City of Deltona SHIP Purchase Assistance Program
Special Alert
Assistance amounts and Maximum Purchase Price limits vary by income categories. Review program guidelines to determine assistance and sales price limit eligibility by income level.
Maximum Purchase Price
$300,000
Contact Info:
https://www.deltonafl.gov/housing-community-development/pages/ship-down-payment-assistance 2345 Providence Blvd, Deltona, FL 32725 386-878-8100
Limitations
Retail
Credit Score Requirements
Based on 1st mortgage requirements.
Deferred Payments?
Yes
Accepted First Mortgage Type:
Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA, USDA / RD
Homeowners Education Class:
Required
Is Forgivable?
The maximum Purchase Assistance will be provided in the form of a second mortgage with a zero (0%) interest deferred payment, forgivable loan. The loan term is thirty (30) years. At the end of thirty (30) years, the loan is forgiven. If a default occurs during the thirty (30) year loan term, the entire balance of the loan becomes due and payable.
Location:
Deltona Home purchased must be in city of Deltona, FL.
Income Limitations:
Yes, based on Compliance Income (including household income) Income limits from HUD 2023 120% AMI guidelines Cannot exceed Moderate Income limit of 120% AMI for county. Total household annual gross income must not exceed the annual amounts, as determined by HUD and FHFC (Florida Housing Finance Corporation)
Maximum Assistance
$60,000 Assistance Amount varies and is based on income level of the applicant and need: Up to $60,000 for Very Low Income (50% AMI) Up to $55,000 for Low Income (80% AMI) Up to $50,000 for Moderate Income (120% AMI) NOTE: Max Rehab assistance is $15,000 for all income levels. (Our program model reflects highest available amount)
Education Requirements Info:
Applicants must attend and complete a Homebuyer Education Counseling course provided by or approved by the City. https://www.deltonafl.gov/housing-community-development/pages/purchase-assistance
Eligible Property Types:
Single Family Detached
Income By Household Size:
HH1HH2HH3HH4HH5HH6HH7HH8 $65,040$74,400$83,640$92,880$100,320$107,760$115,200$122,640 *Income limits as of 05/31/2023
Qualifying Ratios:
Housing Ratio: Up To 30% Total DTI: Up To 45% Mortgage payments, including taxes and insurance, may not exceed 30% for the housing ratio and no more than 45% for total debt ratio including taxes, insurance, fees and overall debt.
