Florida Housing's First Time Buyer Program
Get Up To $10,000.00 for
Down Payment & Closing Cost Money
This makes buying a house easier and more affordable than renting!!! With hardly any money out of your pocket you could buy a home in West Volusia County, in most cases for less than it takes to get into a rental!!
Home Buyer Education Class - Required but free!
Florida Housing requires the completion of a federal and state-approved Homebuyer Education Course for all first time homebuyers receiving assistance through one or more of our programs. Click here to find an approved counseling agency in your area.
Or you can contact Lori Smith at Countrywide, who is a participating lender and approved to use the Florida Bond Program at 386-804-3260, she can qualify you for this program.
Click here for Frequently Asked Questions on this Program.
HOMEBUYERS - First Time Homebuyer Program
The First Time Homebuyer Program makes purchasing a home more affordable for low-to-moderate income families and individuals by offering fixed, low-interest rate mortgage loans. Florida Housing also offers down payment and closing costs assistance to eligible borrowers, which can greatly reduce the out of pocket expense to the buyer.
DOWNPAYMENT ASSISTANCE (DPA)
Florida Housing offers two down payment and closing cost assistance programs in the form of second mortgage loans. It gives you up-front cash assistance to help eligible homebuyers cover their down payment and closing costs. You may be eligible to receive ONE of the following:
Florida Assist (up to $10,000 available)
For a complete list of income limits by county for the Florida Assist program, click here.
HAMI Program (up to $5,000 available)
You may qualify for this program if your income exceeds the limits for the Florida Assist program. The interest rate for the HAMI program is 5 percent.
"WASHINGTON - First-time homebuyers should begin planning now to take advantage of a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008." IR-2008-106, Sept. 16, 2008
West Volusia area FIRST TIME BUYERS, if you purchased a home on or before April 8, 2008 or are planning to purchase before July 1, 2009 you may qualify for a federal tax credit up to $7.500.
You can use the tax credit in any way you'd like: Furniture, New Flooring, New Appliances, however, :) If you have credit cards, I would highly recommend using the money to pay off HIGH INTEREST RATE credit cards. The tax credit is in essence a 0% interest free 15 year loan!!
DID YOU KNOW THE NUMBER ONE WAY TO INCREASE YOUR SAVINGS ABILITY IS TO PAY OFF CREDIT CARD DEBT!! Let your money work for you.. while you work for your money! Get debt off your back!!
If you are looking to purchase a home or vacant land in the astor, pierson, barberville, deleon springs, deland, orange city, debary, deltona area along the historic St Johns River corridor please feel free to email me or call me, 386-747-0641.
If you have already purchased a home and are interested in receiving the tax credit, I advise you to seek the advice of a tax professional, there is always a catch!!
What's it all about???
People are always asking about the SHIP program ... buyers, sellers, and even other agents in my office and whom I do business with. It's a great program that can help a 1st Time Home Buyer into their home and keep an affordable payment. The down payment assistance is a 30 Year, 0% Silent Second Mortgage. What does that mean? That mean you don't pay a thing, there is no interest and if you stay in the home for 30 years, the mortgage is dissolved and the home is yours free and clear of the second mortgage. You can always refinance your first mortgage for a lower interest rate, but if want to refi with cash out for a pool, home upgrades, landscaping...whatever.. the Silent Second Mortage must be satisified and repaid to Volusia County. So, Let's get to the basics.
First Off and Foremost ~ THE MUSTs
1. You must not have owned a home (a site built or manufactured) for the past three years.
2. You must not have been foreclosed on in the past seven years.
3. You must not have more than $10,000.00 in the bank.
4. You must be able to qualify for a mortgage through a lender, it is down payment assistance!
5. You must take the Home Buyer Down Payment Assistance Course.
How much can you qualify for?? and what do you need??
Depending on home much your yearly household income is (that means EVERYONE working in the household that is over the age of 18 combined) and how many people are in the household determines which category you fall in below.
Ok, so for an example ... a buyer who falls in the "Low Income" bracket that finds a house in the "County Wide" area is illegible to receive $38,400.00 in down payment assistance PLUS $5,400.00 in closing cost money and the Buyer MUST contribute $1,000.00 towards the home.
Very Low Income Low Income Moderate Income
County Wide Areas $38,400 $32,400 $26,000
Revitilization Areas $42,000 $36,000 $30,000
Closing Cost Money $6,000 $5,400 $3,000
Buyer Contribution $500 $1,000 $1,500
Now.... I know what you are asking! How do I know where I fall in the above categories? How do I know if I am in a County wide area or a Revitilization area?? Well, there are maps that Volusia County Community Assistance provides it's Affiliate Partners, the new fiscal year starts each year at the beginning on July. Below tells you exactly how many in the household along with what the annual household income limit is to determine if you qualify and where you fall, Very Low, Low, or Moderate. If you have more than six in your family, call me, I can help you, I have a Volusia County SHIP "bible" with all the good stuff!
Very Low-Income Range
Family Size: Maximum Income:
1 $17,600
2 $20,100
3 $22,650
4 $25,150
5 $27,150
6 $29,150
Low Income -Range
Family Size: Maximum Income:
1 $28,200
2 $32,200
3 $38,250
4 $40,250
5 $43,450
6 $46,700
Moderate-Income Range
Family Size: Maximum Income:
1 $42,240
2 $48,240
3 $54,360
4 $60,360
5 $65,160
6 $69,960
Volusia County funding offers assistance in Deland, Orange City, Debary, De Leon Springs, Pierson, Barberville, Osteen, New Symrna, Edgewater, Oak Hill, Ormond. To purchase properties in Daytona, Port Orange or Deltona, funding must be obtained from the City in which you are interested in living.
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