Florida residents in Orange County can take advantage the Down Payment Assistance Program, which provides funding to income-eligible first-time homebuyers to help them purchase a new or existing home. These funds are to be put toward paying qualified closing costs and the down payment associated with a mortgage transaction.

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Orange County Down Payment Assistance Program

Financial Assistance for Homebuyers in Florida

Florida's Orange County residents can take advantage the Down Payment Assistance Program, which provides funding to income-eligible first-time homebuyers to help them purchase a new or existing home. These funds are to be put toward paying qualified closing costs and the down payment associated with a mortgage transaction.

Available Assistance
Qualifying applicants of the Orange County Down Payment Assistance Program can receive assistance funds up to $30,000, in the form of a 10-year deferred loan. This amount must be repaid if the applicant’s home is sold, rented, refinanced without prior approval of Orange County, or no longer serves as the applicant’s primary residence during the lien period

Eligibility Requirements
In order to qualify for Orange County’s Down Payment Assistance Program, applicants need to meet certain requirements. The loan is only for first-time homebuyers, which means that anyone who has owned a home in the last three years is not eligible. They must also be legal residents of the U.S., and must have established residency in Orlando Metropolitan Statistical Area (Orange, Osceola, Seminole or Lake County) within the last 12 months. All borrowers must have an annual household income that falls within the program’s limits, and have a credit score of at least 640. They must also be able to contribute the greater of $1,000 or 1.75 percent of purchase price towards down payment and closing costs from their own funds.

Property Guidelines
All homes purchased with the help of program funds must be occupied by the borrower, and not exceed the maximum purchase price, $200,000. Eligible properties include single family homes, condominiums, townhouses, modular homes located in Orange County, but outside the city limits of Orlando. Mobile Homes are not eligible.
 
Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but states and local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits. spacer

Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

Down Payment Grants in Florida

Broward County recognizes that many individuals who can afford monthly mortgage payments don't have the required down payment for a home. The Broward County’s Homebuyer Purchase Assistance Program helps potential homebuyers overcome this hurdle by offering down payment assistance.

The program provides down payment and closing costs assistance to income-eligible applicants in the form of a zero-interest, deferred second mortgage, with the maximum loan amount being $7,500. This can be used in conjunction with the program’s 4 percent first mortgage exclusively.

The Housing Finance Authority of Hillsborough County offers the Hillsborough First with Hardest Hit Fund (HHF) Down Payment Assistance Program. The program is meant to help first-time homebuyers who do not have enough money saved for hefty down payments and closing costs.

Florida residents in Orange County can take advantage the Down Payment Assistance Program, which provides funding to income-eligible first-time homebuyers to help them purchase a new or existing home. These funds are to be put toward paying qualified closing costs and the down payment associated with a mortgage transaction.

The City of Palm Bay in Florida established the HOME Down Payment Assistance Program, which is designed to help income-eligible applicants with down payment and closing cost assistance to purchase their first home, and rehabilitation, if needed. 

The State Housing Initiatives Partnership (SHIP) Program in Charlotte County provides income-eligible applicants up to 10 percent of the purchase price (a maximum award of $15,000), in the form of a zero-interest loan.

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