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Down payment Assistance Program


Purpose of the Program

The City of Cape Coral will provide down payment/closing cost assistance to first time homebuyers purchasing existing, eligible homes.

Maximum Amount of Assistance

A maximum award of 20% the purchase price plus closing costs up to $20,000.

*Any funding received after deadline will be for moderate income clients ONLY (120% AMI).

Eligible Applicants

Must meet income guidelines. These limits are based on the income and assets of all residents in the household:

Income Limits Adjusted to Family Size

These income guidelines are updated periodically by the US Department of Housing and Urban Development (HUD).

Property Requirements

The home being purchased must be a single family home located within the city limits of Cape Coral. Mobile homes are not eligible.

The home must be the primary residence of the client. The City of Cape Coral will check the property’s homestead status through the Lee County Property Appraiser on an annual basis. Client must have legal right to reside permanently in the United States. Must be first time home buyer (not owned a home in last 3 years; or is a displaced homemaker). The home must appraise at or above the sales price. Maximum purchase price is $258,690.

Clients will be responsible for obtaining the first mortgage from a financial institution in accordance with the City of Cape Coral Lender Guidelines.

First Mortgage Products

Minimum 30-Year Fixed Rate (No Balloons or ARMS)

Conventional mortgage loans

Federal Housing Administration loans (FHA)

United States Department of Agriculture (USDA)

Maximum Principal, Interest, Taxes, Insurance (PITI) Debt-to-Income Ratio (total monthly housing payment divided by gross monthly income) cannot exceed 33% Maximum Total Debt-to-Income Ratio (total household payment plus other recurring debts (e.g. car payments) divided by gross monthly income) cannot exceed 45%.

Buyer Contribution

$2,000 before or at closing.

Resale Provisions

The SHIP DP received by a client will be secured by a subordinate second mortgage for 10 years. During this lien period, the second (SHIP) mortgage is a “silent” (zero interest, no payments required) mortgage as long as the client uses the property as the primary residence. The second (SHIP) mortgage will be forgiven at the end of the lien period. SHIP subsidy must be repaid if the property is sold prior to the end of the lien period, if the property is rented or refinanced without prior approval of the City of Cape Coral, or upon the death of all SHIP program recipients.

Homebuyer Education

Homebuyers must complete eight hours of first-time homebuyer counseling through a HUD approved counseling agency.

Application and Program Information

This program is being run by Cape Coral Housing Development Corporation, a non-profit corporation. The agency can be reached at (239) 471-0922. Applications for the program are available by contacting the agency directly. A fully accepted purchase contract and a commitment letter for a first mortgage from a lender should be included in the application packet.


Homebuyer Program

We offer a variety of programs to assist income qualified families to achieve their dream of homeownership.

Owner Occupied Rehabilitation

We offer Owner Occupied Rehabilitation to very-low and low income individuals in need of repairs. The typical repairs are health and safety issues. Read More >

Homebuyer Workshop

We offer HUD approved Homebuyer Workshops in English and Spanish. The curriculum covers Pre-purchase through Post –purchase. Clients need to call the office to reserve a spot for the class.