| Program Name | Bay County SHIP Purchase Assistance Program | ||||
|---|---|---|---|---|---|
| Funding Status | Active Bay County Housing Division Page is Coming Soon! | ||||
| Special Alerts | Assistance amounts vary based on income category of the applicants. | ||||
| Benefits |
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| Program Provider’s Website | |||||
| Program Provider’s Phone | Tammy Harris, Housing Program Manager P: 850) 215-2479 E: tharris@baycountyfl.gov | ||||
| Program Guide/Flyer | Local Housing Assistance Plan (LHAP): | ||||
| Participating Lenders | May use lender of choice. | ||||
| Participating Realtors | May use Realtor of choice. | ||||
| Eligible Use of Funds |
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| Program Type | 2nd Mortgage | ||||
| SPCP? | No | ||||
| Program Provider Type | Municipality | ||||
| Employer Assisted Housing Program? | No | ||||
| Bond Funded? | No | ||||
| Funding Source | SHIP | ||||
| Eligible Channels | Retail | ||||
| Limitations |
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| Program Terms | |
|---|---|
| Maximum Assistance Amount | $50,000 Assistance amounts vary based on income category of the applicants: Up to $50,000 for Very-Low (50% AMI) and Low (80% AMI); Up to $25,000 for Moderate (120% AMI). (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 or to provide local match to obtain federal housing grants or programs. |
| Maximum Lien Position | 3 |
| 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 |
| Eligible 1st Mortgage Terms | 15-year, 20-year, 25-year, 30-year Fixed Rate, Fully Amortizing |
| Subordinate Loan Term | 15 years |
| Loan Repayment Type | Soft Second (payments deferred) |
| Monthly Payment Components | Not Applicable |
| Balloon Payment | No |
| Repayment Triggers |
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| Maximum LTV/CLTV | Determined by first mortgage product or lender. |
| Payments Deferred? | Yes, for 15 years |
| Forgivable? | Yes |
| Forgiveness Terms | Waiting Period: 6 years Affordability Period: 15 years Forgiveness Increment: 10% per year Forgiven Portion: 100% |
| Deferral/Forgiveness Notes | Loan will be forgiven on a prorated basis at 10% annually beginning in year 6. |
| Interest Bearing? | No |
| Amortizing? | No |
| Equity Sharing? | No |
| Repayment Notes | No repayment required as long as the loan is in good standing. In cases where the qualifying homeowner(s) die during the loan term, the loan may be assumed by a SHIP eligible heir who will occupy the home as a primary residence. Subordination/Refinancing is allowable under the following conditions: |
| Borrower Eligibility | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ownership Status | Must be first-time homebuyer | ||||||||||||||||
| FTHB Definition | Must not have purchased or owned a home within the last 3 years anywhere in the U.S. | ||||||||||||||||
| Citizenship Status Allowed | May be a US Citizen, or Permanent Resident Alien | ||||||||||||||||
| Citizenship Documentation Required |
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| Occupancy Requirements | Non-Occupant Co-Borrowers Allowed Non-Occupant Co-Signers Allowed Non-Borrower Occupant Allowed Legal separation is not recognized under Florida Law, therefore, homebuyers who are applying for Purchase Assistance must be either single, married or legally divorced. Co-signers may be allowed as an assurance to the first mortgage provider that he or she will assume mortgage payments if the applicant fails to stay current on the mortgage. However, the co-signer should not be included on the title to the house. | ||||||||||||||||
| Income Limits Apply? | Yes, based on Compliance Income (including household income) Income limits from HUD 2025 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) based on Bay County and adjusted for family size. Income from all household members 18 years and older must be included in the calculation. Assets in excess of $5,000, annual income shall include the greater of the actual income derived from all net family assets or a percentage of the value of such assets based on the current passbook savings rate, as determined by HUD. | ||||||||||||||||
| Maximum Annual Household Income by Household Size |
*Income limits as of 04/11/2025 | ||||||||||||||||
| Minimum Buyer Contribution | $2,000 SHIP assistance cannot be used to meet the minimum buyer contribution requirement. | ||||||||||||||||
| 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 | Applicants must complete homebuyer course with the UF/IFAS Bay County. | ||||||||||||||||
| Approved Online Education Providers | |||||||||||||||||
