How much down payment assistance is available in Monroe County, FL?

For the 2026 cycle, qualified homebuyers may receive between $45,000 and $65,000 in assistance. This amount is subject to funding availability and specific program year guidelines.

Is the Monroe County down payment assistance a grant?

No, it is typically structured as a 0% interest, deferred-payment loan. No monthly payments are required, but the loan must be repaid upon maturity, sale, transfer, or loss of homestead status.

What are the income limits for the Monroe County SHIP program?

The program generally serves households up to 140% of the Area Median Income (AMI). For 2025-2026, estimated limits are approximately $127,820 for a 1-person household and $145,880 for a 2-person household, subject to annual HUD adjustments.

Who qualifies as Essential Service Personnel in Monroe County?

Essential Service Personnel (ESP) often receive priority processing. This includes teachers, educators, police officers, firefighters, health care personnel, and skilled building trades workers.

Monroe County FL Down Payment Assistance | Up to $65,000 in Assistance

Program Highlights for 2026

The SHIP program makes buying in the Keys affordable.

Up to $65,000 Award

Qualified buyers may receive between $45,000 and $65,000 to cover down payment and closing costs, depending on current funding cycles.

0% Interest Rate

Funds are secured by a recorded 30-year deferred loan. You make no monthly payments on the down payment assistance loan.

Deferred Payment

Repayment is generally only required if you sell, rent out, or refinance the home. Enjoy homeownership with lower overhead.

Monroe County SHIP Program Rules for 2026

The State Housing Initiatives Partnership (SHIP) provides substantial support for residents of the Florida Keys. Understanding the specifics of the Monroe County FL down payment assistance program is crucial for a successful application.

Income Limits & Eligibility

To qualify for the 2026 assistance cycle, households must generally fall into Very Low, Low, or Moderate income categories (up to 140% AMI). While specific caps change annually, effective limits often look like this:

1 Person Household: Up to approx. $127,820 (140% AMI)
2 Person Household: Up to approx. $145,880 (140% AMI)
4 Person Household: Up to approx. $182,420 (140% AMI)

*Note: These figures are based on 2025-2026 projections and subject to HUD updates.

The "Recapture" Rule

While the loan has 0% interest, Monroe County utilizes a shared appreciation model to keep the program sustainable. If you sell the home, you repay the principal plus a percentage of the profit (appreciation).

Year 1 Sale: 50% of appreciation is recaptured.
Year 5 Sale: 30% of appreciation is recaptured.
Year 11+ Sale: 0% of appreciation is recaptured (only principal due).

Property Requirements in the Keys

Finding the right property is the second half of the equation. The Monroe County FL down payment assistance program isn't just for traditional houses.

Eligible Properties

Single-Family Homes
Condominiums & Townhomes
Modular Homes (on permanent foundation)
Mobile Homes (built after Dec 1, 2005)

Buyer Requirements

Must be a First-Time Homebuyer (no ownership in last 3 years).
Must contribute at least 1% of the sales price.
Must use a federally insured lender.

Priority Processing

Funds are limited and often distributed on a "First Qualified, First Served" basis. However, the 2026-2028 Local Housing Assistance Plan prioritizes specific groups, including Essential Service Personnel (ESP) and Very Low-Income households. Getting your eligibility checked early is critical to securing your spot in the queue.

Are You "Essential Service Personnel"?

Monroe County recognizes the vital contribution of its workforce. The Local Housing Assistance Plan (LHAP) often includes specific strategies to assist Essential Service Personnel (ESP) in planting roots in the Keys.

If you work in one of these sectors, you may have priority status for down payment assistance funding:

Teachers & Educators

Police & Firefighters

Health Care Personnel

Skilled Building Trades

Funding Tiers

Current Priority Order

1
Special Needs & Very Low Income

Households meeting specific statutory definitions.
2
Essential Service Personnel (ESP)

Critical workforce members as defined by LHAP.
3
General Workforce

All other eligible income-qualified applicants.

How to Prepare: The "First Qualified" Rule

You cannot apply for funding until you have found a home. To ensure you are "First Qualified" when the 2026 application cycle opens, you must have these threshold items ready.

1. Executed Contract

You must have a fully signed "AS IS" purchase contract on an eligible property. The contract must be for an existing home or a new build with a certificate of occupancy expected within 5 months.

2. Lender Pre-Approval

A pre-qualification letter from a federally insured financial institution is mandatory. Your lender must understand the SHIP guidelines (up to 90% LTV combined with assistance).

3. Minimum Investment

The program requires the buyer to contribute at least 1% of the purchase price from their own funds. This can often be applied towards closing costs or inspections.

Start Your Pre-Check Now →