Affordable Homeownership for Marion County & Ocala Buyers

SHIP Purchase Assistance Program

The SHIP (State Housing Initiatives Partnership) Purchase Assistance Program helps qualified buyers in Marion County and the City of Ocala secure down payment and closing cost assistance, making homeownership more affordable and within reach.

At Southern Home Loans, we guide you through the entire process from pre-approval to closing. We know the program guidelines inside and out, and we make it simple.

What Is the SHIP Program?

The SHIP Purchase Assistance Program provides down payment and closing cost assistance to income-qualified buyers purchasing a primary residence in Marion County or the City of Ocala.

Funds are provided through:

• State Housing Incentive Program (SHIP) funds
• Federal HUD HOME funds

This program is designed to remove one of the biggest barriers to buying a home: upfront cash.

How Much Assistance Is Available?

The amount of assistance is based on household income (Area Median Income – AMI):

Income must fall below 140% of the area median income as determined annually by HUD/FHFC. We’ll help you determine where you fall and what that means for your buying power.

Who Is Eligible?

To qualify for SHIP assistance, buyers must meet several requirements.

Homeownership Status

• You cannot currently own a home

Residency

• Must have been a Florida resident for at least 1 year
• Must be a U.S. citizen or documented permanent resident (minimum 2 years with tax returns)

Credit Requirements

• Minimum 580 credit score
• One year of satisfactory credit
• Bankruptcies must be discharged for 2 years (3 if a home was included)
• Foreclosure, short sale, or deed in lieu must be completed for at least 3 years

Outstanding unpaid judgments or collections must be resolved or on a documented repayment plan.

Employment

• Two years of employment history (including part-time)
• Self-employed borrowers must show 2 years of tax returns with Schedule C

What Type of Loans Are Allowed?

SHIP assistance can be paired with: Conventional, FHA, VA, and USDA loans.

Loan terms must be:

• 30-year fixed (38 years for USDA)
• Fixed rate
• No balloon, ARM, prepayment penalty, demand feature, or negative amortization

We’ll structure your financing to ensure it meets program guidelines.

Why Work With Southern Home Loans and Luminate Bank?

Programs like SHIP have strict guidelines and timelines. One missed detail can delay closing.

That’s where we come in. We can:

• Structure your loan to meet SHIP requirements
• Coordinate directly with Community Services
• Ensure your pre-approval letter meets all program standards
• Help you stay on track through inspections, disclosures, and funding
• Make sure there are no surprises at closing

We handle the complexity so you can focus on finding the right home.

If you’re looking to buy in Marion County or Ocala and need help with down payment and closing costs, this program could be the opportunity you’ve been waiting for.

Let’s run the numbers.