Down Payment Assistance: Orange County, Florida

Orange County Housing and Community Development (SHIP Funds) 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. See Footnote below
• 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.

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.

Footnote: The FHA 203k Streamline loan is a prime loan product providing up to $35,000 in rehab funds in the purchase transaction. See: FHA Now Allows You to Have Your Cake....and Eat It TOO!

Click here to view/join: Down Payment Assistance Resources Group

* All program information and terms are subject to change without notice. Funds are always subject to eligibility and availability of funds, generally on a first-come, first-served basis. Assistance amount/eligibility is based on household income adjusted for family size. The MRB program has a funds reservation process (requires accepted purchase contract) while SHIP programs may or may not. Generally, completion of a Homebuyer Education Course is required.

Visit Me at www.RonWithers.com to see information on all of the State, County and Local Down Payment Assistance Programs where Town & Country Mortgage/Ron Withers are approved/participating lenders.