared more towards moderate-income families. Santa Rosa County is also limited to the amount of funds they receive annually, which makes their funds move quickly.