Down Payment Assistance
Down Payment Assistance (DPA)
Assistance to Help First Time Home Buyers purchase a home
The Down Payment Assistance Program can provide assistance to qualified First Time Home Buyer's for down payment and closing costs associated with purchasing a home.
- First Time Home Buyer: the definition includes persons or households who have not owned a home or had an interest in a home during the three (3) year period immediately prior to applying for Purchase Assistance
- The amount of assistance provided is determined and based on total household income. (income from all adults living in the house that are over 18 years of age)
- Home Buyer must contribute the greater of $1,000 or 1.75% of the contract sales price.
- Minimum credit score for all applicants is 620
- All applicants must complete a pre-purchase home buyer’s education program and secure a first mortgage.
- Qualify for a 1st mortgage through a certified Lender
- Eligible mortgage loans: fixed rate FHA, 203(k), Conventional, VA, and USDA; owner financed homes are not eligible under the DPA program.
- Must have legal right to permanently reside in the United States
- Must complete Down Payment Assistance loan application for the county assistance is requested.
- Eligible properties include single-family homes, condominiums, and townhouses.
- A household can qualify as very low income, low income, or moderate.
- Purchase a home that will be their primary residence
The amount of assistance available:
- Orange County $20,000.00 up to $45,000.00
- Seminole County $10,000.00 up to $55,000.00
- Osceola County $40,000.00 up to $80,000.00
Maximum purchase price:
- Orange County $300,000.00
- Osceola County $300,000.00
- Seminole County $200,000.00 existing homes
- New home construction up to$259,000.00
Down Payment Assistance must be repaid if the property is not occupied by the borrower during the lien period, sold, rented or refinanced.
Attend post-purchase counseling within six months after the home purchase.