Collier County SHIP Programs for Homeowners
This program offers various assistance options to eligible homeowners in Collier County, providing support for rehabilitation, new construction, demolition, and replacement of manufactured homes. From owner-occupied rehabilitation to down payment assistance, these initiatives aim to enhance housing options for residents in need.
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Presentation Transcript
COLLIER COUNTY SHIP PROGRAMS Purchase Assistance Owner-Occupied Rehabilitation New Construction Assistance Demolition & Replacement of Manufacture Home
Owner-Occupied Rehabilitation This program provides interest-free, deferred loans up to $52,500 to assist eligible homeowners in unincorporated Collier County, the City of Naples, the City of Marco Island, or Everglades City with rehabilitation or repair of their single-family homes, townhomes, or condominium units. Mobile homes built prior to July 13, 1994, do not qualify for assistance. The rehabilitated property value cannot exceed 90% of the assessed value as determined by the Collier County Property Appraiser s Office, including after repairs. A Promissory Note will be secured by a Second Mortgage payable to Collier County when you rent your home, sell your home, refinance your home, or lose your homestead exemption. One-third of the loan is forgiven every five years. Applicant shall: Own or have a mortgage for at least twelve months. Household income must be within the income limits established by the program. Proof of mortgage or deed as well as legal residency or citizenship status will be required. Be current on your mortgage and not have had more than one late payment in the past twelve months.
New Construction Assistance This program provides a $50,000 SHIP subsidy for the construction of a new home. Collier County has partnered with local Developers to build new homes in the community.
Demolition & Replacement of Manufactured Home This program provides interest-free loans of up to $150,000 to assist qualifying manufactured homeowners to demolish and replace their existing home located in unincorporated Collier County, the City of Naples, the City of Marco Island, or Everglades City. The SHIP award will be a 30-year deferred loan secured by a promissory note and a second mortgage executed by the homebuyer to Collier County. Qualifications: Household income must be within the income limits established by the program The existing home must have enough decay/damage that it cannot be repaired, or the cost of repairs would be more than 51% of the home value. Cannot have had the following within the last three years: foreclosure, bankruptcy, Federal/State tax lien, deed-in-lieu of foreclosure
DOWN PAYMENT ASSISTANCE PROGRAM (DPA) The Collier County Community & Human Services (CHS) Division is offering Purchase Assistance under the State Housing Initiatives Program (SHIP) which provides down payment and closing costs assistance to eligible first-time homebuyers interested in purchasing a home within Collier County.
Eligibility Requirements Must be a U.S. citizen, Naturalized Citizen, or permanent resident Funds are available on a first come/ first qualified basis, upon funding availability, for first-time homebuyers who meet the program requirements. Applicant must not have owned a home within the last three years (The term first-time homebuyer also includes an individual who is a displaced homemaker) Must meet the income and household size guidelines Must qualify for an eligible mortgage
Continue Eligibility Requirements Occupy the home being purchased as their primary residence during the term of the loan Must obtain a first-time homebuyer education certificate from a HUD- certified agency Select an eligible property, that can pass inspection and must be in Collier County Cannot have more than $30,000 in liquid assets before closing
Underwriting Criteria Borrower cannot have had the following within the last three years: Federal/State tax lien, deed-in-lieu of foreclosure and proof of legal residency is required foreclosure, bankruptcy, Debt-to-income ratio: 32% front end, 45% back end.
Underwriting Criteria Essential Services Personnel awarded an additional $10,000 Maximum Award Levels: Very Low Income 30% $50,000 Low Income Moderate Income 120% $20,000 50% $30,000
Underwriting Criteria Assistance can be used only on single-family homes, townhomes & condominium units located within unincorporated Collier County, City of Naples, City of Marco and Everglades City. The maximum sales price cannot exceed 90% of the average area sales price established by the US Treasury Dept, published annually. (Currently, $685,786)
Underwriting Criteria Funds will be issued as a zero-interest, deferred payment loan, which does not require monthly payments. The SHIP loan is payable and due upon sale or transfer of property. As long as the borrower(s) continue to maintain the assisted property as their primary residence (Homestead), no repayment is required. No repayment is due if sold after thirty (30) years.
Income Eligibility Requirements To receive this assistance the gross total household income (anticipated for the next 12 months) cannot exceed the income limits adjusted for household size set forth below:
2023 Income Limits Annual household income cannot exceed the Area Median Income Limit (AMI) based on family size. House- Hold Size Very-Low Income 50% Max Award $50,000 Low Income 80% Max Award $30,000 Moderate Income 120% Max Award $20,000 1 Person $33,050 $52,850 $79,320 2 Person $37,750 $60,400 $90,600 3 Person $42,450 $67,950 $101,880 4 Person $47,150 $75,450 $113,160 5 Person $50,950 $81,500 $122,280 6 Person $54,700 $87,550 $131,280
Frequently Asked Questions Q: Is there a debt-to-income requirement? A: Yes, there is a front-end ratio of 32% and a back-end ratio of 45%. Q: Is there a credit score requirement? A: Not for Collier County but the Lender requires a minimum credit score Q: Is there a maximum home price? A: Yes, the maximum purchase price is: $685,786 Q: How do I get the funds? A: Funds are delivered to the Closing Agent at the time of purchase
