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Home Buyer Assistance County of Volusia

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County of Volusia

Community Assistance Division

Homebuyer Assistance Program

The purpose of the Volusia County Community Assistance Division’s Homebuyer Assistance Program (HBA) is to assist eligible households with the purchase of a home. The HBA program is funded by Volusia County through federal and state grants. Assistance is provided to ·close the gap” of funds needed for purchase and closing costs. The gap funds will loaned by the County of Volusia to the homebuyer with a 30-year deferred subordinate loan at 0% interest. Approved Affordable Housing Partners (AHP) and the Community Assistance Division administer the HBA program jointly.

Limitations on home purchase:

  • Home location: The home must be located in Volusia County, except within the city limits of Daytona Beach, Deltona and Ponce Inlet.
  • Note: Limited funds are available for purchases within the city limits of Port Orange and Oak Hill.
  • Purchase price: The maximum purchase price is $148,000 for households with income that do not exceed 80% of Area Median Income (AMI). The maximum purchase price for households with income between 81% and 125% AMI is $225,000.

Eligibility requirements:

  • The applicant must not have owned a home within the last three years or defaulted on a mortgage within the last seven years.
  • The applicants total gross income must not exceed the limits based on family size. See Attachment “A” for the current income chart.
  • The applicant must secure a first mortgage in the maximum amount for which they can afford with a fixed interest rate and no pre-payment penalty.
  • The applicant must contribute a minimum dollar amount towards the down payment of the home according to the following schedule:
Very Low Income

30% of AMI

Low Income

80% of AMI

Moderate Income

120% AMI

$500
$1,000
$1,500

Loan requirements:

  • The subordinate loan is secured by a deferred mortgage, with a 3D-year term with 0% interest.
  • The subordinate loan is a non-assumable subordinate mortgage.
  • The subordinate loan cannot exceed the first mortgage or be more than 50% of the purchase price.
  • The maximum subordinate loan amounts are as follows:
Income Level Purchase Assistance Closing Cost Assistance
Very Low 20% of the purchase price, not to exceed $30,000 $6,000.00
Low 20% of purchase price, not to exceed $24,000.00 $5,000.00
Moderate 20% of purchase price, not to exceed $18,000.00 $4,000.00

Application process:

  • The applicant will contact an approved Affordable Housing Partner (AHP) directly to apply. See Attachment “B” for a list of approved AHPs.
  • The application process is a two-part process:
    • Part 1- Income eligibility
    • Part 2- Home and mortgage eligibility
  • The AHP will be the main contact person for communications between all interested parties throughout the application process.
  • The AHP will verify that the household meets income and program guidelines.
  • The AHP will submit a complete application and related documentation to the Community Assistance Division for review.
  • Applications will only be accepted only from approved AHPs.
  • Applications will be processed and approved on a first-ready, first-served basis.
  • Funding is limited for moderate-income clients.
Median Income Levels for FY 2017 SHIP & CDBG Funding (HBA)
Median Income for Deltona-Daytona-Ormond Beach, FL MSA
$54,300
(Effective August 4, 2017)
Household Size Extremely Low Very – Low Low Moderate
30% of Median Income 50% of Median Income 80% of Median Income 120% of Median Income
1 $12,060 $19,550 $31,300 $46,920
2 $16,240 $22,350 $35,750 $53,640
3 $20,420 $25,150 $40,200 $60,360
4 $24,600 $27,900 $44,650 $66,960
5 $28,780 $30,150 $48,250 $72,360
6 $32,400 $32,400 $51,800 $77,760
7 $34,600 $34,600 $55,400 $83,040
8 $36,850 $36,850 $58,950 $88,440
Median Income Levels for FY 2014 NSP Funding (NSP)
Median Income for Deltona-Daytona-Ormond Beach, FL MSA
$51,500
(Effective March 16, 2015)
Household Size Extremely Low Very – Low Low Moderate
30% of Median Income 50% of Median Income 80% of Median Income 120% of Median Income
1 $11,770 $18,400 $29,400 $44,100
2 $15,930 $21,000 $33,600 $50,400
3 $20,090 $23,650 $37,800 $56,700
4 $24,250 $26,250 $42,000 $63,000
5 $28,350 $28,350 $45,400 $68,050
6 $30,450 $30,450 $48,750 $73,000
7 $32,550 $32,550 $52,100 $78,100
8 $34,650 $34,650 $55,450 $83,100

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