Central Florida Homebuyer’s Dream Program
Best For: First Time Homebuyers, Zero Down
Up to $10,000 down payment and closing cost assistance for Orange County, FL first time homebuyers.
This loan program is not available in USA
Program Description
Central Florida Homebuyer’s Dream Program offers up to $10,000 in down payment and closing cost assistance for Orange County, FL first time homebuyers in the form a 30-year repayable second mortgage. The Orange County HFC (Housing Finance Corporation) offers competitive interest rates on a 30-year fixed rate home loans (FHA, Conventional, USDA, & VA) that can be paired with this program.
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Central Florida Homebuyer’s Dream Program
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.
Program Benefits
Benefit type: Up to $10,000 in Assistance
Type: Bond Deferred Payment Program - Repayable
The assistance comes in the form of a 30-year, 0% deferred mortgage loan of up to $10,000 to all buyers in participating counties.
First Mortgage Program Option
This program can be used in tandem with the following first mortgage programs in order to help fulfill down payment requirements, pay closing costs, or provide other benefits. Learn all about how grants, bonds & 2nd mortgages work here.
- Orange County HFA FHA Loan
- Orange County HFA VA Loan
- Orange County HFA USDA-RD Loan
- EPCHA Turnkey Plus FHA Loan
Pros & Cons
- Flexible qualification guidelines
- Also available for manufactured homes
- Allows up to 50% DTI (Debt-to-Income)
- Only available in Orange County, FL
- Not available for second homes or investment properties
- Income limits apply
- Purchase price limits apply
Program Availability
Central Florida Homebuyer’s Dream Programs are available in 1 state.
*Limited Availability: Eligible properties may be located anywhere within 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 Orlando, FL but need assistance offsetting costs, programs such as the "Homebuyer’s Dream Program" can provide 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
50.00%
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
- Up to $10,000 in down payment and closing cost assistance
- Debt-to-Income (DTI) ratios up to 50% with credit scores above 680
- Credit scores as low as 640 allowed
Additional Conditions
- Eligible properties may be located anywhere within Orange, Lake, Osceola, or Seminole County, FL including the City of Orlando
- Also allows for multifamily properties between 2 and 4 units
- New construction properties are also eligible
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 may be 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: Homebuyer's Dream Program Fees
Fees include US Bank 1st Mortgage Funding Fee & Tax Service Fee, and the eHousingPlus Compliance/Admin Fee. Fees subject to change at any time.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5% 1.5%
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.
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.
Portland Down Payment Assistance Loan (DPAL)
Best For: First Time Homebuyers, Zero Down
Portland, OR first time homebuyers can receive up to $100,000 in forgivable down payment assistance for properties located within the city limits.
San Antonio HIP 120 New Construction
Best For: First Time Homebuyers, Zero Down
San Antonio new construction first time homebuyers can receive up to $15,000 in down payment and closing cost assistance within the city limits.
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.
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2023 Down Payment Assistance Guide
Unless you're related to a dragon or leprechaun with a hoard of gold stashed away somewhere, chances are you are like one of the other 87% of homebuyers who need to finance their home purchase.
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2023 Credit Score Guide and Tips for Improvement
Many borrowers often misunderstand what all goes into calculating a consumer’s credit score, focusing on the negatives such as delinquent payments and collection accounts. Let’s dive in and look at factors that impact your FICO credit score, how lenders factor your credit score into your mortgage rate, and ways to improve your credit score before you submit your mortgage application.
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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