Home Downpayment Assistance Program Collier County
The Collier County SHIP Down Payment/Closing Cost Assistance Program is administered by the Department of Housing and Human Services. The program provides interest-free loans to assist first-time homebuyers achieve the dream of homeownership. If qualified, the SHIP loan amount may be up to three times the amount of your down payment, not to exceed 4% of your purchase price.
Question 1: How do I qualify for this loan?
Your annual household income cannot exceed the following income limits, adjusted for household size:
2 Person $44,700
3 Person $50,250
4 Person $55,850
5 Person $60,300
6 Person $64,800
7 Person $69,250
8 Person $73,700
Question 2: How do you define a first-tlme home buyer?
You have not owned a home in the last three (3) years.
Question 3: Ate there ony restrictions as to where the property may be located?
No. The only requirement is that the property be located within unincorporated Collier County, the City of Naples or Everglades City.
Question 4: Are there any other restrictions?
The SHIP Program can only be used far the purchase of a single family home, townhome or condominium unit. Mobile Homes are not eligible. The maximum sales price for units purchased through this program is $300,000. Additionally, the home being purchased must be your primary residence.
Question 5: How much money con I get?
You may qualify for up to three times the amount of your down payment, or 4% of the affordable purchase price as determined by our office, whichever is less. The Promissory Note will be secured by a Second Mortgage, payable to Collier County, when you sell your home, transfer ownership, refinance your first mortgage or lose your homestead exemption.
Question 6: So, whats the catch?
The "catch" is that you must be pre-qualified by a SHIP Representative from our office. Funds are available on a first come, first served basis, and are limited by the amount of money available far this program.
Question 7: When will I receive the money for Down Payment/Ciosing Cost Assistonce?
Funds will be issued at the scheduled loan closing, in the form of a check payable to you and your closing agent.
Question 8: How will the funds be reserved for me until my loan closes?
Once a complete application package has been received and approved, an award letter will be issued. This letter will reserve your funds.
Question 9: When do I take the Homebuyer Education Course?
The Homebuyer's Education Course is held on a regular basis. You should take the classes as early as possible, but no later than one month before your scheduled closing. You may contact Collier County's Housing and Human Services Department to sign up or visit callierhousing.org to view class date and time information offered by the Housing Development Corporation of SW Florida.
Question 10: What documents do I need when I apply for my loon?
1) Current pay stubs covering one month of employment for all adult household members, 2) most recent three months asset statements (i.e. checking, savings, IRA), 3) most recent three years Federal income tax returns, and 4) list of outstanding monthly debts.
Question 11: Who do I call if I have more questions about this program?
Collier County's Housing and Human Services, at (239) 252-4663
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"Wes was incredible through this very stressful process. Our loan situation was unconventional to say the least and though we could not apply for a FHA loan, Wes's knowledge of various products allowed us to purchase the home of our dreams. Throughout the process, my husband and I commented that "miracles do happen" and it's because of Wes that we closed on our miracle!"
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