Down Payment Assistance Program

The purpose of the Down Payment Assistance program is to provide funds to qualified first time homebuyers for down payment and closing costs associated with purchasing a home. The program will provide assistance to qualified very low, low and moderate income persons on a first come, first ready basis. The program also requires that potential homebuyers complete a pre-purchase and post-purchase education program.

The buyer must  

• Meet the income requirements. Annual household income cannot exceed 120% of the area median income.
• Provide at least $1,000 of their own funds.
• Complete a home buyer's education seminar.
• Secure first mortgage financing.

The property must

• Be new or existing and located in Orange County, outside the city limits of Orlando.
• Not exceed a sales price of $219,000.
• Receive competitive fixed rate financing.
• Be fee simple ownership.

The assistance

• Ranges from $20,000 to $35,000 depending on household income.
• The County's assistance is provided to the buyer's closing agent at closing in the form of a soft second mortgage at 0% interest which is forgiven after fifteen (15) years if the home remains owner-occupied.
• In addition, the total first mortgage and the programs second mortgage may not exceed 105% of appraised value.

Call us for more information today 407-331-4444