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NSP Home Purchase Program - Homebuyer Overview

What is the Volusia County NSP Home Purchase Program?

• The Volusia County NSP Home Purchase Program is designed to help qualified, creditworthy persons purchase a county-owned NSP home that has been repaired/renovated.
• Is financial assistance available to help me purchase an NSP home?
  Yes. Purchase assistance for gap financing, down payment assistance and closing cost assistance based on your income and need is included. Click here to see the amounts.
• How would I receive this assistance?
  The assistance is provided as a deferred payment loan with a term of 15 years at 0% interest. You will sign a Note and Mortgage for the amount of the assistance provided. The Mortgage will be recorded as a lien against your property.
• Will I have to repay this assistance?
  You will have to pay back the amount of the loan if you stop living in the house because you sell or rent the home, or otherwise stop living in the house, before the end of the 15 years. Also, if you sell or rent the home in the first 10 years you will have to pay back a portion of any profit you receive, in addition to the full amount of the assistance.

Where are the NSP homes located?

• Volusia County’s NSP homes are currently located in neighborhoods in the following areas:
  • Westside: DeBary, DeLand, Orange City
  • Eastside: Edgewater, Holly Hill, New Smyrna Beach, Ormond Beach
• The City of Deltona has a separate NSP program. Please contact them at 386-878-8614 for more information.
• NSP homes are listed on the MLS and a list is also posted on our website. Click here for a list of available NSP homes.

Am I eligible to buy an NSP home?

• Who is eligible for the NSP Home Purchase Program?
  You can apply for approval to purchase an NSP home if you meet ALL the following guidelines:
  • Are a first-time homebuyer (have not owned a home within the past three years)
  • Have not had a foreclosure sale in the past seven years
  • Meet the NSP income limits
  • Qualify for a first mortgage with a local lender that meets NSP mortgage guidelines
  • Are able to contribute up to $1,500 toward the home purchase (your lender may require additional funds)
  • Agree to occupy the home as your primary residence for 15 years
• Can I purchase an NSP home if I am a private investor?
  No, NPS homes are not available for sale to private investors.
• Can I purchase an NSP home if I am a cash buyer?
  No, NSP homes are intended to be sold to households that need a first mortgage and purchase assistance in order to buy the NSP home. In general, verifiable cash and other assets (combined with gifts from family members, if applicable) should not exceed 15% of the purchase price. Tax-deferred accounts may be excluded from the asset limitations.

Am I ready to be an NSP homebuyer?

• Do I have good credit?
  Applicants need to be able to qualify for a first mortgage. This usually takes one to two years of good credit. Your Affordable Housing Partner can help direct you to agencies that can answer questions about your credit report.

• Have I taken homebuyer education classes?
  You are required to take 8 hours of homebuyer education from a Volusia County approved housing counseling agency. The housing education will help you determine if you are ready to become a homebuyer, the process for getting a mortgage and buying a house, responsibilities of homeownership, and information about Volusia County NSP Home Purchase Program.

What is the process to buy an NSP house?

• How do I purchase an NSP home?
  A contract to purchase an NSP Home will only be accepted from an Approved NSP Buyer.
• How do I become an Approved NSP Buyer?
  You must contact an approved Affordable Housing Partner to find out if you meet the requirements.
• Why do I need an Affordable Housing Partner?
  An Affordable Housing Partner will:
  • Help you fill out and submit the Volusia County NSP application
  • Determine if you meet income limits
  • Help you with the loan pre-qualification process
  • Schedule the required homeownership counseling classes (You must have taken the class before you will be selected as an Approved NSP Buyer)
  • Help you find an NSP home to purchase (if your partner is a realtor)
• How do we contact an Affordable Housing Partner?
  • You can click here for a list of NSP Affordable Housing Partners
  • You may also call 386-736-5955, ext. 12969. to get a list of NSP Affordable Housing Partners
• When will I know if I have been selected as an Approved NSP Buyer?
  After your application is reviewed, you will get a letter from Volusia County Community Assistance letting you know if you qualify as an Approved Buyer.
• How long will this process take?
  We estimate that the application and qualification process takes from two to four months, because verification from third parties of all sources of income and assets is required, and the homeownership counseling course must be taken. Interested persons are encouraged to apply early to become an NSP Approved Buyer.
• Can I choose my first mortgage lender?
  The Volusia County NSP Home Purchase Program works with lenders who are an Affordable Housing Partner, or have become an approved lender by the Volusia County NSP program. The approved lenders have agreed to meet certain lending conditions.
• How will I locate the NSP homes?
  • The NSP Homes are listed for sale with the County’s selected listing brokers based on whether they are located on the eastside or west side of Volusia County. You should contact one of Volusia County ‘s listing brokers (through your own real estate agent or directly if you are not working with a real estate agent) to look at available NSP homes. Click here for the list brokers’ information.
  • NSP homes are listed on the MLS and also posted on our website. Click here for a list of available NSP homes.

Interested persons are encouraged to apply early to become an NSP Approved Buyer. NSP homes are sold on a first-ready basis.

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