How Do I Qualify for Downpayment Assistance for First Time Home Buyers in Orange County, FL?
As of 2018, to qualify for Orange County, Florida’s Downpayment Assistance Program for First Time Home Buyers, you must meet all of the following criteria:
- You must complete one of the following approved Homebuyers Education Seminars:
- You must have a minimum credit score of 640
- You must have had residency in Orlando metro area in last 12 months
- You must be a legal resident of the United States
- You must provide $1,000 or 1.75% of the purchase price, whichever is higher
- Your income cannot exceed Orange County program limits
- You cannot have owned a home in last 3 years
What Properties are Eligible for Orange County, FL Downpayment Assistance?
- The maximum sale price, regardless of the property type, cannot exceed $214,000
- Single family homes are eligible
- Condominiums are eligible
- Modular homes located in Orange County but beyond the city limits of Orlando, FL are eligible
- Mobile homes are not eligible for downpayment assistance
What Conditions are Placed on Downpayment Assistance in Orange County, FL?
- Assistance cannot exceed $30,000
- Home buyers must attend both a pre-purchase and post-purchase home buyer seminar
- In Orange County, Downpayment Assistance must be repaid if the property is, at any point, not occupied by the borrower during the period of the lien, including if the property is sold, rented or refinanced