Orlando down payment assistance program

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In compliance with "Government in the Sunshine" laws, Orange County Government must make available, at request, any and all information not deemed a threat to the security of law enforcement agencies and personnel. Accessibility Help. Search our site. When you rent to buy, You pick the house in an approved subdivision.

You secure the home with your first and last month's agreed upon rent and purchase price before the Investor purchases the home. Institutional Investor purchases the home through Mid Florida Realty.

Build your credit over the next months, or if you're just moving into the area and aren't sure where you want to live but don't want to live in an apartment.

You can purchase the home using one of the Down Payment Assistance programs in the next 12 months to 60 months. OR you can rent the house at least 24 months with documented Bank statements and proof of on-time rental payments, 24 cancelled checks, or 24 money orders or 24 months automatic ACH drafts.

First Mortgage fixed interest rate. No upfront mortgage insurance is required of Borrower, just typical monthly mortgage insurance. This program can be used in all Florida Counties.

No Investment properties, Mobile Home, Manufactured or multifamily properties. There are no targeted areas for this loan program. Purchase only, no construction to permanent loans. No Investors allowed. The program is available to First Time Home Buyers only. Must not have owned a home in last 3 years.

Fannie Mae Buyers Education Classes required. HUD Approved Buyers Education classes are not allowed to be used for this down payment assistance program.

Gift Funds from family allowed. Loan must be approved with Automated Underwriting. No Manual Underwriting allowed. No non-traditional credit can be used. No cash back at closing with only exceptions being Earnest Money deposit, Appraisal money and Home Inspection funds with receipt and evidence of home inspection.

Must have 2 months PITI reserves. If Census Tract has a No upfront or monthly mortgage insurance is required by Borrower. The program is available to anyone who can qualify for a Fannie Mae Conventional Loan.

This program can be used in all Florida, Georgia and Alabama Counties. We use the most up to date industry tools to ensure our clients know every option to help save their home. One of our goals is to give the community access to safe and affordable housing options. Want your question answered right away? You must qualify for a loan for a first mortgage with a fixed rate. If your lender is not registered with the City of Orlando, they can apply here.

A recorded mortgage and note will be placed on the property for ten years. If you remain in the property and do not rent, sell or convey ownership of the property during the lien period, the loan will be forgiven.

The lien will be forgiven and a satisfaction of mortgage will be recorded once the lien period is completed and the homeowner has complied with all requirements.