The City of Pensacola and Escambia County jointly participate in the State Housing Initiatives Partnership (SHIP) Program, referred to as the SHIP First Time Home Buyers Program. The program is designed to assist families obtain affordable housing. No new SHIP funds were allocated for fiscal year 2010-2011.

The following program is available to first time homebuyers under the SHIP Program.

Eligible low and moderate families may qualify for up to $15,000 for down payment and closing cost assistance who, otherwise, qualify for bank or private first mortgage financing. The monies are offered in the form of a grant, which is a forgivable loan.

Eligibility Requirements

To be eligible for the SHIP Program, applicants must meet the following program requirements:

• Applicant cannot have had any ownership interest in any property within the past three years;
• Applicant must be a resident of Escambia County or employed in Escambia County for at least six months prior to
• application;
• Applicant's total household income must be within the maximum income eligibility limits listed below and must have satisfactory credit history to secure home loan;
• Applicant must meet all the Financial Institute's (the "Lender") local, state, and federal loan requirement guidelines.
• Applicant must allow the local government, or its designated representative, to verify the gross anticipated household income to determine that the household is qualified as very low, low, or moderate income. The gross anticipated income for the next 12 month period of all persons in the household must be verified and included on an Income Certification PRIOR to the distribution of SHIP Funds.

INCOME ELIGIBILITY LIMITS

(Effective May 31, 2011)*