Buying a Home

SHIP Purchase Assistance Program

This program provides interest-free loans up to $60,000 to assist qualifying first-time homebuyer(s) with both down payment and closing cost expenses.

Assistance can be used only with single-family homes, townhomes and condominium units located within unincorporated Collier County, City of Naples, City of Marco and Everglades City.

The SHIP loan is a 30 year deferred payment loan (no payment, no interest) secured by a promissory note and second mortgage executed by the homebuyers to Collier County. The maximum sales price cannot exceed 90% of the average area sales price established by the US Treasury Department and published annually ($685,786 currently).

Qualifications:

• Must complete a Homebuyer Education Course from an approved HUD agency;
• Must be pre-qualified for a first mortgage loan;
• Household income must be within the income limits established by the program;
• Borrower cannot have had the following within the last three years: foreclosure, bankruptcy, federal/State tax lien, deed-in-lieu of foreclosure and proof of legal residency is required; and,
• Debt-to-income ratio: 32% front end, 45% back end.
• SHIP Application

Any questions, please email wendy.klopf@colliercountyfl.gov.

To apply for Homebuyer Education courses, contact Housing, Education and Lending Programs (HELP) at 239-434-2397 or visit floridahelp.org for more information.

HOME Purchasing/Down Payment Assistance Program

BEGINNING NOVEMBER 17, 2022, THE HOME Investment Partnerships Program (HOME) can provide down payment and closing cost assistance to eligible first-time homebuyers interested in purchasing a home in Collier County, as long as the maximum purchase price does not exceed $461,000. Homebuyers must also meet the following:

• Complete a HOME Purchasing Assistance Application: HOME Application;
• Complete a county approved HUD certified Homebuyer Education Workshop (through the Housing, Education and Lending Programs organization / HELP);
• Must be pre-qualified for a first mortgage;
• Must be a first-time homebuyer as defined by an individual and his or her spouse who have not owned a home during the three-year period prior to purchase of a home. The term first-time homebuyer also includes an individual who is a displaced homemaker or single parent;
• Occupy the home being purchased as their primary residence during the term of the loan’s affordability period;
• Household income must be within the limits established by the program.

If approved, applicants may be eligible for assistance towards down payment and closing costs for the purchase of a home located within Collier County. The HOME award will be dependent on income level, the amount of subsidy needed to bring the purchase within the acceptable debt-to-income (DTI) limits and funds available. Funds are available on a first-come, first-qualified basis, upon funding availability, for first-time homebuyers who meet the program requirements.

Award amount can change if more than one funding source is used to assist with the purchase of the home.

Additional Facts:

• Funds will be issued as a zero interest, deferred payment loan, which does not require monthly payments;
• The HOME loan is payable and due upon sale or transfer of property. If the borrower(s) continue to maintain the assisted property as their primary residence, no repayment is required;
• No repayment is due if sold after the designated affordability period;
• Affordability periods vary depending on amount of assistance.

Any questions, please email Adrienne.Meijer@colliercountyfl.gov.