WHAT IS THE $7,500 DOWNPAYMENT ASSISTANCE PROGRAM?
The Down payment Assistance Program (DPA) provides funding to eligible first time homebuyers to purchase a new or existing home. The money will be used to pay all or a portion of the closing costs and (or) the down payment associated with purchasing a home.
WHO QUALIFIES?
· First Time Homebuyers - a person who has not owned a home in the past three years. Exceptions are made for displaced homemakers.
· 2 person, Orange/Seminole County, up to $47,400 for $7,500 & $71,040 for $5,000
· Income cannot exceed program income limits based on household size. Call us to see if you qualify.
· Buyers may not have to provide any money towards down payment and closing costs.
· Buyers must have a loan commitment for a first mortgage.
· Buyers must have acceptable credit.
ELIGIBLE PROPERTIES
· Homes located in the State of Florida.
LOAN CONDITIONS & REPAYMENT
· Homebuyers must take a pre-purchase homebuyer class.
· 30 year deferred, 0% loan, or 5% 10 year loan.
· Buyer must have the legal right to permanently reside in the United States.
* In addition to qualifying for the DPA program you must also qualify for the actual 1st Mortgage Loan to purchase the home.
* If you do not qualify for the $7,500 DPA program or if the program is not the best fit for you, there are other loan programs that could get you into a home even if you do not have a down payment of your own. There is a $5,000 level of assistance available for borrowers with income above the maximum for the $7,500 program.
If there are credit issues, we can refer you to someone who can usually find a way to help with that or at least give you an opinion about what would be the best plan for you in order to correct the issues.
Other Programs Available - Up To $50,000 DPA Available Depending on Your Income and County Guidelines