Down payment assistance programs in orange county florida

Buyers must be able to permanently reside in the US. All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.

Buyers must occupy the property purchased within 60 days of closing. Buyers must live in the property as their principal residence and the property may never be rented.

You secure the home with your first and last month's agreed upon rent and purchase price before the Investor purchases the home. Institutional Investor purchases the home through Mid Florida Realty.

Build your credit over the next months, or if you're just moving into the area and aren't sure where you want to live but don't want to live in an apartment. You can purchase the home using one of the Down Payment Assistance programs in the next 12 months to 60 months. OR you can rent the house at least 24 months with documented Bank statements and proof of on-time rental payments, 24 cancelled checks, or 24 money orders or 24 months automatic ACH drafts.

First Mortgage fixed interest rate. No upfront mortgage insurance is required of Borrower, just typical monthly mortgage insurance. This program can be used in all Florida Counties. No Investment properties, Mobile Home, Manufactured or multifamily properties.

There are no targeted areas for this loan program. Purchase only, no construction to permanent loans. No Investors allowed. The program is available to First Time Home Buyers only. Must not have owned a home in last 3 years. Fannie Mae Buyers Education Classes required. HUD Approved Buyers Education classes are not allowed to be used for this down payment assistance program. Gift Funds from family allowed.

Loan must be approved with Automated Underwriting. No Manual Underwriting allowed. No non-traditional credit can be used. No cash back at closing with only exceptions being Earnest Money deposit, Appraisal money and Home Inspection funds with receipt and evidence of home inspection.

Must have 2 months PITI reserves. If Census Tract has a No upfront or monthly mortgage insurance is required by Borrower. The program is available to anyone who can qualify for a Fannie Mae Conventional Loan.

This program can be used in all Florida, Georgia and Alabama Counties. Borrowers income used only for household income limitation. Only Applicant income used for qualification purposes. NO mortgage insurance for Borrower with this Conventional loan program. Purchase only, no construction to permanent loans - no investment properties. Gift Funds from family and employers allowed.

This Active Military or Veteran Down Payment Assistance program is offered to all Fannie Mae or Freddie Mac Conventional Borrowers in the State of Florida who meet income, purchase price and other program guidelines, and can qualify for a Conventional 1st mortgage loan.

Active Military or Veteran Borrower must live at the property for 5 years for the entire grant to be forgiven. Any remaining balance if the Borrower leaves within 5 years must be repaid upon sale of property, refinance, payoff 1st mortgage, transfer deed or no longer occupy the property as their primary residence.

Active Military or Veteran Borrowers who qualify for the Preferred Conventional First Mortgage loan automatically qualify for this second mortgage grant program. No prepayment penalty for early payoff. The Down Payment Assistance Program provides assistance to qualified first time homebuyers for down payment and closing costs associated with purchasing a home. The amount of assistance provided will be determined based on your household income. A household can qualify as very low income, low income, and moderate.

Please refer to the income chart in the Learn More section of this web page to access the income limits. The property to be purchased must be located in Orange County, outside the city limits of Orlando. For additional information, please refer to the Down Payment Assistance flyer and applicants are also encouraged to use the contact information below.