1st Time Home Buyers


One of the most challenging aspects of buying your first home can be the down payment. We understand this challenge and at Home Team Equity our staff works with many different forms of Down Payment from Volusia County SHIP Funds, to the Florida Bond Program, to the Neighborhood Stabilization Program. These first time buyer programs have options that can allow our Buyers to obtain up to $36,000 in state or county funds to assist with the down payment on their first home. These programs do have some income limitations so working with an expert on each program is vital.

Different forms of Down Payment:

  • Volusia County SHIP Funds
  • Florida Bond Program
  • Neighborhood Stabilization Program

Volusia County SHIP Funds

State Housing Initiatives Program (SHIP)
Florida Housing administers the State Housing Initiatives Partnership program (SHIP), which provides funds to local governments as an incentive to create partnerships that produce and preserve affordable homeownership and multifamily housing. The program was designed to serve very low, low and moderate income families.

SHIP dollars may be used to fund emergency repairs, new construction, rehabilitation, down payment and closing cost assistance, impact fees, construction and gap financing, mortgage buy-downs, acquisition of property for affordable housing, matching dollars for federal housing grants and programs, and homeownership counseling. SHIP funds may not be used to assist mobile homes or manufactured housing; however, manufactured buildings with the Florida Department of Community Affairs’ insignia are eligible.

Florida Bond Program

One of the first steps in the home buying process is to consult with a mortgage lender about your financing options. When you know what you can afford, you can focus your home search and make your move more quickly when you find the property you want.

As the consumer, it’s your right to freely choose who you feel most comfortable to work with. We have many vendors whom our team can connect you with; just ask us and we can send you over a full list. Fairway Independent Mortgage Corporation is one of our trusted mortgage lenders.

About the FL Bond Program

1st Mortgage Program

The Florida Bond program allows 1st time home buyers to acquire an FHA, USDA, VA, or Conventional loan that range from 95%-100% LTV (loan-to-value ratio). That means that many 1st time home buyers will be able to secure a low-interest home loan through the FL Bond program with little to no money down.

Here are your down payment options under the FL Bond program:

  • USDA– 0% down
  • VA– 0% down
  • FHA– 3.5% down
  • Conventional– 3% or 5% down
Down Payment Assistance

Through the Florida Bond program, 1st time home buyers will qualify for the Florida Assist down payment assistance loan, which provides a $7,500 loan with a 30-year term, 0% interest and $0 payments as long as you occupy and do not refinance the property.

Buyers using the Conventional Bond program have the choice to receive a grant equal to 3% of the sale price of the home and is not required to be paid back after 5 years of living in the home.

For example, a buyer buying a $250,000 home using a Conventional loan under the FL Bond program will receive a $7,500 grant that will be forgiven after 5 years.

Neighborhood Stabilization Program

The purpose of the Volusia County Community Assistance Division’s Neighborhood Stabilization Program (NSP) Home Purchase Program is to assist eligible households to purchase a county-owned NSP home by providing a deferred payment loan needed for purchase assistance and closing costs. The program is funded by Volusia County through state and federal grants to construct new homes on vacant land in designated target areas. The Community Assistance Division implements the NSP program with the cooperation of Affordable Housing Partners (AHP).

Limitations on home purchase:

  • NSP homes are located in Volusia County except in the city limits of Daytona Beach and Deltona
  • NSP homes are not available for sale to private investors or cash buyers.
  • NSP homes are sold on a first-ready basis to approved NSP buyers who have received a commitment letter
    from Community Assistance.

Eligibility requirements*:

  • The applicant(s) cannot have previously received housing assistance from Volusia County.
  • The applicant cannot have owned a home within the last three years.
  • The applicant must be able to secure a first mortgage.
  • Household income must fall into one of the Area Median Income (AMI) levels below:

Compare listings