Orange County Down Payment Assistance

Down Payment Assistance for Orange County Homebuyers

The Orange County Down Payment Assistance Program is part of Florida’s State Housing Initiatives Partnership (SHIP). The purpose of the program is to help area residents purchase and live in local affordable housing.

The down payment assistance program provides funds to help low to moderate income Orange county residents become first time homeowners. Qualified Orange county residents are eligible to receive down payment assistance to purchase an affordable home within the County.

Program Eligibility Requirements

In order to be eligible for down payment assistance under this program, buyers must meet all of the following criteria:

• Meet the definition of very low, low, or moderate income. vsisitOrange County FL.net to see the current income limits chart.
• Household income must not be more than 120% of the median income for the area
• Proved a minimum of $1,000 of their own money toward the down payment
• Successfully complete home buyer training program prior to program approval
• Buyer must complete post-purchase training within 90 days of closing
• Apply for and obtain fixed rate first mortgage financing at a competitive interest rate
• Demonstrate adequate, dependable income for a minimum of two years
• Must demonstrate ability to repay mortgage, as indicated by debt ratio of 52% or better
• Must be a US citizen or permanent legal resident, currently living in Orange County

Property Requirements

In order to use Orange County Down Payment Assistance program funding, eligible buyers must purchase property that meets all of the following criteria:

• Property must be located in Orange county, but not within the city limits of Orlando
• Property may be new construction or an existing home
• Sale price cannot be higher than $219,000
• Home must be the buyer’s primary residence
• Ownership must be established as fee simple
• Property must meet or exceed guidelines for Housing Quality Standards inspection

Value of Assistance

Depending on the individual buyer’s household income, down payment assistance granted under this program can range from $20,000 - $35,000.

Restrictions on Assistance

The buyer must occupy the home for 15 years. If the buyer leaves the home prior to this time, funds must be repaid to the County. This is enforced by the way funds are handled at closing. At closing, the county down payment assistance becomes a zero percent interest second mortgage, which is forgiven once the buyer fulfills the 15 year occupancy requirement. It is important to note that the total value of the first mortgage and the down payment assistance funds may not be greater than 105% of the home’s appraised value.

How to Apply

The first step toward applying for assistance under the Orange County Down Payment Assistance program is to attend an approved Home Buyer Education seminar, which is offered free of charge. The seminar covers many topics of interest to individuals planning to purchase a first home, such as how to choose a realtor, what is involved with qualifying for a mortgage, credit issues, information about home inspections, explanation of real estate purchase agreements, and details about home maintenance.

The following organizations can provide you with information about upcoming seminars:

• Metropolitan Orlando Urban League
• Housing and Neighborhood Development Services (HANDS) of Central Florida
• Consumer Credit Counseling Services of Central Florida & the Florida Gulf Coast, Inc.

Interested In Learning More About This Program?

The Orange County Housing and Community Development division has published brochures detailing the procedure for applying for down payment assistance under this program. You may download the English version or the Spanish version which will provide contact information and application instructions.

You have nothing to lose buy exploring whether or not you qualify for down payment assistance. You could be just a few steps away from realizing the American dream of owning your first home!