First Time Homebuyer Program:

First Time Homebuyer class scheduled for May 10, 2014. Participants who attend the entire session will receive a Certificate of Completion that is required for the SHIP, Neighborhood Stabilization Programs, and other first time homebuyer assistance programs.

press release

NOTE: This Program Is Not Being Funded At This Time

The State Housing Initiatives Partnership Program (SHIP) provides funds to local governments as an incentive to create partnerships that produce and preserve affordable home ownership and multi-family housing. The SHIP program was designed to provide very low, low and moderate income families with assistance in the programs that follow below.


Down Payment/Closing Cost Assistance:

When funding is available SHIP provides up to $10,000 to be used toward down payment and closing costs in an effort to make homes affordable for first time home buyers. Qualified applicants will be required to contribute 3% of the purchase price of the home or $2,000, whichever is greater. (Amount of assistance provided is subject to change.)

Requirements include:

Owner occupied homes. Applicant must be a first time homebuyer by definition and verify anticipated 12 months' income and meet income guidelines. Household income can be as high as 80 percent of Citrus County's median income. Applicant must qualify with a financial institution for mortgage financing. Monthly mortgage payment including taxes and insurance must be affordable. Mobile homes are not eligible for assistance with this program.

Citrus County 2012 Income Limits
Number of Persons in Household 1 2 3 4
Median Income $48,100
80%
$26,950 $30,800 $34,650 $38,500
         
Number of Persons in Household 5 6 7 8
Median Income $48,100
80%
$41,600 $44,700 $47,750 $50,850

Eligible Properties:

Eligible properties may be single-family homes and condominiums. Two to four family units may be eligible if the home buyer uses one unit as a principal residence. Mobile homes are not eligible. Properties may be located within the incorporated or unincorporated areas of Citrus County. The sales prices cannot exceed:

  • On Existing homes: $110,000.00

Repayment:

The subsidy is in the form of a soft second mortgage with zero-interest and no monthly payments. The entire amount of assistance will be due and payable if the home is sold; or, the home is no longer the primary residence of the client; or, the first mortgage is paid in full or refinanced; or, a home equity line of credit is obtained.

Funding Availability:

All guidelines, funding amounts, client required investment, etc. are subject to change at any time without notice.

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