Down Payment Assistance

You may not be aware, but public funds, grants and down payment assistance programs are offered throughout the State of Florida and available to anyone who can qualify for the program and also qualify for a home loan. A common myth is that anyone can purchase a home using one of these programs and unfortunately that's just not true. If you are able to secure down payment funds, you still must have the credit score, employment, debt to income ratio and other factors to qualify for a home mortgage...but, you will be able to utilize these programs to assist or pay for your down payment and even closing costs.

In most cases you will also have to take a down payment assistance class and possibly even a credit counseling course. But the work and effort you put into this process will pay off huge once you close on your new home. Let's look at some of the state and local programs available.

Orange County Down Payment Assistance Program:

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. Follow the link below for detailed information including: DPA program overview, application, lender package, guidelines, etc.

• Orange County DPA
• Florida Bond Program

Lake County Down Payment Assistance Program:

Lake County offers assistance to help low and moderate income households purchase homes. The program is funded through the State Housing Initiatives Partnership (SHIP). The funds can be used for down payments, closing costs and mortgage buydowns for new homes, or for existing homes that have been or will be repaired within twelve months of transfer of title.

The maximum purchase price for new and existing homes is $247,387. Up to $5,000 of the assistance can be used for repairs to existing homes. Extremely low, very low and low income households purchasing newly constructed homes will also be eligible for partial impact fee waivers. The amount of SHIP assistance available varies by income category. Follow the link below for detailed information including: DPA program overview, application, lender package, guidelines, etc.

• Lake County DPA

Seminole County Down Payment Assistance Program:

Follow the link below for detailed information regarding Seminole County's housing and financial assistance programs including: DPA program overview, community service block grants, first-time homebuyer's program, application links, lender package, guidelines, etc.

• Seminole County DPA - Click on the link for "Home Purchase Assistance"

Osceola County Down Payment Assistance Program:

S.H.I.P. Down-Payment Assistance Application period is to be determined. In order to obtain an application for assistance, the following requirements must be met:

• 12hr - First-Time Homebuyer's Education Certificate (provided by Osceola County Extension Services) 
• Current Pre-approval Letter from one of Osceola County's Participating Lenders (no more than 60 days old). Applications can be obtained in person at the Osceola County Human Services Division, located at 108 Park Place Blvd., Kissimmee, FL 34741 or here online when available. Applications must be hand-delivered to the office with the attached requirements.  

The Osceola County housing assistance program is designed to make affordable housing available to citizens with an income that is classified as moderate or lower. The number of moderate funding is limited to funding restrictions. Have questions? Contact us at 407-742-8400.

• Osceola County DPA

If you should need assistance regarding down payment assistance programs or have any additional questions, please contact Joe Bornstein, 877-333-2811 or joe@rockspringsrealty.com