Sarasota County Down Payment Assistance Program

Program Overview

The Sarasota County State Housing Initiatives Partnership (SHIP) provides gap financing for down payment and closing costs. Administered by the County’s Housing Enhancement and Redevelopment Office (HERO), this program is designed to help income-eligible households purchase a home in Sarasota County.

How the Loan Works

Deferred Payment: This is a 0% interest loan. No monthly payments are required as long as you remain in the home.
Loan Forgiveness: The loan is forgiven at a rate of 5% per year. After 20 years, the loan is fully forgiven if in good standing.
Repayment: If you sell, refinance, transfer title, lease the property, or move out before the 20-year term ends, the remaining balance becomes due.

Eligibility Requirements

Location Must be in Sarasota County. (Note: City of Sarasota residents must apply through the City’s specific housing office).
Residency The home must be your primary and permanent residence.
Property Type Single-family homes, townhomes, or condos. Manufactured/mobile homes are not eligible.
Income Category Serves Very Low and Low income households based on 2026 guidelines.

2026 Income Limits

Applicants must not exceed these annual household income limits to qualify for purchase assistance.

Household Size	Very Low Income	Low Income
1 Person	$37,700	$60,300
2 People	$43,050	$68,900
3 People	$48,450	$77,500
4 People	$53,800	$86,100

*Limits effective April 1. Higher household sizes are also eligible per County flyer.

Your Path to Homeownership

Follow these steps to access up to $75,000 in assistance.

Get Pre-Approved

Secure a pre-approval for a first mortgage from a participating lender. This establishes your budget and base financing before applying for aid.

Verify Eligibility

Confirm your household income matches the 2026 limits and that you are purchasing a primary residence in Sarasota County.

Find a Home

Work with a real estate agent to find an eligible single-family home, townhome, or condo (manufactured homes are not eligible).

Apply for SHIP

Submit your application for the Sarasota County HERO program. Funds are awarded on a first-qualified, first-served basis.

Why Use Gap Financing?

Many potential homeowners in Sarasota County qualify for a monthly mortgage payment but struggle to save the substantial cash needed for a traditional down payment and closing costs.

The SHIP Purchase Assistance Program bridges this gap. By providing up to $75,000 as a 0% interest deferred loan, the program increases your purchasing power and keeps your monthly mortgage payments affordable.

Instead of depleting your emergency savings, you can use these funds to secure your primary residence while maintaining financial stability for the future.

Program Highlights

No Monthly Payments on the assistance loan.
Increases Affordability in a rising market.
20-Year Forgiveness path available.

Check Your Eligibility

Frequently Asked Questions

Common questions about the 2026 Sarasota County SHIP Purchase Assistance Program.

What is the Sarasota County Down Payment Assistance Program?

The Sarasota County SHIP program (HERO) provides up to $75,000 in gap financing for down payment and closing costs. It is structured as a 0% interest, deferred-payment loan for income-eligible households purchasing a primary residence within Sarasota County.

Who qualifies for down payment assistance in Sarasota County?

To qualify, you must be a Very Low or Low-income household buying a primary residence in Sarasota County (excluding City of Sarasota limits). You must meet specific income limits based on household size and be approved for a first mortgage.

What are the income limits for Sarasota County assistance in 2026?

For 2026, the maximum "Low Income" limits are $60,300 for a 1-person household, $68,900 for 2 people, $77,500 for 3 people, and $86,100 for 4 people. "Very Low" income limits are lower. These figures are effective as of April 1, 2025.

Is the Sarasota County SHIP loan forgivable?

Yes. The loan is forgiven at a rate of 5% per year over a 20-year term. If you remain in the home as your primary residence and keep the loan in good standing for the full 20 years, the entire balance is forgiven.

Do I have to make monthly payments on the assistance?

No. The assistance is a 0% interest deferred loan, meaning no monthly payments are required. You only repay the loan if you sell, refinance, lease, transfer title, or move out of the property before the 20-year term is complete.

Can I buy a home in the City of Sarasota with this program?

No. The Sarasota County SHIP program covers unincorporated Sarasota County and other municipalities, but residents purchasing within the City of Sarasota limits must apply to the City’s specific housing office for their separate assistance funds.

What types of properties can I buy?

Eligible properties include single-family homes, townhomes, and condominiums located in Sarasota County. Manufactured homes and mobile homes are currently not eligible for purchase assistance under this program.

How much money can I get for a down payment?

Qualified households can receive up to $75,000 in assistance. This amount can be used for the down payment and reasonable closing costs associated with purchasing your primary home.

What happens if I sell or refinance the home?

If you sell, refinance, or transfer the home before the 20-year term ends, the remaining unforgiven loan balance becomes immediately due and payable. You may also be subject to shared appreciation provisions depending on the loan terms.

When can I apply for the program?

The application cycle opened on November 3, 2025, and is scheduled to run through June 30, 2028, or until funds are exhausted. Applications are processed on a first-qualified, first-served basis.