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 Port Orange.
- Purchase price: The purchase price for a newly constructed or an existing home cannot
exceed $225,000. This includes the price of the lot if the home is being constructed.
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 applicanfs 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 |
Low Income |
Moderate Income |
$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 |
$40,000.00 |
$3,000.00 |
| Low |
$30,000.00 |
$3,000.00 |
| Moderate |
$20,000.00 |
$3,000.00 |
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 2011 |
| Median Income for Deltona-Daytona-Ormond Beach, FL MSA |
| $57,100 |
| (Effective June 2, 2011) |
| 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 |
$12,050 |
$20,000 |
$32,000 |
$48,000 |
| 2 |
$13,750 |
$22,850 |
$36,600 |
$54,840 |
| 3 |
$15,450 |
$25,700 |
$41,150 |
$61,680 |
| 4 |
$17,150 |
$28,550 |
$45,700 |
$68,520 |
| 5 |
$18,550 |
$30,850 |
$49,400 |
$74,040 |
| 6 |
$19,900 |
$33,150 |
$53,030 |
$79,560 |
| 7 |
$21,300 |
$35,450 |
$56,700 |
$85,080 |
| 8 |
$22,650 |
$37,700 |
$60,350 |
$90,480 |
|
|
