COUNTY OF VOLUSIA

COMMUNITY ASSISTANCE DIVISION

MEMORANDUM OF UNDERSTANDING - EXISTING

To prospective Homebuyers: Pleae read the following information about the Down Payment Assistance Program for Existing housing. Because this program benefits you, it is important you understand it. Thank you.



EXISTING HOUSING:



1. The Mid-Florida Housing Partnership will determine your eligibility for receipt of assistance from the government funded Down Payment Assistance Program. You cannot have owned a house or a mobile home within the past three years. You cannot have foreclosed on a home or a mobile home in the past seven years.



2. If eligible, you are required to attend the Homeownership Preparation and Home Management/Maintenance classes.



3. After completing the classes, Mid-Florida Housing Partnership will finish your aplication. Your completed file will be sent to the County of Volusia for review. The County must be provided the following prior to issuance of the Certificate of Commitment:
   
   
   • a completed and signed application
   
   
   • Verification of employment/income
   
   
   • Verification of assets
   
   
   • Credit report
   
   
   • Contract for purchase and good faith estimate
   
   
   • Course certificates
   
   
   • Lender approval and certification
   
   
   • Apraisal



4. Homes selected for purchase must be affordable under the County definition of affordability. Sales price cannot exceed $225,000.00 and payment must be affordable.
   
   
5. Funds are limited. Check with Mid-Florida Housing Partnership for availability.



6. The County will inspect the house you have selected for purchase and it must pass a Housing Quality Standards (HQS) inspection before your closing.



7. Down payment assistance is based on financial need and income range, with a maximum of $44,400.00 for very low-income families, and $38,400.00 for low-income families and $32,400 for moderate. If buying in a revitalization area, then the amount of down payment assistance is up to $50,000for very low income families and up to $45,000 for low income families $38,000 for moderate. Closing costs assistance is based on financial need and income range with a maximum of $6,000 for very low income families and $5,400 for low income families and $3,000 for moderate income. Applicants are required to pay at least $500 (very low income) $1,000 (low income) or $1,500 (moderate) toward the down payment.



8. Down payment assistance will be secured with a second mortgage for 360 months at 0% interest. Upon sale or transfer within 360 months, the mortgage is paid back in full. If the property is held for 30 years, the mortgage is satisfied.



9. The County must receive an invoice and a HUD Statement from the closing agent at least 10 working days prior to date of closing. Your closing agent may call the County at (386) 736-5955, (386) 254-4648, or (386) 423-3375 (ext. 2964) if additional information is needed.



10. Property that is currently occupied by a tenant (other than yourself) is NOT eligible for purchase under this program.


You are fully responsible for the success of your house purchase and hold the County and its agents harmless of any loss or damage that may be related to your effort in obtaining a house.



MEMORANDUM OF UNDERSTANDING - NEW CONSTRUCTION



To prospective Homebuyers: Pleae read the following informaion about the Down Payment Assistance Program for New Construction housing. Because this program benefits you, it is important you understand it. Thank you.



NEW CONSTRUCTION:



1. The Mid-Florida Housing Partnership will determine your eligibility for receipt of assistance from the government funded Down Payment Assistance Program. You cannot have owned a house or a mobile home within the past three years. You cannot have foreclosed on a home or a mobile home in the past seven years.



2. If eligible, you are required to attend the Homeownership Preparation and Home Management/Maintenance classes.



3. After completing the classes, Mid-Florida Housing Partnership will finish your aplication. Your completed file will be sent to the County of Volusia for review. The County must be provided the following prior to issuance of the Certificate of Commitment:
   
   
   • a completed and signed application
   
   
   • Verification of employment/income
   
   
   • Verification of assets
   
   
   • Credit report
   
   
   • Contract for purchase and good faith estimate
   
   
   • Course certificates
   
   
   • Lender approval and certification
   
   
   • Apraisal



4. Maximum sales price of home, including the lots based on family size and is as follows:
   
   Any Family Size $225,000
   
   
5. Funds are limited. Check with Mid-Florida Housing Partnership for availability.



6. Down payment assistance is based on financial need and income range, with a maximum of $44,400.00 for very low-income families, and $38,400.00 for low-income families and $32,400 for moderate. If building in a revitalization area, then the amount of down payment assistance is up to $50,000for very low income families and up to $45,000 for low income families $38,000 for moderate. Closing costs assistance is based on financial need and income range with a maximum of $6,000 for very low income families and $5,400 for low income families and $3,000 for moderate income. Applicants are required to pay at least $500 (very low income) $1,000 (low income) or $1,500 (moderate) toward the down payment.



7. Down payment assistance will be secured with a second mortgage for 360 months at 0% interest. Upon sale or transfer within 360 months, the mortgage is paid back in full. If the property is held for 30 years, the mortgage is satisfied.



8. The County must receive an invoice and a HUD Statement from the closing agent at least 10 working days prior to date of closing. Your closing agent may call the County at (386) 736-5955, (386) 254-4648, or (386) 423-3375 (ext. 2964) if additional information is needed.


You are fully responsible for the success of your house purchase and hold the County and its agents harmless of any loss or damage that may be related to your effort in obtaining a house.

Contact Mid-Florida Housing Partnership, Inc.
Call:
(386) 274-4441 Ext. 301 Daytona Beach area
(800) 644-6125 Flagler County area
(800) 644-6125 Outside Volusia and Flagler County areas
or E-mail:mfhp@bellsouth.net

DUE TO HIGH VOLUME OF CLIENTS, WE ARE NOT ACCEPTING APPOINTMENTS ONLINE, PLEASE CALL THE OFFICE FOR AN APPOINTMENT. THANK YOU