State Housing Initiatives Partnership Program

The State Housing Initiatives Partnership (SHIP) Program offers a 0% interest loan for as much as 10% of a house’s purchase price. This loan only has to be paid back when the applicant sells the house, rents it out, or does not use the house as a primary residence anymore.

In order to qualify, applicants cannot have owned a house in the previous three years (must be first-time homebuyers), and have to have been working or living in Charlotte County for the previous six months. Borrowers also have to meet certain debt-to-income ratios: less than 30% for their first mortgage and less than 40% total (not including utilities). In addition to paying $500 towards the down payment from their own funds, borrowers also have to finish a homebuyer education program.

Eligible properties include owner-occupied new or existing single-family homes or qualified condominiums less than $253,809 (as of 2020). The home must be in Charlotte County and cannot be a mobile home.

Borrowers must fall under certain annual household limits, which for 2020 are the following:

1 person household : $30,550
2 person household : $34,900
3 person household: $39,250
4 person household : $43,600
5 person household : $47,100
6 person household : $50,600

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