| Program Overview | |||||
|---|---|---|---|---|---|
| Program Name | Alachua County SHIP Down Payment Assistance Program | ||||
| Funding Status | Active 03/12/2025 – Per agency: The Down Payment Assistance Program is currently open. Assistance is provided on a first come, first serve basis. | ||||
| Benefits |
| ||||
| Program Provider’s Website | |||||
| Program Provider’s Phone | Alachua County Candie Nixon | ||||
| Program Guide/Flyer | SHIP Page: Notice of Funding Availability (NOFA): Local Housing Assistance Plan (LHAP): | ||||
| Participating Lenders | Participating Lender List: To become a Participating lender, contact agency by sending an email to Alachua County Housing Program (housing@alashuacounty.us) and they will instruct you on how to proceed. | ||||
| Participating Realtors | May use Realtor of choice. | ||||
| Eligible Use of Funds |
| ||||
| Eligible Use of Funds Notes |
| ||||
| Program Type | 2nd Mortgage | ||||
| SPCP? | No | ||||
| Program Provider Type | Municipality | ||||
| Employer Assisted Housing Program? | No | ||||
| Bond Funded? | No | ||||
| Funding Source | SHIP | ||||
| Eligible Channels | Retail | ||||
| Program Terms | |
|---|---|
| Maximum Assistance Amount | $26,000 Assistance amounts vary based on income category of the applicants: Up to $15,000 for Very-Low (50% AMI); Up to $10,000 for Low (80% AMI); Up to $5,000 for Moderate (120% AMI). Up to an additional $10,000 will be made available to affect repairs. Up to an additional $1,000 will be made available to cover title searches, recording fees etc. (DPR program model reflects the highest assistance amount available) |
| Layering Notes | SHIP funds may be leveraged with or used to supplement other Florida Housing Finance Corporation programs and to provide local match to obtain federal housing grants or programs. |
| Approved 1st Mortgage Types | Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA, USDA / RD |
| Eligible 1st Mortgage Terms | 30-year, 40-year Fixed Rate, Fully Amortizing |
| Subordinate Loan Term | 10 years |
| Loan Repayment Type | Soft Second (payments deferred) |
| Monthly Payment Components | Not Applicable |
| Balloon Payment | No |
| Repayment Triggers |
|
| Maximum LTV/CLTV | Determined by first mortgage product or lender. |
| Payments Deferred? | Yes, for 10 years |
| Forgivable? | Yes |
| Forgiveness Terms | Waiting Period: 10 years Affordability Period: 10 years Forgiven Portion: 100% |
| Interest Bearing? | No |
| Amortizing? | No |
| Equity Sharing? | No |
| Repayment Notes | No repayment required as long as the loan is in good standing. Refinance of the first mortgage may be approved if a request is submitted in writing and meets the requirements of the Alachua County Housing Program Subordination Policy. |
| Borrower Eligibility | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ownership Status | Must be first-time homebuyer | ||||||||||||||||
| FTHB Definition | Must not have owned a primary residence in the last 3 years (excluding a mobile home). Exceptions include: Being a single parent; Being a displaced homemaker; Being displaced from home ownership due to divorce. | ||||||||||||||||
| Citizenship Status Allowed | Must be a US Citizen | ||||||||||||||||
| Occupancy Requirements | Non-Borrower Occupant Allowed Non-occupying Co-Borrower/Co-Signer information requested from the agency but not yet received. | ||||||||||||||||
| Income Limits Apply? | Yes, based on Compliance Income (including household income) Income limits from HUD 2024 120% AMI guidelines Income categories served: Very-Low (50% AMI), Low (80% AMI) and Moderate (120% AMI). (DPR program model reflects the highest income limit) Area Median Income (AMI) is based on Alachua County and adjusted for family size. Income from all household members 18 years and older must be included in the calculation. | ||||||||||||||||
| Maximum Annual Household Income by Household Size |
*Income limits as of 03/12/2025 | ||||||||||||||||
| Minimum Buyer Contribution | Buyer Contribution information requested from the agency but not yet received. | ||||||||||||||||
| Cash Back Allowed? | None | ||||||||||||||||
| Maximum Assets Allowed | Max Assets information requested from the agency but not yet received. | ||||||||||||||||
| Maximum Qualifying Ratios | |||||||||||||||||
