Receive up to $50,000 in assistance to purchase your first home.
0% interest. No monthly payments.
Funds are limited and distributed on a first-come, first-served basis.
Applications accepting starting Sep 30, 2025 until funds depleted.
$50k
Max Assistance Amount
For qualifying borrowers
0%
Interest Rate
Deferred payment loan
10 Yr
Forgiveness Term
Partially forgiven starting year 5
The Santa Rosa County SHIP First Time Homebuyer Program provides significant financial aid to eligible residents. The assistance covers down payment and/or closing costs, helping make homeownership affordable.
Effective as of April 8, 2025. Subject to annual HUD updates.
| Household Size | Max Income |
|---|---|
| 1 Person | $82,440 |
| 2 People | $94,200 |
| 3 People | $105,960 |
| 4 People | $117,720 |
| 5 People | $127,200 |
| 6 People | $136,560 |
The assistance is provided as a deferred payment loan. This means:
Your key to homeownership in Santa Rosa County
Must not have owned a principal residence in the last 3 years (exceptions for displaced homemakers/single parents apply).
Home must be in Santa Rosa County. Max sales price $510,939. Mobile homes ineligible; Modular homes allowed with proper insignia.
Must have acceptable credit. Front-end debt ratio ≤ 30% (up to 39% with compensating factors). Cash assets cannot exceed $25,000 above closing costs.
Stop paying your landlord's mortgage. The Santa Rosa County SHIP program bridges the gap between renting and owning with terms you won't find anywhere else.
Unlike traditional second mortgages or private down payment loans that charge interest, this program offers 0% interest. This saves you thousands of dollars over the life of your loan compared to standard financing.
This isn't just a loan; it's an investment in your future. If you stay in your home for 10 years, the entire loan balance is 100% forgiven. It effectively becomes a grant that boosts your home equity.
With up to $50,000 in assistance covering your down payment and closing costs, you keep your cash reserves intact and may qualify for a better home price point (up to $510,939) without breaking your budget.
From application to keys in hand: Here is how the Santa Rosa County process works.
Complete the form below to confirm you meet income and first-time buyer requirements.
Work with a participating lender to ensure your debt-to-income ratio is ≤ 30%.
Select a home in Santa Rosa County (max $510,939). Mobile homes excluded.
Submit your SHIP application starting Sept 30, 2025. Funds released at closing.
Qualified first-time homebuyers in Santa Rosa County can receive a standard maximum of $25,000 in assistance. However, Very Low to Low-income borrowers funded through specific partners like Pensacola Habitat for Humanity or USDA may be eligible for up to $50,000 to cover down payments and closing costs.
Repayment is generally deferred. The loan has 0% interest and requires no monthly payments. If you live in the home for 10 years, the loan is fully forgiven. 50% is forgiven after year 5, and 20% is forgiven annually for years 6 through 10. Repayment is only required if you sell, rent, refinance, or move out early.
Income limits vary by household size. As of April 2025, the maximum limits are $82,440 for a 1-person household, $94,200 for 2 people, $105,960 for 3 people, and $117,720 for a family of 4. These figures are subject to annual adjustments by HUD.
It is structured as a deferred payment loan (DPL) secured by a second mortgage and promissory note, not a grant. However, it functions similarly to a grant if you meet the residency requirements, as the principal balance is forgiven over time without any interest charges.
Santa Rosa County begins accepting applications for SHIP funds on Tuesday, September 30, 2025. Applications are processed on a first-come, first-served basis until the allocated funds of approximately $947,428 are depleted.
No, mobile and manufactured homes are not eligible for this program. However, modular homes are permitted if they have the appropriate Florida Department of Community Affairs (DCA) approved insignia or sticker.
For the current funding cycle, the maximum sales price for a new or existing home is $510,939. The property must be located within Santa Rosa County to qualify for assistance.
Applicants must have acceptable credit as determined by a participating lender. Additionally, your front-end debt-to-income ratio (housing payment vs. gross income) should be 30% or less. Ratios up to 39% may be approved with compensating factors like strong savings or credit history.
Yes. SHIP funds can be applied toward the down payment and eligible closing costs. Eligible costs include appraisal fees, title insurance, recording fees, and the first year of homeowners insurance. Funds cannot be used for Realtor commissions, home warranties, or paying off personal debt.
A first-time homebuyer is defined as someone who has not owned a principal residence in the past three years. Exceptions exist for displaced homemakers and single parents who may have previously owned a home with a former spouse.
Yes. To qualify, you cannot have more than $25,000 in cash assets remaining after your estimated cash-to-close is paid. This ensures the program assists those who truly need financial support for their home purchase.
Don't let a down payment stand in your way. See how much assistance you can receive today.
See If You QualifyTakes less than 60 seconds • No credit check to view
We are proud to assist first-time homebuyers purchase properties throughout the entire county. If you are looking to buy in any of these locations, you may be eligible for assistance.