Orange County HFA FHA Loan
Best For: First Time Homebuyers, Low Down Payments, Easy Qualification
FHA program for Orange County, FL residents seeking down payment assistance, offered by the Orange County HFA (Housing Finance Authority).
Program Description
The Orange County HFA (Housing Finance Authority) offers a 30-year FHA mortgage option that can be paired with their Central Florida Homebuyers Dream Program. The FHA option is often easier to qualify for than other first mortgage options.
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Orange County HFA FHA Loan
Min. Credit Score
640
Min. Down Payment
3.5%
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 50% DTI (Debt-to-Income)
- Only available in Orange County, FL
- Not available for second homes or investment properties
- Requires UFMIP (Upfront Mortgage Insurance Premium)
- Mortgage Insurance (MIP) is required for the life of the loan
- Manufactured homes are not permitted
Program Availability
Orange County HFA FHA Loans 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 but need assistance offsetting costs, programs such as "Central Florida Homebuyers 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
- FHA loan program option from Orange County HFA; easier qualification
- Can be combined with "Central Florida Homebuyers Dream Program" assistance
- Online homebuyer education
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 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.
Required On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: FHA UFMIP
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into your loan amount.
Type: No Annual Fee
This program does not have an annual fee.
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 FHA 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 FHAUp 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.
Orange County HFA VA Loan
Best For: First Time Homebuyers, Low Down Payments
VA program for Orange County, FL vets and active-duty military seeking down payment assistance, offered by the Orange County HFA
TDHCA FHA Purchase Loan
Best For: First Time Homebuyers, Easy Qualification
FHA program for Texas residents seeking down payment assistance, offered by the Texas Department of Housing and Community Affairs (TDHCA).
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* 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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