First Time Home Buyer Support

Florida Housing is a State Financing Corporation created more than 20 years ago to help Floridians obtain safe and decent housing that would not otherwise be available to them. Their First Time Home Buyer Program offers low-interest mortgage loans and year-round financial incentives to eligible homebuyers who have not owned a home as their primary residence in the past 3 years.

Program Highlights

The program offers low-interest 30- and 40-year fixed-rate loans, down payment and closing cost assistance, and access to credit counseling.

Teachers, firefighters, healthcare workers, police officers, as well as active duty and veteran military personnel may be eligible for lower interest rates.

Eligible applicants include people who:

 I have never owned a home,

 not claiming your mobile home as real property,

 have not owned a home as a primary residence in the past three years,

have established creditworthiness,

 have an annual income that does not exceed the limits of the program.

Down payment support

Florida Housing offers two down payment and closing cost assistance programs in the form of second mortgage loans, and one in the form of cash advance assistance to help eligible homebuyers cover their down payment and closing costs. closing.

Down payment support

Programs: Offers Until:

(Income limits apply)

FLORIDA ASSIST PROGRAM $10,000- Applicants with annual income equal to or less than 80% of the area median income

ASSISTANCE TO MODERATE INCOME (HAMI) $5,000-Moderate Income Applicants

The City of Orlando offers a Down Payment Assistance Program, available to low- and moderate-income first-time homebuyers for the purchase of a home within the Orlando City limits. Depending on your gross household income, assistance can be $10,000, $20,000, or $30,000.

Teachers and public safety personnel, who have moderate incomes, may qualify for $20,000 in assistance. City of Orlando employees, teachers, and public safety personnel who purchase homes within the Orlando city limits do not have to be first-time homebuyers. Buyers must occupy the property as their primary residence for at least ten (10) years. Down payment assistance converts to a grant once the affordability period has been met.

Orange County provides funds to qualified first-time homebuyers for the down payment and closing costs associated with purchasing a home. The program provides assistance to qualified low and moderate income individuals in Orange County on a first-come, first-served basis. The program also requires prospective homebuyers to complete a pre- and post-purchase education program.

The buyer must:

 Meet income requirements. Annual household income cannot exceed 120% of area median income.

 Provide at least $1,000 of your own funds.

 Complete a homebuyer education seminar.

 Secure first mortgage financing.

The property must:

 Be new or existing and located in Orange County, outside of the Orlando city limits.

 Not to exceed a sale price of $219,000.

 Receive competitive financing at a fixed rate.

 Be in full control of the property.

Support:

 The maximum ranges from $20,000 to $35,000 depending on household income.

 County assistance is provided to the buyer’s closing agent at closing in the form of a 0% soft second mortgage that is forgiven after fifteen (15) years if the home remains owner-occupied.

 In addition, the total of the Orange County first mortgage and second mortgage cannot exceed 105% of the appraised value.

Homebuyer Education Program

All participants requesting down payment assistance must attend a free homeowner education workshop. This provides education and technical services to assist eligible low- and moderate-income families with the process and procedure involved in purchasing a single-family affordable housing unit. Homebuyer education addresses topics such as choosing a real estate agent, qualifying for a mortgage, inspecting a home, sales contracts, home maintenance, and credit problems.

The Orange County Finance Authority is a government organization that provides mortgage financing at interest rates lower than those available in the market. Its financing products reduce the costs of long-term mortgages. Plus, if you qualify, you may be able to get additional down payment/closing cost assistance from other sources along with this financing!

To qualify for home financing, certain eligibility requirements must be met:

 You have not had an ownership interest in a primary residence for the previous three years. (Unless the property is located in a federally designated “Target Area”).

 The property must be owner-occupied for the term of the loan or until the property is sold.

Have the legal right to permanently reside in the United States

 Meet credit and loan requirements

 Do not exceed the income limit and purchase price

 Veterans can waive the First Time Homebuyer Rule

The City of Kissimmee Community Redevelopment Agency offers financial grants to new owners within the Community Redevelopment Agency (CRA) district, to provide financial support to downtown businesses. It is designed to attract new residents to specific areas within the Community Redevelopment district. No income limitations will be placed on the award of these funds.

Funding will be awarded based on the establishment of the owner’s occupancy of the subject property. Grants will be awarded on a first-come, first-served basis after certain requirements have been met.
The agency offers financial grants to eligible employees of employers in the CRA Overlay District on a first-come, first-served basis to be used toward the purchase of a home. Additionally, there are incentives for teachers to be used toward purchasing a home in the CRA overlay district on a first-come, first-served basis.

Osceola County provides funds to qualified first-time homebuyers for a down payment, closing costs associated with purchasing a home, and financing at lower-than-market interest rates. The program provides assistance to qualified low and moderate income individuals in Osceola County on a first-come, first-served basis. The program also requires prospective homebuyers to complete an educational program.

The buyer must:

 Not having owned a home in the last three years.

 Attend a Homebuyer Orientation Session and complete a Homebuyer Education Program.

 Have a minimum of $1,000 to contribute toward the costs of buying a home.

 Have an annual income that falls within the area median income guidelines defined by the US Department of Housing and Urban Development. Additional terms may apply.

The property must:

 Must be located in Osceola County.

 New or existing homes must not exceed $200,000. If you are within the city of Kissimmee, homes must not exceed $240,000.

 No mobile homes.

 Manufactured homes must have the DCA insignia seal.

 Must be a single family home, condominium, townhouse or villa.

Support:

 The maximum ranges from $39,000 to $69,000 depending on household income.

 The Loan is provided to the buyer’s closing agent at closing in the form of a soft second mortgage that is forgiven after ten (10) years if the home remains owner-occupied.

The repayment of the loan will be due if:

 The borrower does not pay the first mortgage.

 The house is sold refinanced with equity collected.

 The home is rented, leased, sublet, or ceases to be owner-occupied before the end of the loan period.

 A home equity line of credit was not borrowed against the property.

Homebuyer Education Program

All participants requesting down payment assistance must attend a free homeowner education workshop. This provides education and technical services to assist eligible low- and moderate-income families with the process and procedure involved in purchasing a single-family affordable housing unit. Homebuyer education addresses topics such as choosing a real estate agent, qualifying for a mortgage, inspecting a home, sales contracts, home maintenance, and credit problems.

SHIP Program (State Housing Initiative Association)

The State Housing Initiatives Partnership Program (SHIP) provides funds to produce and preserve affordable housing through the creation of a partnership between the public and private sectors. The funds are derived from the collection of documentary stamp tax revenues, which are deposited in the Local Government Housing Trust Fund. Based on a population-based formula, SHIP funds are distributed to local governments each month.

These funds are available to homebuyers through the down payment assistance programs listed above.