Up to $75,000 Award
Qualified buyers may receive up to $75,000 to cover down payment, closing costs, and "gap" funding.
0% Interest Rate
Assistance is issued as a 0% interest second mortgage with no monthly payments required.
Loan Forgiveness
The loan is fully forgivable over time (5-30 year terms) as long as you occupy the home.
2026 Eligibility Requirements
1 Income Limits
Household income must not exceed the limits below (adjusted annually):
| Household Size | Max Income |
|---|---|
| 1 Person | $49,150 |
| 2 Persons | $56,200 |
| 3 Persons | $63,200 |
| 4 Persons | $70,200 |
| 5 Persons | $75,850 |
| 6 Persons | $81,450 |
2 Residency & Buyer Status
- Must live or work in Charlotte County for at least 6 months prior to applying.
- Must be a First-Time Homebuyer (no ownership in the last 3 years), with some exceptions for displaced homemakers or single parents.
- Minimum borrower contribution: $1,000 of your own funds.
3 Property Guidelines
- Eligible properties: Single-family homes and qualified condos within Charlotte County.
- Mobile/Manufactured homes are not eligible.
- Maximum Purchase Price: $544,233 (2026 cap based on Treasury data).
Loan Forgiveness Terms
This is a "fully forgivable mortgage." There are no monthly payments. Repayment is only required if you sell, refinance (cash-out), or stop living in the home before the term ends.
*Forgiveness typically ramps up in the later years of the term (e.g., 25% per year in the final 4 years).
6-Month Live-or-Work Rule: How to Qualify If You’re New to the Area
This local requirement is strictly enforced to ensure funds support the local community. You must have established residency or employment in Charlotte County for at least 6 months before submitting your application.
What Counts as "Working"
Employment must generally be with a business physically located within Charlotte County, or you must be able to prove your primary physical workspace has been within the county for the last 6 months.
Required Documentation
- Utility bills dating back 6+ months (water, electric).
- Executed lease agreement or rent receipts.
- Paystubs showing a local employer address.
- Voter registration or driver's license issuance date.
Common Denial Scenarios
Applicants are frequently denied if they have a new job offer in the county but haven't started yet, or if they moved to the area less than 6 months ago—even if they are now working locally.
Forgivable Loan Timeline: When Your Assistance Truly Becomes Free
Understanding the mechanics of your loan forgiveness is crucial. Your loan is effectively "erased" over time, meaning you owe less the longer you stay in the home.
Forgiveness Schedule Mechanics
Selling Early
If you sell the home before the term ends, you must repay the remaining non-forgiven balance of the loan. It is not a penalty, just a repayment of the assistance.
Refinance Do's & Don'ts
- ✓ Do: Rate/Term refinances (to lower your interest rate) are generally allowed without triggering repayment (subordination required).
- ✗ Don't: Cash-out refinances will generally trigger an immediate repayment requirement.
Your Path to Homeownership
Simple steps to secure your funding and purchase your new home.
Connect
Contact a participating lender from the SHIP Consortium to start your file.
Qualify
Get pre-approved for a first mortgage and verify your income eligibility.
Apply
Your lender submits your DPA application to the county for reservation.
Close
Find your eligible home, sign the papers, and move in with $0 down payment!
Frequently Asked Questions
How much down payment assistance can I get in Charlotte County?
Eligible homebuyers can receive up to $75,000 in assistance. This funding covers down payment, closing costs, and "gap" financing needed to make the purchase affordable. The program has a lifetime maximum benefit of $75,000 per household.
Do I have to repay the Charlotte County down payment assistance?
Typically, no. The assistance is issued as a 0% interest, deferred second mortgage. It is fully forgiven over time (ranging from 5 to 30 years) provided you continue to occupy the home as your primary residence and do not sell, refinance with cash out, or rent it out.
What are the income limits for the Charlotte County SHIP program?
For 2026, household income limits are based on household size: $49,150 for 1 person, $56,200 for 2 people, $63,200 for 3 people, and $70,200 for 4 people. All household income is counted towards these limits.
Do I need to be a first-time homebuyer to qualify?
Yes, you must generally be a first-time homebuyer, defined as not having owned a principal residence in the last three years. Exceptions exist for displaced homemakers, single parents, and victims of domestic violence who may still qualify.
Can I use the assistance for any home in Charlotte County?
You can purchase new or existing single-family homes and qualified condominiums located within Charlotte County. Mobile and manufactured homes are not eligible. The purchase price must not exceed the current cap of $544,233.
What happens if I sell my home before the loan is forgiven?
If you sell, transfer title, or stop living in the home before your forgiveness term ends, you must repay the loan. The repayment amount is often reduced based on the number of years you successfully occupied the home.
Is there a minimum down payment required from the buyer?
Yes. While the program covers most costs, the borrower must contribute at least $1,000 of their own funds towards the purchase. You must also be able to qualify for a first mortgage with a participating lender.
How long does the loan forgiveness term last?
The term depends on the award amount: 5 years for up to $10,000; 10 years for $10k–$20k; 15 years for $20k–$30k; 20 years for $30k–$50k; and 30 years for awards between $50k and $75,000.
How do I apply for Charlotte County down payment assistance?
You cannot apply directly to the county. You must apply through a participating lender from the Charlotte County SHIP Lenders' Consortium. A trained loan officer will submit your application packet to the SHIP office for approval.
Can I rent out the home after buying it with SHIP funds?
No. The program strictly requires the home to be your primary residence. Converting the property into a rental or moving out violates the terms and will trigger an immediate repayment requirement for the assistance loan.
Does the program cover closing costs?
Yes. The funds can be used for the down payment, closing costs, and principal reduction ("gap" funding) necessary to make the home affordable for the buyer.
Don't Miss Out on $75,000 in Funding
Funds for the 2026 fiscal year are limited and distributed on a first-come, first-qualified basis. Check your eligibility today to secure your reservation.
Takes less than 2 minutes • No commitment required