The Putnam County State Housing Initiatives Partnership (SHIP) Program provides  down payment assistance in the form of a forgivable grant to eligible first time homebuyers purchasing a home in Putnam County. The county will begin accepting grant applications starting on April 9th 2026, but you must be pre-approved for a mortgage loan in order to receive these funds. Although, the grant program does not have a minimum FICO/credit score requirement, applicants are suggested to have at least a FICO score between 580-620+ in order to qualify for a mortgage pre-approval. If your FICO score is low you may or may not require cash reserves. You may schedule a quick Client consultation if you have any questions related to the program or getting pre-approved. 

 

INCOME LIMITS Can be found HERE

There is no residency requirement to receive these funds; Property must be located in Putnam County

OTHER PROGRAM DETAILS can be found HERE

 

Eligible Property Types Include:

• Single-Family Homes

• Townhomes

• Condominiums

• Newly Constructed or Existing Homes

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Grant Loan terms:

Lien/loan is fully forgiven as follows: 20% forgiven at the end of year ten (10) and 5% for each year 11-30. Awards of less than $3,500 awarded as a grant (excludes closing costs). No repayment is required as long as the mortgage loan is in good standing. 

• Default Terms: The loan will be determined to be in default if any of the following occurs: sale, transfer, or conveyance of property; conversion to a rental property; loss of homestead exemption status; or failure to occupy the home as primary residence. If any of these occur, the outstanding balance will be due and payable. If the home is foreclosed on by a superior mortgage holder, the county will make an effort to recapture funds through the legal process if it is determined that adequate funds may be available to justify pursuing a recapture. In cases where the qualifying homeowner(s) die(s) during the loan term, the loan may be assumed by a SHIP eligible heir who will occupy the home as a primary residence. If the legal heir is not SHIP eligible or chooses not to occupy the home, the outstanding balance of the loan will be due and payable

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Mortgage Pre-Apprval Basic Eligibility Requirements:

• FICO Min 580-620+

• Two Year History of Employment (may include schooling) 

• No excessive late payments within the last 12mths 

• Must remove all active credit disputes &/or credit freezes

• Credit Report fee $132 per application (includes joint applications) ​

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Apply Now, or schedule Buyer Consultation for more information regarding this program!

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