| Program Name | Charlotte County SHIP Purchase Assistance Program | ||||
|---|---|---|---|---|---|
| Funding Status | Temporarily out of funds 03/25/2025 – Per agency: Applications are not being accepted at this time however HHRP funds are expected in the next coming weeks. When program funds are available, recipient selection will be on a first qualified, first served basis. | ||||
| Benefits |
| ||||
| Program Provider’s Website | |||||
| Program Provider’s Phone | Colleen Turner, SHIP Administrator Rose M. Brooks, Case Coordinator Housing Services | ||||
| Program Guide/Flyer | Income Limits (2024): Local Housing Assistance Plan (LHAP): | ||||
| Participating Lenders | May use lender of choice. | ||||
| Participating Realtors | May use Realtor of choice. | ||||
| Eligible Use of Funds |
| ||||
| 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 | 10% of Purchase Price up to $75,000 Assistance equal to 10% of the purchase price is available, not to exceed the combined maximum lifetime award of $75,000. |
| 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 | 15-year, 20-year, 25-year, 30-year Fixed Rate, Fully Amortizing |
| Subordinate Loan Term | 5 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 5 years |
| Forgivable? | Yes |
| Forgiveness Terms | Waiting Period: 5 years Affordability Period: 5 years Forgiven Portion: 100% |
| Deferral/Forgiveness Notes | Loans with a five-year term are forgiven at the end of the fifth year. Loans with a ten-year term are reduced by 25% beginning at the the end of year seven and continues for year eight, nine and ten with no repayment required at the end of year ten. Loans with a fifteen-year term are forgiven at 25% per year beginning at the end of year twelve and continues for year thirteen, fourteen and fifteen with no repayment required at the end of year fifteen. Loans with a twenty-year term are forgiven at 25% per year beginning at the end of year seventeen and continues for year eighteen, nineteen and twenty with no repayment required at the end of year twenty. Loans with a thirty-year term are forgiven at 25% per year beginning at the end of year twenty-seven and continues for year twenty-eight, twenty-nine and thirty with no repayment required at the end of year thirty. (DPR program model reflects the 5-Year term) |
| Interest Bearing? | No |
| Amortizing? | No |
| Equity Sharing? | No |
| Repayment Notes | No repayment required as long as the loan is in good standing. |
| 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-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 80% AMI guidelines Income categories served: Extremely-Low (30% AMI), Very-Low (50% AMI) and Low (80% AMI). Moderate (120% AMI) households will be served on a limited basis (2 per year). (DPR program model reflects the 80% AMI limit) Area Median Income (AMI) is based on Charlotte 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 03/25/2025 | ||||||||||||||||
| Minimum Buyer Contribution | $1,000 Must contribute minimum $1,000 of personal funds towards the purchase. | ||||||||||||||||
| 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 HUD approved homebuyer counseling and obtain certificate of completion. Community Land Trusts (CLT) applicants must complete homebuyer course specific to CLT’s. | ||||||||||||||||
| Approved Online Education Providers | |||||||||||||||||
| Homebuyer Obligations |
| ||||||||||||||||
| Property Eligibility | |||||
|---|---|---|---|---|---|
| State | Florida | ||||
| Geographic Coverage | 1 County: Charlotte Can be located anywhere within Charlotte County, including Port Charlotte, Punta Gorda, and Englewood. | ||||
| Eligible Property Types |
Must be single family home or qualified condominium. Mobile and manufactured homes are ineligible. | ||||
| 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 application | |||
| 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 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 |
| Lender Fees Notes | Lender and Program Fees information requested from the agency but not yet received. |
| Provider Info | |
|---|---|
| Agency Name | Charlotte County |
| Contact Info | https://www.charlottecountyfl.gov/ 21500 Gibralter Dr, Unit 1, Port Charlotte, FL 33952 941-833-6500 |
| Provider Type | Municipality |
| Lender Participation Requirements | None |
| Agency Notes | EIN# requested from the agency but not yet received. |
| Investor/Insurer Eligibility | |
|---|---|
| Fannie Mae | Not yet evaluated. Per agency on 10/05/24: The mortgage/promissory note templates are currently being reviewed by legal in advance of launching HHR funds in the coming weeks. Once funding is announced and the Purchase Assistance program is back open, the documents will be available. |
| Freddie Mac | Not yet evaluated. Per agency on 10/05/24: The mortgage/promissory note templates are currently being reviewed by legal in advance of launching HHR funds in the coming weeks. Once funding is announced and the Purchase Assistance program is back open, the documents will be available. |
| Revision History | |||||||||||||||||||||||||||||||||||||||||
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| Since 04/26/2024 |
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