You have decided to buy a home!

Hopefully, you have sat down and budgeted your money. Pat yourself on the back!  This, all on its own is a great accomplishment. Most people just go out looking for a $400,000 home, fall in love with it and then realize they can only afford a $100,000 home. 

First step, get pre-approved!  Find out how much you really can afford.  At ERA Suncoast Realty, we work with many mortgage companies and our own mortgage company, ERA Mortgage. Our representative is Scott Shannon, and his business card is listed below.

          Now lets get down to business!

Citrus County has a program just for first time homebuyers called SHIP.  There are requirements to being a first time homebuyer:

·        Persons who have not owned a home in the past 3 years.

·        Owners of pre-1976 mobile homes or newer which have been cited by another agency or government as substandard (existing home must be removed or demolished)

·        Displaced homemakers

·        Individuals displaced by disaster or government action (per HUD)

·        Never bought a home in Florida before

The SHIP program provides of up to $25,000.00 to eligible home buyers to reduce down payment and closing costs to $1,500.00. To become eligible for this program you must meet the following requirements:

·        Meet income guidelines that are based on the household’s anticipated gross annual income and the number of household members (Income Table)

·        Qualify with a financial institution for mortgage financing

·        Be a First Time Homebuyer by definition

·        Monthly mortgage payment including taxes and insurance must be affordable

·        Must have established residency in Citrus County for 12 months.

Ok, take all that in for a minute and breathe.  I know I had to.  I know this is all very stressful and sometimes confusing, and that’s what we are trying to prevent from happening.

 Now, let us talk a little about what homes are acceptable to the SHIP program. 

          The SHIP program is designed to help you in the purchase of your first home.  Not to get in over your head, go into debt and ultimately lose your first home and the chances of buying another home in the near future.  That’s why there are specific guidelines to what your house can be:

·        Eligible properties are single-family residential homes and condos

·        New Construction homes cannot exceed $155,000

·        Existing Homes cannot exceed $139,000

·        No mobile homes

·        No homes with pools

Hopefully this didn’t eliminate the home you picked out.  Now, even if you are a First Time Homebuyer, you don’t have to use this program, unless you feel you need to.  This is for buyers that need a little help.  If you are set on a home with a pool, there are other programs out there.

Now, the SHIP program is a 0% interest, a second mortgage, but with no monthly payments, although it must be paid off.  The amount of assistance will be paid back if the home is sold, no longer the primary residence, or if mortgage is paid off, or refinanced. 

To utilize the SHIP program is you must call Pat Wilkerson.  She is the Housing Counselor with the Division of Housing Services of the Department of Development Services.  You must take a course with Pat to even be considered for SHIP. Her business card is below. In this class, you will learn much more about this program.  

Ok, so that was some things about the SHIP program, now remember, if that doesn’t sound like your cup of tea, there are more programs out there.  If you do enough research, there are programs out there for anything. 

Florida Housing has an excellent website.  They have a First Time Homebuyers program called Florida Assist Program.  They are loans with 0% interest, no monthly payments, but like the SHIP program you must pay the loan back.  The Florida Assist Loan provides up to $10,000 to assist with down payment and closing costs. 

I really hope at least some of this information helps you in some way.  There are links and business cards below for more information, and even if you don’t want to use the SHIP program, the classes are very informative, and you might change your mind. You don’t have to use it right away!

I compiled my information from the Citrus County Housing Division website, Florida Housing Finance Corporation website, and I also attended the SHIP class and most of the information I learned by attending the class.

WEBSITES, BUSINESS CARDS AND CONTACT