Downpayment Assistance for First Time Homebuyers

Money Currently Available: YES (updated 9/19/08 - always call to verify)

Maximum Sales Price: $219,000

Income Guidelines/How Much Downpayment You Get:

HOUSEHOLD SIZE	You Get $35,000 if you make <	You Get $30,000 if you make <	You Get $20,000 if you make <
1 PERSON	$20,700	$33,150	$49,680
2 PEOPLE	$23,700	$37,900	$56,880
3 PEOPLE	$26,650	$42,600	$63,960
4 PEOPLE	$29,600	$47,350	$71,040
5 PEOPLE	$31,950	$51,150	$76,680
6 PEOPLE	$34,350	$54,950	$82,440
7 PEOPLE	$36,700	$58,700	$88,080
8 PEOPLE	$39,050	$62,500	$93,720

• You may also combine this with bond money for additional down payment assistance
• Property must be brand new construction or completely rehabbed in the last 12 months (new roof, A/C, electrical, plumbing, etc. - like a brand new property)
• Needs to be paid back in full if you live in the property less than 15 years
• Max. 47% debt to income ratio plus application with credit score below 620 may be declined for any of the following:   
  • More than two installment or revolving debt payments that were 30 days past due in the last 24 months
  • Any installment or revolving debt payments that were 60 days past due in the last 24 months.
  • Rent payments past due in the previous 12 months.
  • Unpaid judgments, liens or garnishments
  • Bankruptcy - Two years must have elapsed from discharge of the bankruptcy and a two year period of satisfactory credit has been re-established.
• Pre-purchase class required. To register for the class call HANDS at 407-445-5686 or visit www.cflhands.org

Contact:

407-836-5174

http://www.orangecountyfl.net/cms/dept/growth/housing/programs/afford.htm