| Homebuyer Obligations |
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| Property Eligibility | |||||
|---|---|---|---|---|---|
| State | Florida | ||||
| Geographic Coverage | 1 County: Bay Property must be located in Bay County. | ||||
| Eligible Property Types |
Must be single family residence, townhouse, condominium, one side of a duplex that will be owner-occupied, or manufactured/mobile home built after July 1994. Income producing properties are not allowed. Must meet HUD minimum Housing Quality Standards (HQS). Max purchase price for existing and new construction homes is $510,939. | ||||
| Property Status Requirements | Not Applicable | ||||
| Occupancy Type(s) Allowed | Owner-occupied primary residence | ||||
| Maximum # Units Allowed | 1 | ||||
| Maximum Purchase Price | $510,939 | ||||
| Application Requirements | ||||
|---|---|---|---|---|
| Purchase Contract | Purchase contract required prior to approval | |||
| Application Submission | By Borrower via Walk-In at Bay County Government Center | |||
| Lender Approval | Pre-Approval Letter is required prior to application | |||
| Online Application Docs | No | |||
| Required Application Docs |
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| Credit Report | Provided by originating lender | |||
| Application Notes | Applicants can also call Bay County Staff at 850-215-2479 to apply. Once an application has been successfully submitted, a Case Manager will be assigned to initiate the review process. That is anticipated to take 7 days with a fully completed application. If eligible, an Award Letter will be issued. NOTE: The Pre-Approval Letter must be for $125,000 or more to qualify for this program. | |||
| 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 | Second Mortgage loan will close in the name of Bay County Applicants can select a title company of his/her choice as long as not on the SAM exclusion list. Co-signers should not be included on the title to the house. Proof of gift funds (if applicable) must be provided to the housing staff prior to closing. Title Commitment Policy with Bay County BOCC, 840 W. 11th St., Panama City, FL 32401, listed under Section A, Section C for the amount of down payment assistance provided by the County. | |||
| Closing Documents Prepared By | Program Provider Closing docs not available online | |||
| Required Closing Documents |
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| Closing Documents Notes | A minimum of 3-days notice is required for closing date changes. Updated closing documents to reflect all changes must be submitted prior to closing. The SHIP loan must be recorded in Bay County with the Clerk of the Court along with the first mortgage. | |||
| 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:
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| Program Document Notes | The Award Letter remains active for 60 days before expiring. A 30 day extension may be granted on a case by case basis. All required documentation must be provided at least 10 days prior to closing. |
| Fees | |
|---|---|
| Lender Fees Allowed on 1st | Yes |
| Program Fees for 1st Mortgage | Discount Fee is prohibited Origination Fee is allowed, Paid To Lender, Charged To Borrower, Paid At Closing, up to 1% Recording Fees is required, Paid At Closing Mortgage Broker Fee is allowed, Paid To Lender, Charged To Borrower, Paid At Closing, up to 1% |
| Lender Fees Allowed on Subordinate Loan | No |
| Program Fees for Subordinate Loan | Recording Fees is required, Paid At Closing |
| Lender Fees Notes | Discount Points are not allowed. Lenders can charge no more than a 1% origination fee and/or no more than a 1% broker’s fee. |
| Provider Info | |
|---|---|
| Agency Name | Bay County |
| Contact Info | https://www.baycountyfl.gov/617/Housing-Division 840 West 11th Street , Panama City, FL 32401 850-215-2479 |
| Provider Type | Municipality |
| Agency Notes | Lender Participation Requirements information requested from the agency but not yet received. EIN# requested from the agency but not yet received. |
| Investor/Insurer Eligibility | |
|---|---|
| Fannie Mae | Eligible as of February 28, 2025 per Fannie Mae Community Seconds Checklist (November 2024). |
| Freddie Mac | Eligible as of February 28, 2025 per Freddie Mac Affordable Seconds Checklist (December 2024). |
| Documents | |
|---|---|
| Bay County Mortgage And Note 6 2024 | Bay County – Mortgage and Note 6_24.pdf |
| Lender/Realtor Guidance | Bay County – Lender&Realtor Guide.pdf |
| Revision History | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Since 04/26/2024 |
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