Down Payment Assistance Florida

Down Payment Assistance Florida (Orange / Seminole)

WHAT IS THE DOWNPAYMENT ASSISTANCE PROGRAM IN FLORIDA?

The Down Payment Assistance Program provides funding to eligible first time homebuyers to purchase a new or existing home. Funding may be used for qualified closing costs and down payment associated with purchasing a home.

WHO QUALIFIES?

First Time Home Buyers: A person who has not owned a home in the
past three years. Exceptions are made for
displaced homemakers.

Requirements

1. Income cannot exceed program income limits (see Income Guidelines Chart).

Down Payment Assistance Orlando
Down Payment Assistance Orlando

2. Provide the greater of $1,000 or 1.75% of sales price towards down payment and closing costs.

3. Have a loan commitment for first mortgage.

4. Have a minimum credit score of 640.

5. Residency in Orlando Metropolitan Statistical Area (Orange, Osceola, Seminole or Lake County) for the last 12 months.

6. Must have legal right to permanently reside in the United States.

ELIGIBLE PROPERTIES

  • Single Family homes, condominiums, townhouses, modular homes located in Orange County, but outside the city limits of Orlando.
  • Maximum sales price for new and existing is $214,000.
  • Mobile Homes are not eligible.

HOW DO I GET STARTED?

1. Attend an approved Homebuyers Educational Seminar. To register contact the following agencies:

  • H.A.N.D.S. of Central Florida 407-447-5686 (OPTION 4) English 407-447-5686 (OPTION 2) Spanish Website: http://www.cflhands.org
  • Consumer Credit Counseling Service MD (CCCSMD) Phone number: 877.355.1763 Website: http://www.cccsmd.org/pre-purchasecounseling/
  • Housing & Education Alliance Phone number: 407-232-6955 Website: http://www.heausa.org/first-time-homebuyer-classes/

2. Contact a lending institution to obtain a loan commitment and be qualified for a first mortgage.

3. Find a home priced within the program sales price limits and within your pre-approved loan amount.

4. Have your lender complete your home purchase loan package and forward it to the Housing and Community Development Division.

LOAN CONDITIONS AND REPAYMENT

  • Assistance up to $30,000 may be provided.
  • Homebuyers must attend a pre purchase homebuyer seminar.
  • Orange County‚Äôs Down Payment Assistance must be repaid if the property is not occupied by the borrower during the lien period, sold, rented or refinanced.
  • 10 year deferred loan.

OTHERS

For additional information about the Down Payment Assistance Program contact

  • Orange County Housing and Community Development Division: 525
  • East South Street, Orlando, Florida 32801
  • Telephone: 407-836-5150 Fax: 407-836-5197
  • Down Payment Assistance Program for First Time Homebuyers
  • Website: http://www.orangecountyfl.net/ NeighborsHousing/ HomebuyerDownPaymentAssistance.aspx

SOURCES: This is a transcription of this flyer: https://www.orangecountyfl.net/Portals/0/Library/Neighbors-Housing/docs/Down%20Payment%20Assistance%20Flyer.pdf

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