Sarasota County SHIP (HERO) Purchase Assistance Program

On a $345,000 home in North Port, the area's median price, a family of four earning $85,000 falls between the 50% AMI limit of $57,050 and the 80% limit of $91,300. That caps their Sarasota County SHIP award at 10% of the price, or $34,500. An FHA first mortgage needs 3.5% down, which is $12,075 on this home, well inside the SHIP cap.

Estimated closing costs in North Port run $7,000 to $10,500, so the buyer's total cash need is about $19,075 to $22,575. The county sizes the actual award to the funding gap the lender documents, so this buyer would likely receive close to that amount rather than the full $34,500. The buyer should still budget for inspection and earnest money paid before closing.

A buyer who uses a Florida Housing first mortgage could also add FL Assist, a $10,000 0% deferred second mortgage, which can shrink the SHIP loan to about $9,075 to $12,575. That matters because the appreciation share owed on early sale scales with the SHIP loan divided by the price, so a smaller SHIP loan means a smaller share later.

Sarasota County's 2025-2028 Local Housing Assistance Plan states that SHIP funds may be leveraged with other Florida Housing Finance Corporation programs. The most direct pairing is FL Assist, which offers up to $10,000 as a 0%, non-amortizing deferred second mortgage on FHA, VA, USDA and conventional loans for buyers up to 120% of AMI. FL Assist only works with a Florida Housing first mortgage, so choose a participating lender if you want both.

You cannot use this program if you previously received Sarasota County rehabilitation or homebuyer assistance, and City of Sarasota buyers must use the City's separate SHIP allocation instead (941-263-6340). FL Assist is never forgiven and is due on sale, refinance or payoff of the first mortgage, so layering it adds a second payoff later. Call the HERO SHIP case manager at 941-861-5336 or email SHIP@scgov.net to confirm a specific combination before you sign a contract.

Other ways to lower cash to close include negotiating seller-paid closing costs in the purchase contract and choosing a home well under the $568,292 cap. Very low-income households below 50% of AMI, such as a family of four under $57,050, qualify for up to 15% of the price instead of 10%.

Sarasota County SHIP Purchase Assistance offers up to $75,000 at 0% interest with no monthly payment, a ceiling 7.5 times the $10,000 FL Assist loan. The loan is forgiven at 5% a year, so a buyer who stays put and keeps the home as a primary residence owes nothing after 20 years. Any licensed lender can participate, the $568,292 price cap covers most of the county's market, and a 600 credit score is lower than many first mortgages require. FL Assist, by contrast, is never forgiven.

The biggest limitation is the shared appreciation rider: selling, refinancing, renting or moving out within 20 years makes the loan due plus a share of the home's gain, which can be costly in a rising market. The City of Sarasota is excluded, prior County assistance recipients are barred, and you must have lived or worked in the county for 12 months. Funding is first-qualified, first-served, and closings sooner than two months are not guaranteed. Buyers who miss these rules should look at FL Assist or the City of Sarasota's own SHIP program.