Daytona Beach Florida home buying assistance

LOW INCOME HOUSING ASSISTANCE

State Housing Initiatives Partnership (SHIP) Program
Down Payment and Closing Cost Assistance

To be eligible to apply for financial assistance you must:

Not have owned a home in the last three (3) years.

Not purchase property that is currently occupied by a tenant other than you.

Complete an approved Credit Counseling Clinic and receive a certificate of completion.
You need your credit reports for Credit Counseling Clinic,
visit our Credit Clinic page for days and time.
Complete an approved Homebuyer Education Training Classes and receive a certificate of completion.

Utilize the home purchased as your principal residence.

The homebuyer (s) must obtain the maximum first mortgage for which they are eligible.

Meet the eligibility requirements of the current H.U.D. Section 8 Income Limits/AMI based on your family size.
Income limits updated by HUD effective 03/10/2009.

VOLUSIA COUNTY AND CITY OF DAYTONA BEACH PROGRAMS:

H.U.D. Section 8 Income Limits/AMI

Family Size	Very Low up to:	Low up to:	Moderate up to:
1	$19,300	$30,900	$46,320
2	$22,100	$35,300	$53,040
3	$24,850	$39,750	$59,640
4	$27,600	$44,150	$66,240
5	$29,800	$47,700	$71,520
6	$32,000	$51,200	$76,800
7	$34,200	$54,750	$82,080
8	$36,450	$58,300	$87,480

VOLUSIA COUNTY

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.
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.

CITY OF DAYTONA BEACH

The home you have selected for purchase must be affordable under the City's definition of affordability. Sales price cannot exceed $237,000 and the payment must be affordable.

Financial assistance is provided on an as needed basis. Maximum amounts available are as follows:

A. Extremely low and Very low-income households may receive up to $40,000.00.

B. Low-income households may receive up to $30,000.00.
C. Moderate-income households may receive up to $20,000.00

CITY OF PORT ORANGE

The home you have selected for purchase must be affordable under the City's definition of affordability. Sales price cannot exceed $204,000 and the payment must be affordable.

Down payment assistance is based on financial need and income range, with a maximum of $60,000 for very low-income families, $60,000 for low-income families and $60,000 for moderate-income families.
Applicants are required to pay at $500 (very low income), or $1,000 (low income) and $1,500 (moderate income) toward the down payment.
NOTE: Actual funding levels are to be determined on a case-by-case basis.