TAYLOR COUNTY, FLORIDA

Frequently Asked Questons on the SHIP Program

 

 

1. How is the Ship Program funded? The Ship Program is funded by documentary stamps recorded in the local Clerk of Court offices.
2. Does SHIP have low-income homes? No
3. Will the SHIP Program buy and / or build a home for me? No. The SHIP program will pay the costs (closing cost/down payment) associated with buying and existing home or newly constructed home. You will be required to get a loan from a local lender or Rural Development to finance the home.
4. What will the Lender consider when I apply for a loan to buy a home? Your income, debts, and two-year credit history
5. Does bad credit make it impossible for me to own a home? No. However, since good credit must be reestablished, the process may take longer than two to three months.
6. What if I have bad credit? A Credit Counselor will meet with you to discuss your financial situation and advise you how to reestablish (repair) your credit.
7. Will a bankruptcy make it impossible for me to own a home? The Lender will make the decision with consideration to the circumstances at which time you filed bankruptcy. For your information, a Bankruptcy will remain on your credit report for 10 years. Please seek counsel from credit counselor before filing bankruptcy.
8. How do I find a home? You can meet with Realtors or individuals that may have homes for sale. Or you can speak with Contractors that are licensed and approved to build homes.
9. If I buy an existing home that needs repair, will SHIP make the repairs for me? SHIP may address some repairs but not all repairs since the funds are limited.
10. Will I be required to pay the closing costs/down payment that SHIP paid in my behalf? No. However, if you sell, move out, or refinance within 5 years, you will be required to pay the County a portion of the money paid on your behalf.
11. Will I be able to qualify for home (mortgage) loan if I have low income? The Lender will determine if you will qualify. (See the income guidelines used by SHIP.)
12. How long will the process take for me to buy a home? If SHIP funds are available and you have adequate income and credit, the process can take two to three months.

REHABILITATION

13. Will the SHIP Program repair the home that I own?Yes, when funds are available. The applicant must meet the income guidelines and own and live in the home to be repaired. SHIP does not fix rental homes or mobile homes.
14. Will SHIP pay me if I fix the repairs? NO. Repairs must be addresses by a licensed contractor who have met guidelines of the city or county building department.
15. Will I be required to move out of my home while it is being repaired? If you are being served by the CDBG/SHIP Programs, that repair homes outside the city limits, you will be required to move out while the repairs are being completed.
16. Will I have to pay for the repairs to my home? No. However, if you sell, move out, or refinance with five years, you will be required to pay the County a portion of the money spent to repair your home.