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Realtor 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 the potential homebuyer purchase an NSP Home?
    Yes. Purchase assistance for gap financing, down payment assistance and closing cost assistance based on their income and need is included. Click here to see the amounts.
  • How would the potential homebuyer receive this assistance?
    The assistance is provided as a deferred payment loan with a term of 15 years at 0% interest. The buyer will sign a Note and Mortgage for the amount of the assistance provided. The Mortgage will be recorded as a lien against their property.
  • Will the buyer have to repay this assistance?
    The buyer would have to pay back the amount of the loan if they stop living in the house because they sell or rent the home, or otherwise stop living in the house, before the end of the 15 years. Also, if they sell or rent the home in the first 10 years they will have to pay back a portion of any profit they 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.
  • 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.
  • Click here for the list brokers’ information.
  • Click here for a list of available NSP Homes.

Who can buy an NSP home?

  • Who is eligible for the NSP Home Purchase Program?
    • Households can apply for approval to purchase an NSP home if they 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 NSP income limits - Click here
    • Qualify for a first mortgage loan with a lender that meets NSP mortgage guidelines
    • Are able to contribute up to $1,500 towards the home purchase (Their lender may require additional funds).
    • Agree to occupy the home as their primary residence
  • Can a private investor purchase an NSP home?
    No, the NPS Homes are not available for sale to private investors.
  • Can a cash buyer purchase an NSP home?
    No, the 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.

What is the process to sell an NSP home?

  • How can I be involved in selling an NSP home?
    A contract to purchase an NSP Home will only be accepted from an Approved NSP Buyer. The Volusia County NSP Addendum must be attached to the purchase offer.
  • How does my buyer become an Approved NSP Buyer?
    The potential homebuyer must contact an approved NSP Affordable Housing Partner to find out if they meet the requirements, and submit the required information.
  • What is the role of the NSP Affordable Housing Partner (AHP)?
    An Affordable Housing Partner is responsible to:
    • Help fill out and submit the Volusia County NSP Home Purchase Program Application
    • Determine if the potential homebuyer meets income limits
    • Help with the loan pre-qualification process
    • Schedule the required homeownership counseling class (The buyer must have 8 hours of homebuyer education classes, or have a valid certificate from a Volusia County approved HUD certified counseling agency, before they will be determined to be an Approved NSP Buyer)
  • Do I have to be an AHP to represent the buyer?
    No, if you are not an AHP you can still participate in the sale as long as the buyer is working with an AHP (such as an AHP that is a lender or a housing counseling agency)
  • How does the potential homebuyer 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 my buyer has been selected as an Approved NSP Buyer?
    After the application is reviewed, the potential homebuyer will get a letter from Volusia County Community Assistance letting them know if they qualify as an Approved Buyer. It is the potential homebuyer’s responsibility to let you know they are an Approved NSP Buyer.
  • How long will this process take?
    We estimate that the application and qualification process takes from two-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.

IMPORTANT CONSIDERATIONS

  • Volusia County will not accept purchase offers unless the potential buyer is an NSP Approved Buyer.
  • Interested persons are encouraged to apply early to become an NSP Approved Buyer.
  • The NSP homes are sold on a first ready basis.

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