| Credit Score Requirements | Based on 1st mortgage requirements. | ||||||||||||||||
| Homebuyer Education | Required | ||||||||||||||||
| Approved Education Providers | All applicants must complete SHIP-certified or equivalent Homebuyer Education Class prior to closing (classes are offered by Neighborhood Housing Development Corporation and the City of Gainesville Housing Community Development). | ||||||||||||||||
| Approved Online Education Providers | |||||||||||||||||
| Homebuyer Obligations |
| ||||||||||||||||
| Property Eligibility | |||||
|---|---|---|---|---|---|
| State | Florida | ||||
| Geographic Coverage | 1 County: Alachua Must be located outside the City of Gainesville limits and within Alachua County. | ||||
| Eligible Property Types |
Single family attached, detached, condos are eligible. Must obtain a home inspection from an approved SHIP Home Inspector. | ||||
| Property Status Requirements | Not Applicable | ||||
| Occupancy Type(s) Allowed | Owner-occupied primary residence | ||||
| Maximum # Units Allowed | 1 | ||||
| Maximum Purchase Price | $250,000 | ||||
| Application Requirements | ||||
|---|---|---|---|---|
| Purchase Contract | Purchase contract required prior to approval | |||
| Lender Approval | Pre-Approval Letter is required prior to application | |||
| Online Application Docs | No | |||
| Required Application Docs |
| |||
| Credit Report | Provided by originating lender | |||
| Application Notes | Application Submittal information requested from the agency but not yet received. | |||
| Closing Requirements | ||||
|---|---|---|---|---|
| Closing Funds Provider | Program Provider | |||
| Closed in the Name of | First Lien: Originating Lender Subordinate Lien: Program Provider | |||
| Wet Signed Documents Required? | Yes | |||
| Closing Requirements Notes | Closing Requirements information requested from the agency but not yet received. | |||
| Closing Documents Prepared By | Program Provider Closing docs not available online | |||
| Required Closing Documents |
| |||
| Post Closing Requirements | |
|---|---|
| Post Closing Notes | Post Closing information requested from the agency but not yet received. |
| Servicing | |
|---|---|
| Interim Servicing Provider | Not Applicable |
| Ongoing Servicing Provider | Not Applicable |
| Disclosures | |
|---|---|
| Required Upfront Disclosures | Disclose on 1st Mortgage |
| Program-Specific Documents | Program-Specific Documents Required Prior to Closing:
|
| Program Document Notes | Program Documents information requested from the agency but not yet received. |
| Fees | |
|---|---|
| Lender Fees Allowed on 1st | Yes |
| Program Fees for 1st Mortgage | Recording Fees is required, Paid At Closing |
| Lender Fees Allowed on Subordinate Loan | No |
| Program Fees for Subordinate Loan | Recording Fees is required, Paid At Closing |
| Lender Fees Notes | First mortgage fees must be deemed customary and reasonable by the County. |
| Provider Info | |
|---|---|
| Agency Name | Alachua County |
| Contact Info | https://alachuacounty.us/Depts/CSS/House/Pages/housing.aspx 218 SE 24 Street, John Henry Thomas, M.D. Center, Gainesville, FL 32641 352-337-6240 |
| Provider Type | Municipality |
| EIN/Tax ID # | 59-6000501 |
| Lender Participation Requirements | Signed Participation Agreement not required. No participation fees required. Annual program training required for Originating LO. The program provider has not disclosed requirements for: Physical Presence |
| Additional Lender Requirements | All lenders having attended the SHIP Lender Certification Class. |
| Agency Notes | To become a Participating lender, contact the agency by sending an email to Alachua County Housing Program: housing@alashuacounty.us and they will instruct you on how to proceed. |
| Investor/Insurer Eligibility | |
|---|---|
| Fannie Mae | Eligible as of January 19, 2025 per Fannie Mae Community Seconds Checklist (November 2024). |
| Freddie Mac | Eligible as of January 19, 2025 per Freddie Mac Affordable Seconds Checklist (December 2024). |
| Documents | |
|---|---|
| Program Brochure | Alachua County SHIP Flyer.pdf |
| Ship Mortgage And Note 9 23 | Alachua County – SHIP Mortgage and Note 9_23.pdf |
| Revision History | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Since 04/23/2024 |
| ||||||||||||||||||||||||||||||||||||||||||||
