Volusia County Home Buyer Assistance a.k.a. SHIP Down Payment Assistance

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 on the down payment money, 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.

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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

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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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