| Program Name | Apalachee Regional Planning Council (ARPC) – Gulf County SHIP Purchase Assistance Program | ||||
|---|---|---|---|---|---|
| Funding Status | Active Program is administered by the Apalachee Regional Planning Council (ARPC). | ||||
| Benefits |
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| Program Provider’s Website | |||||
| Program Provider’s Phone | Fair Housing Coordinator For more information or to get assistance with completing an application, please contact Marcus Thompkins, Apalachee Regional Planning Council at 850-488-6211. | ||||
| Program Guide/Flyer | Program Application: Applicant Portal (Neighborly): 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 | ||||
| Program Administrator | Apalachee Regional Planning Council (ARPC) | ||||
| Employer Assisted Housing Program? | No | ||||
| Bond Funded? | No | ||||
| Funding Source | SHIP | ||||
| Eligible Channels | Retail | ||||
| Limitations |
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| Program Terms | |
|---|---|
| Maximum Assistance Amount | $30,000 The Gulf County SHIP Purchase Assistance Program provides funding up to $30,000 to assist eligible households with the down payment, closing cost and principal buy-down for the purchase of a home. Funds may be used for assistance toward the purchase and rehabilitation of an existing pre-owned structure or newly constructed non-pre-owned structure. |
| 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 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 |
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| Maximum LTV/CLTV | Determined by first mortgage product or lender. |
| Payments Deferred? | Yes, for 10 years |
| Forgivable? | Yes |
| Forgiveness Terms | Waiting Period: 1 year Affordability Period: 10 years Forgiveness Increment: 10% per year Forgiven Portion: 100% |
| Deferral/Forgiveness Notes | The loan shall provide for pro-rated repayment, which shall be due upon sale, assignment or any transfer of title of the property within the ten-year term. |
| Interest Bearing? | No |
| Amortizing? | No |
| Equity Sharing? | No |
| Repayment Notes | No repayment required as long as the loan is in good standing. The loan will be determined to be in default if any of the following occurs during the Loan term: sale, In cases where the qualifying homeowner(s) die(s) during the loan term, the loan may be assumed by a SHIP eligible heir who will occupy the home as a primary residence. If the legal heir is not SHIP eligible or chooses not to occupy the home, the outstanding balance of the loan will be due and payable. If the home is foreclosed on by a superior mortgage holder, the county will make an effort to recapture funds through the legal process if it is determined that adequate funds may be available to justify pursuing a repayment. The County Commission will agree to subordinate its SHIP mortgage to the refinanced mortgage in the event that the lender certifies the funds applied for were for the sole purpose of improvement of that home and upon the issuance of a building permit for the improvement of the home. This will be followed by the building official, who will at the conclusion of the matter, certify that such funds were expended on improvements for the mortgaged property. |
| Borrower Eligibility | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ownership Status | Must be first-time homebuyer | ||||||||||||||||
| FTHB Definition | An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers). A single parent who has only owned a home with a former spouse while married. An individual who is a displaced homemaker and has only owned with a spouse. An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations. An individual who has only owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure. | ||||||||||||||||
| Citizenship Status Allowed | Must be a US Citizen | ||||||||||||||||
| Occupancy Requirements | Non-Borrower Occupant Allowed Non-occupant 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: Extremely-Low (30% AMI), Very-Low (50% AMI), Low (80% AMI) and Moderate (120% AMI). Area Median Income (AMI) is based on Gulf 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 03/16/2025 | ||||||||||||||||
| 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 attend and complete HUD approved homebuyer course. | ||||||||||||||||
| Approved Online Education Providers | |||||||||||||||||
| Homebuyer Obligations |
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| Property Eligibility | |||||
|---|---|---|---|---|---|
| State | Florida | ||||
| Geographic Coverage | 1 County: Gulf Must be located in Gulf County. | ||||
| Eligible Property Types |
Max sales 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 | ||||
|---|---|---|---|---|
| Application Submission | By Borrower via Online Portal at Applicant Portal (Neighborly): https://portal.neighborlysoftware.com/ARPC/Participant | |||
| Lender Approval | Pre-Approval Letter is required prior to application | |||
| Online Application Docs | Yes | |||
| Application Docs Website | Program Application: https://cdnsm5-hosted.civiclive.com/UserFiles/Servers/Server_6500990/File/County%20Government/SHIP/2024%20SHIP%20Application.pdf | |||
| Required Application Docs |
| |||
| Credit Report | Provided by originating lender | |||
| Application Notes | Purchase Contract 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 Administrator 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 Document Notes | Program Docs 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 |
| Lender Fees Notes | Lender and Program Fees information requested from the agency but not yet received. |
| Provider Info | |
|---|---|
| Agency Name | Gulf County |
| Contact Info | https://www.gulfcounty-fl.gov/home 1000 Cecil G. Costin Sr., Blvd, Port St. Joe, FL 32456 850-227-2382 |
| Provider Type | Municipality |
| Program Administrator | Apalachee Regional Planning Council (ARPC) |
| Agency Notes | Lender Participation Requirements 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 January 20, 2025 per Fannie Mae Community Seconds Checklist (November 2024). |
| Freddie Mac | Eligible as of January 20, 2025 per Freddie Mac Affordable Seconds Checklist (December 2024). |
| Documents | |
|---|---|
| Ship Mortgage And Note | Gulf County_SHIP Mortgage and Note.pdf |
| Revision History | ||||||||||||||||||||||||||||||||||||
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| Since 04/26/2024 |
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