Orange County HFA USDA-RD Loan
Best For: First Time Homebuyers, Zero Down
USDA program for Orange County, FL residents seeking down payment assistance, offered by the Orange County HFA (Housing Finance Authority).
This loan program is not available in Spalding County, GA
Program Description
The Orange County HFA (Housing Finance Authority) offers a 30-year USDA rural development mortgage option that can be paired with their Central Florida Homebuyers Dream Program. The property must be located in a designated USDA eligible area of Orange County, FL.
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Orange County HFA USDA-RD Loan
Min. Credit Score
640
Min. Down Payment
0%
Max Loan Amount
$472,030
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Flexible qualification guidelines
- Can be combined with up to $10,000 in down payment assistance
- Allows up to 45% DTI (Debt-to-Income)
- Only available in Orange County, FL
- Not available for second homes or investment properties
- Restricted to USDA areas only
- Household income limits may disqualify many borrowers
Program Availability
Orange County HFA USDA-RD Loans are available in 1 state.
*Limited Availability: Eligible properties may be located anywhere within the USDA eligible areas Orange, Lake, Osceola, or Seminole County, FL including the City of Orlando.
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“If you're ready to buy a home in a rural part of Orange County but need assistance offsetting costs, programs such as the Orange County HFA USDA loan can help with providing down payment and closing funds."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
45.00%
Purchase Price Limit
$349,525
Income Limit
$82,900
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- USDA-RD loan program option from Orange County HFA
- Can be combined with "Central Florida Homebuyers Dream Program" assistance
- Online homebuyer education
Additional Conditions
- Eligible properties may be located anywhere within the USDA eligible areas of Orange, Lake, Osceola, or Seminole County, FL including the City of Orlando.
- Also allows for multifamily properties between 1 and 4 units
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: MGIC Online Homebuyer Education or Other
First-time homebuyers are required to complete a HUD-approved education course or the online MGIC course. The education course can be obtained from any HUD-approved provider, and some of them provide an online course via eHomeAmerica.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: USDA Gurantee Fee
The USDA loan program requires the borrower to pay a funding fee called the "Upfront Guarantee Fee" that is equal to 1.00% of the loan amount and can be financed into the loan.
Type: USDA Annual Fee
The USDA loan charges an annual fee based on the total remaining balance of the mortgage at a .35% rate.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this Orange County USDA-RD program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
Central Florida Homebuyer’s Dream Program
|Orange County USDA-RDUp to $10,000 down payment and closing cost assistance for Orange County, FL first time homebuyers.
Max. Loan Amount
$472,030
Min. Credit Score
640
Min. Down Payment:
0%
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
IHFA Tax-Exempt RD Targeted
Best For: First Time Homebuyers, Lowest Rates, Zero Down
Tax-Exempt RD rural development loan program for targeted Idaho Counties with below market interest rates and down payment assistance options.
Travis County HFC USDA-RD Loan
Best For: First Time Homebuyers, Zero Down
USDA program for Texas homebuyers seeking down payment assistance, offered by the Travis County HFC (Housing Finance Corporation).
Related Resources
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read More
2023 USDA Loan Guide
The U.S. Department of Agriculture is a complex, multifaceted entity that wears multiple hats. Under this umbrella is Rural Development, an agency part of USDA with the ultimate goal to help improve the economy and quality of life for Americans living in rural communities.
Read More
Required Homebuyer Education Classes for Certain Programs
Many homebuyer assistance programs and some mortgage lenders require borrowers to take a homebuyer education course.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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