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SHIP Home Purchase Program

Lake County offers assistance to help extremely low, very low, low and moderate income households purchase homes. The program is funded through the State Housing Initiatives Partnership (SHIP). The funds can be used for down payments, closing costs for new homes, or for existing homes that have been or will be repaired within twelve months of transfer of title. The maximum purchase price for new and existing homes is $180,000. Up to $5,000 of the assistance can be used for repairs to existing homes. The amount of SHIP assistance available varies by income category.

Income Category
  Extremely Low Income
30% or Less of AMI
Very Low Income
50% or Less of AMI
Low Income
80% or Less of AMI
Moderate Income
120% or Less of AMI
Maximum Assistance Available n/a $40,000 $30,000 $20,000
AMI = Area Median Income

The assistance is in the form of a deferred second mortgage which is forgiven after 15 years. No payments are due if the borrower lives in the home for the term of the mortgage; however a lien held by the County is placed on the home during the mortgage period. If, before the 15 years have elapsed, the home is sold, ceases to be the principal residence of the borrower, the borrower refinances with cash out or uses the home as collateral for a home equity line of credit, the loan must be repaid in its entirety within 30 days of closing. The loan does not need to be repaid if the refinancing was to obtain a lower fixed interest rate, or to create additional living space due to an increase in family size.

Households wishing to participate in the Home Purchase program must be creditworthy, able to obtain a thirty year fixed rate first mortgage from an approved lender that meets the Lake County LendersÂ’ Guidelines, cannot currently own another home, and must have incomes that do not exceed the following guidelines based upon household size.

Household Size
Number of Persons
Extremely Low Income
30% or less of AMI
Very Low Income
50% or less of AMI
Low Income
80% or less of AMI
Moderate Income
120% or less of AMI








































* AMI = Area Median Income
* Effective 04/29/2019
* Subject to periodic updating per U.S. Department of Housing and Urban Development guidelines

In order to be considered for the SHIP Down Payment Assistance Program, you will need to consult with Consumer Debt Counselors and determine your mortgage readiness. Once you are determined mortgage ready you will be referred to the housing office and placed on the waiting list. You can contact Consumer Debt Counselors at 407-599-0057.

For more information about the Home Purchase program, call 352-742-6530.


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