Hey there! Navigating the path to homeownership can feel overwhelming, especially when you’re venturing into it for the first time. But don’t worry—Pensacola offers a fantastic program designed to make this journey smoother for you.

Program Name

City of Pensacola and Escambia County First-Time Homebuyers Program (SHIP)

Source of Funding

This initiative is funded through the State Housing Initiatives Partnership (SHIP), a collaborative effort between the City of Pensacola and Escambia County.

Eligibility Criteria

• First-Time Homebuyer Status: You must not have owned a home or had ownership interest in a homesteaded property in the last three years.
• Income Limits: Your total household income should fall within the program’s maximum income eligibility limits.
• Creditworthiness: You need sufficient income and good credit standing to qualify for primary financing from a participating lender.
• Homebuyer Education: Completion of an eight-hour HUD-certified homebuyer education class is required before closing.
• Property Requirements: The home must be your principal residence, located within Escambia County or the City of Pensacola, and the sales price should not exceed the current purchase price limits set annually by the Florida Housing Finance Corporation.

Benefits

• Financial Assistance: Depending on your income, you could receive up to $45,000 in down payment and closing cost assistance. This assistance comes as a zero-interest deferred payment loan, meaning you won’t have monthly payments, and repayment is deferred until you sell, refinance, transfer the title, or pay off the first mortgage.

Potential Drawbacks

• Funding Availability: As of July 17, 2024, all SHIP Homebuyer funding has been committed. It’s essential to check for updates on funding availability.
• Property Restrictions: Mobile or manufactured homes are not eligible for this program.

Application Process

1. Participating Lenders: Submit your application through one of the program’s participating lenders.
2. Homebuyer Education: Attend and complete the required eight-hour HUD-certified homebuyer education class before closing.
3. Property Selection: Ensure the property you intend to purchase meets all program requirements and falls within the designated areas.

Embarking on the journey to homeownership is a significant milestone, and programs like this are here to support you every step of the way. Remember to stay updated on funding availability and consult with participating lenders to explore your options.

Additional Information for Blog Post Writers

Geographic Availability

This program is available to eligible applicants within Escambia County and the City of Pensacola, Florida.

Sources

• City of Pensacola Home Buyers Program
• City of Pensacola FAQ

Pros

• Significant financial assistance up to $45,000.
• Zero-interest deferred payment loans reduces immediate financial burden.
• Mandatory homebuyer education enhances preparedness for homeownership.

Cons

• Funding may not always be available; as of July 17, 2024, funds were fully committed.
• Excludes mobile/manufactured homes from eligibility.

Application Process

• Applications are submitted through participating lenders.
• Completion of an eight-hour HUD-certified homebuyer education class is required prior to closing.
• The property must be within the specified geographic area and meet program criteria.

Type of Assistance

This program provides both down payment and closing cost assistance in the form of a zero-interest deferred payment loan.

Program Availability

• Became Available: Specific start date not provided.
• Became Inactive: As of July 17, 2024, all SHIP Homebuyer funding had been committed. Future applicants should check for updates on funding availability.

Post Category and Subcategory

• Category: Florida First-Time Homebuyer Program
• Subcategory: Escambia County