SHIP Funds 2026: Get $30K+ in Hillsborough & Pinellas County

Most first-time buyers in Tampa Bay know about Hometown Heroes and FHA loans. Far fewer know that Hillsborough and Pinellas counties each run their own down payment assistance programs, and that those local funds can be stacked directly on top of whatever the state gives you.

That combination can add up to $50,000 or more in total assistance. On a $350,000 home, that's the difference between struggling to scrape together a down payment and walking in with virtually nothing out of pocket. Not sure how much down payment you need in the first place? Our guide on how much down payment you actually need in Tampa Bay breaks down every tier from $0 to 20%.

What Is the SHIP Program?

SHIP stands for State Housing Initiatives Partnership. It's a Florida program that sends money to each county every year to use for affordable housing. The counties decide how to distribute it, and most of them offer it directly to first-time buyers as down payment and closing cost assistance.

Hillsborough and Pinellas both participate. Both programs are open to income-qualified first-time buyers. And both are designed to work alongside state programs like Florida Hometown Heroes and FHA loans.

How Much Can You Get From Hillsborough County SHIP?

Hillsborough County's SHIP program currently provides eligible first-time buyers up to $25,000 toward down payment and closing costs.

The funds come as a deferred second mortgage at 0% interest. You don't make monthly payments on it. Instead, repayment is triggered when you sell the home, refinance, or no longer use it as your primary residence. Many buyers find that by the time those events happen, the home has appreciated enough that the payoff is painless.

Hillsborough also includes forgiveness provisions for buyers who stay in the home, the longer you remain, the more of the loan may be forgiven.

Income limits apply and are adjusted based on household size. For a single buyer in 2026, eligibility typically requires income below 80% of the Area Median Income (AMI) for Hillsborough County. Couples and larger households have proportionally higher caps.

How Much Can You Get From Pinellas County SHIP?

Pinellas County runs a separate SHIP program that offers eligible buyers up to $30,000.

Like Hillsborough, the assistance comes as a deferred, 0% interest second mortgage. Pinellas also uses a forgiveness structure, which means buyers who stay in the home long enough may see their balance reduced or eliminated over time.

One key difference with Pinellas: competition for funding is fierce. St. Petersburg is one of the most expensive entry-level markets in the region, and SHIP funds there tend to move fast when a new allocation is released. If you're looking in Pinellas, getting your financing lined up early is not optional, it's essential.

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Ready to find out if you qualify for SHIP? Barrett Henry, REALTOR® has 23+ years of real estate experience helping buyers layer every available program. Call (813) 733-7907 or check your eligibility now, takes less than 2 minutes.

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How Do You Stack SHIP With Hometown Heroes?

This is where the math gets interesting.

Florida Hometown Heroes gives eligible buyers up to 5% of the first mortgage amount, capped at $35,000. SHIP from your county can layer on top of that. The two programs are not mutually exclusive, they're designed to complement each other.

Here's a simplified example:

• Home price: $350,000
• FHA loan: $337,750 (3.5% down = $12,250)
• Hometown Heroes: Up to $35,000 (covers down payment + part of closing costs)
• Hillsborough SHIP: Up to $25,000 (covers remaining closing costs and more)
• Out of pocket: Potentially $0 to a few thousand dollars

That's a real scenario, not a sales pitch. It's the same math Barrett Henry, REALTOR® walks buyers through every week. The programs exist. The money is available. The question is whether you know how to access all of it at the same time.

For buyers using VA loans, SHIP funds can cover closing costs since VA loans already require $0 down. That can make a VA purchase nearly free at the closing table.

What Are the Income Limits for SHIP?

Both Hillsborough and Pinellas set income limits based on a percentage of the Area Median Income (AMI). Buyers typically need to fall below 80% of AMI to access the full SHIP benefit, though some programs serve buyers up to 120% AMI with smaller award amounts.

For 2026, here are approximate AMI limits for Tampa Bay counties:

• Hillsborough County: 80% AMI for a household of 2 is approximately $63,900
• Pinellas County: 80% AMI for a household of 2 is approximately $64,400

These figures change annually. If your income is close to the limit, don't assume you're ineligible without checking, deductions, household size adjustments, and other factors can affect your qualifying income.

What Does SHIP Require?

Both programs have standard requirements, though the exact list can vary by cycle:

1. First-time buyer status, You must not have owned a home in the past 3 years (veteran exemptions may apply)
2. Income verification, Tax returns, pay stubs, and bank statements
3. Homebuyer education, A HUD-approved homebuyer education course, typically available online for $75 to $99
4. Executed purchase contract, You need a signed contract on a specific property before most SHIP applications can be completed
5. Participating lender, SHIP funds require a lender who is approved and familiar with layering local assistance programs

Working with a REALTOR® who already knows the SHIP process is a genuine advantage here. Barrett Henry, REALTOR® connects buyers with lenders approved for SHIP, Hometown Heroes, and other layered programs so your application doesn't get slowed down by an inexperienced loan officer.

When Does SHIP Funding Run Out?

SHIP programs operate on annual allocations. Once the money for a given cycle is committed, new applications go on a waiting list or get pushed to the next funding year.

Pinellas County in particular has seen high demand relative to available funds. Hillsborough has more volume but also more applicants. The practical advice is the same for both: if you're planning to buy in the next 6 to 12 months, start the SHIP process now rather than waiting until you find a house.

Your eligibility check, homebuyer education certificate, and lender pre-approval can all be done before you're under contract. That way, when the right home comes along, you're not scrambling.

Can You Use SHIP on New Construction?

Yes, in most cases. Both Hillsborough and Pinellas allow SHIP funds to be used on new construction, not just resale homes. That matters because new construction communities in Riverview, Wesley Chapel, and Land O' Lakes are among the most active markets for first-time buyers right now.

Builders in those areas are also offering their own incentives, rate buydowns, closing cost credits, and upgrade packages. Stacking builder incentives with SHIP and Hometown Heroes is one of the most powerful combinations available to Tampa Bay first-time buyers in 2026. See our guide on Tampa Bay builder incentives for a rundown of what major builders are offering right now.

How Barrett Henry Can Help

The hardest part of using multiple programs isn't the paperwork, it's knowing which programs to apply for, in which order, and with which lender. A mistake at any step can cost you one of the funding sources.

Barrett Henry, REALTOR®, has 23+ years of real estate experience working with first-time buyers across Hillsborough, Pinellas, Pasco, Polk, and Hernando counties. He knows which lenders process SHIP correctly, how to sequence the applications, and how to write offers that give sellers confidence while protecting your assistance programs.

The first step is finding out what you actually qualify for. Check your eligibility at firsttimehomebuyertb.com/eligibility or call (813) 733-7907, Barrett Henry, REALTOR®, will walk you through every program available to you based on your income, location, and loan type.

There's no cost to check. And there may be more money on the table than you realized.