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Housing & Community Development
Frequently Asked Questions
Questions
 
 



Q: Does the City of Deltona Administer a Housing Choice Voucher Program, (Section 8)?

A:  No, but you can contact Volusia County at one of their four Public Housing Authorities. In addition to the Housing Choice Voucher, many Public Housing Authorities offer public housing units.
The Housing Authorities are listed as follows:
Deland Housing Authority                        386-736-1696
Daytona Beach Housing Authority         386-253-5653
Ormond Beach Housing Authority          386-677-2069
New Smyrna Beach Housing Authority      386-428-8171


Q: What is NSP?

A: NSP stands for Neighborhood Stabilization Program. The City of Deltona has received funding under the Housing and Economic Recovery Act (HERA), and Dodd/Frank Wall Street Reform Act to purchase foreclosed homes within Deltona, with the purpose of stabilizing neighborhoods affected by foreclosures. It has been operational since 2009 and has placed families and individuals in over 60 homes throughout Deltona.  One of the requirements of the program is to also ensure that every income level that qualifies for housing assistance is included. The U.S. Department of Housing and Urban Development (HUD) awards the program to communities and requires that 25 percent of the total program amount be reserved for people considered within the Very Low Income range.


Q: I own other real estate but plan to reside in an NSP home; can I still participate in the program?

A: No. The program does not allow homebuyers to own real estate at the time of application and purchase of NSP homes. Investors are not allowed under the program.


Q: I am convinced that I want to buy an NSP home, where do I start?

A: Once you have decided to become a homeowner and take advantage of what NSP has to offer. It is important to be familiar with the home buying process. A home buying class is required for all NSP homebuyers, including those who have owned a home in the past. Additional information about the NSP home buying process can be found on our NSP website, from here you can see a listing of available homes, income limits and print off the application with all the contact information.


Q: Is the first time homebuyer class necessary to participate in the NSP program?

A: All applicants will be required to take a home buyers class. The class will be arranged and scheduled for you, and you will be notified of the date and time. You must attend to comply with the program.


Q: I already took a first time homebuyer class; do I need to take it again?

A: Your homebuyer’s class certificate is good for 2 years, as long as it is a HUD certified housing counseling entity approved by The City of Deltona Housing and Community Development Division.


Q: Do I need to be a first time homebuyer to purchase an NSP home?

A: No, as long as you don’t own any real estate at the time you apply to purchase an NSP home. However, you still have to meet the income guidelines for the program including, but not limited to total household income not exceeding 120 percent of the area’s median income. Please refer to the Income Guidelines Chart on our website.


Q: Do I need a realtor to purchase an NSP home? If so, how do I select one?

A: Yes, all buyers are required to purchase an NSP home through a realtor. Your realtor will assist you in completing the purchase contract and in the process of purchasing an NSP home. You should select an experienced realtor that is familiar with the NSP or The City of Deltona’s home buying programs. If you do not have a realtor, you can contact the local Association of Realtors and they can recommend a realtor that meets your particular needs.


Q: How much of my own money do I need to purchase the home?

A: When you apply for a mortgage, the lender will determine how much you can afford to pay for a house and the required down payment and closing costs.



Q: If my credit is not good; can I still purchase an NSP home?

A: To participate in our NSP Program you must be able to qualify for financing to purchase an NSP home.  If you are unsure of your credit situation you can request a credit report from each of the 3 credit reporting agencies for free once a year at  Annual Credt Report.com, this site also offers a wide array of tools and information for you the consumer.  AnnualCreditReport.com is the official site to get your free annual credit reports and this right is guaranteed by Federal law.  If you need credit counseling you can check with HUD for Approved Housing Counseling Agencies, they have agencies listed throughout Florida.  Should you have any further questions contact the city at, 386-878-8620 or email at dbrooke@deltonafl.gov.


Q: Can The City of Deltona assist me with the down payment and closing costs to purchase an NSP home?

A: Yes. If you are eligible to purchase an NSP home, you may obtain closing costs and down payment assistance depending on your income.


Q: Can a family member, friend, girlfriend, boyfriend, anyone that is not a spouse, purchase the home with me?

A: Yes, if the family member or relative is part of your household. However, they will be subject to the same income eligibility criteria and qualification process. For example, (your relative cannot own real estate property and your combined income cannot exceed the maximum income guidelines of the program.)


Q: What do I need to take with me when I apply for a mortgage?

A: You should have: 1) your social security number ; 2) copies of your checking and savings account statements for the past 6 months; 3) evidence of any other assets like bonds or stocks; 4) recent paycheck stubs detailing your earnings; 5) a list of all credit card accounts and the approximate monthly amounts owed on each; 6) a list of account numbers and balances due on outstanding loans, such as car loans; 7) copies of your last 2 year’s income tax statements (preferably 3 years); and 8) the name and address of someone who can verify your employment. If there is a co-applicant for income eligibility on the NSP Application, you both will need to bring the same documentation to the lender for preapproval. This is just an example of things to take with you when applying for a mortgage. Depending on your lender, you may be asked to provide these items and additional information.


Q: What type of mortgage should I get?

A: NSP does not allow subprime loans, ARMS, interest only loans, or other alternative loans that do not conform to financial industry standards. By the time you have signed the sales contract, you should have a clear idea of what type of financing you are using to purchase the home.


Q: How do I know the home-price range for which I can qualify?

A: Please see the Income Guidelines Chart and view the available homes visit on the NSP website. Despite its many benefits, homeownership is not for everybody. There are many responsibilities associated with owning a home in addition to the monthly mortgage payments. You must consider costs such as insurance, repairs, utilities, maintenance and taxes. You do not want to overextend yourself and be at risk of losing your house. When a lender qualifies you for a mortgage, they take into consideration various factors such as your earnings and your existing debt.



 
 
2345 Providence Blvd., Deltona, FL 32725
Phone: (386) 878-8100 Fax: (386) 878-8501
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