Down Payment Assistance Program
The purpose of Orange County's 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 in Orange County 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 the greater of $1,000 or 1% of the sales price.
- Complete a home buyer's education seminar.
- Secure first mortgage financing.
- Fulfill a 1 year residency requirement in the Orlando MSA (Orange, Seminole, Lake, or Osceola Counties)
The property must
- Be new or existing with substantial rehabilitation 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.
Until further notice, Orange County will no longer provide downpayment assistance to existing homes unless the home receives substantial rehabilitation.
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 Orange County's second mortgage may not exceed 105% of appraised value.
Informational Brochures
- 2008 Down Payment Assistance Brochure in English (PDF - 43KB)
- 2008 Down Payment Assistance Brochure in Spanish (PDF - 42KB)
- Orange County 2008 Income Limits Chart (PDF - 298KB)
Additional Assistance is Available Through the Following Agencies
Links to More Helpful Sites
Information gathered from mortgage lenders, Orange County and HUD websites for orange county down payment assistance program, down payment assistance program does and will change in features and benefits. Two4One of Orlando, its broker or agents do not warrant or guarantee any information.