Martin County State Housing Initiative Partnership (SHIP) Program

Down payment/closing cost assistance to purchase a home
SHIP will assist with down payment and closing cost assistance for construction of a new home or to purchase an existing home. The applicant(s) must be a first time homebuyer or have not owned a home within the past 3 years. First-time homebuyers are requred to attend a first-time homebuyer's workshop sponsored by Consumer Credit Counseling Service.  The certificate received for attendance is good for one year.  All persons whose names will be on the deed must attend. Call 1-866-616-3720 for current meeting opportunities. The applicant(s) must be able to qualify for a mortgage loan with a lender who is a member of the Martin County Lending Consortium.  The lender's list is available below. Program funding is a  30-year lien that will be placed on the home in the form of a deferred non-payment, non-interest mortgage. The lien is satisfied after the 30-year period if the homebuyer has remained the owner/occupant of the home. Any time during the 30-year period, if the home is sold or is no longer the permanent residence of the homebuyer, the repayment of the total amount of the SHIP loan is required.

Rehabilitation assistance

The SHIP Program also assists current homeowners with repairs to their home through rehabilitation assistance . The applicant must be the owner/occupant of the home in need of repairs. Eligible repairs will correct code violations and problems that pose an immediate threat to the health, safety, or welfare of the inhabitants or neighbors, or will substantially increase the energy efficiency of the dwelling unit. This includes retrofitting for handicap and special needs. Rehabilitation assistance will result in a lien placed on the home in the form of a deferred non-payment, non-interest mortgage in effect for one year for every thousand dollars worth of repairs. The lien is satisfied at the end of the lien period if the homeowner has remained the owner/occupant of the home. Any time during the lien period, if the home is sold or is no longer the permanent residence of the homeowner, the repayment of the SHIP loan is required. The repayment amount is pro-rated. The applicant will be credited for each year that they have lived in the home.

The application cycle for fiscal year 2008/2009 closed and aplications are being processed. There are no new SHIP Funds available for 2010.  An application is considered complete when it includes ALL required documentation. Eligibility is based on the number of persons in the household and the anticipated gross annual income of all monies coming into the household. There is no guarantee that all applicants will be serviced. It is your responsibility to maintain current contact information with the County. Please call The Affordable Housing Information Line at 772-221-1362 for more information.