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First-Time Homebuyers Resource

Mortgage Financing

Congratulations on your decision to purchase your first home!

Compared to other mortgage loans, OCHFA has helped more than 15,000 Central Florida first-time homebuyers save thousands of dollars in closing costs.

Our interest rates are typically lower than what is available in the market. OCHFA's First-Time Homebuyer mortgage financing products not only reduces long-term mortgage costs; if eligible, you may obtain additional down payment/closing cost assistance from other sources along with our financing.

Since OCHFA is not a direct lender, our mortgage products are offered through private lenders who have been approved by our Agency. These lenders can help you find out more about OCHFA’s financial assistance programs and guide you through the home buying process.

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Financing Products

Our interest rates are typically lower than what is available in the market. OCHFA's First-Time Homebuyer mortgage financing products not only reduces long-term mortgage costs; if eligible, you may obtain additional down payment/closing cost assistance from other sources along with our financing.

LOW INTEREST RATE MORTGAGES

• 5.99% Low Rate Mortgage Financing
• 30-year, fixed interest rate
• 100% and 97% financing is available
• NO ORIGINATION FEES
• NO DISCOUNT POINTS
• NO DOCUMENTARY STAMP FEE
• NO INTANGIBLE TA

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DOWNPAYMENT ASSISTANCE PROVIDED BY OCHFA

Qualified applicants can receive up to $10,000 in Down Payment Assistance funds.

Income Below < 80%
Total Median Household Income of $45,920

• Principal and Interest Payments waived for the first 5-years of the loan;
• Payments begin at 3% for 25-years amortized
  

Income Above > 80%
Total Median Household Income of $45,921

• Payments begin at 5% for 30-years amortized (no waiver of payments)

Paying back the down-payment borrowed
The “Down-Payment Assistance Payment” is included in monthly mortgage payment.

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S.H.I.P. DOWNPAYMENT ASSISTANCE (State Housing Initiative Program)

S.H.I.P. Downpayment and Closing Cost Assistance is available to first-time homebuyers based on qualifying income and home sales contract price; and may be combined with "OCHFA's Down-Payment Assistance" product.

S.H.I.P. participants must attend and complete an approved Homebuyer Educational Seminar/Class.

Orange County S.H.I.P. Program

Lake County S.H.I.P. Program

Osceola County S.H.I.P. Program

Seminole County S.H.I.P. Program†

Ask an OCHFA approved participating lender for more details regarding local, county and/or city S.H.I.P. programs.

†Seminole County S.H.I.P. Program CAN NOT be combined be with the OCHFA Down Payment Assistance product.

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Eligibility Requirements
PRELIMINARY

In order to qualify for an OCHFA home financing, certain eligibility requirements must be met:

1. Be a first-time homebuyer, which is defined as a person(s) who has not had an ownership interest in their primary residence during the previous three years. (Requirement is waived if property is located in a federally designated "Targeted Area".)
2. Property must be owner-occupied for the term of the loan or until the property is sold.
   
3. Have the legal right to permanently reside in the United States.
4. Meet credit and loan requirements.
5. Do not exceed the income & purchase price limit.

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Income Limits

According to household size, the combined total household income CAN NOT EXCEED limits below. Both non-target & target area homebuyers must live in the home as the primary residence.

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Purchase Price Limits
CONTRACTED SALES PRICE

The maximum home purchase price (contract sales price) CAN NOT EXCEED limits below. A qualifying home may be purchased in either Orange, Lake, Osceola or Seminole County; and may be a new or existing single-family residence.

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Homes that Qualify

1. Located in either Orange, Lake, Osceola or Seminole County;
2. Be a new or existing residences:
• Single-family
• Townhome/Townhouse
• Condominium
• Duplex, Triplex, Quadraplex; and/or
• Manufactured home
• mobile homes do not qualify
3. Meet the Home Sales Contract Price Limits

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Getting Started - Applying for a Home Loan

Your first step should be to contact one of our approved participating lenders or contact Tony Burrell at 407.894.0014.

Let us or the lender know that you are interested in the Orange County Housing Finance Authority First-Time Homebuyer Product. The Lender will determine if you are eligible based on program criteria; and will will ask you to provide the following required documentation:

• Proof of income
• Application fee (credit report / appraisal)
• Tax returns for the last three years
• Valid sales contract for the property being purchased (the contract may state that the purchase is contingent on receiving financing through Orange County Housing Finance Authority’s First-Time homebuyer's Program)

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NOTICE
By following the above links you have requested documents and/or information that is external to OCHFA's Website. OCHFA cannot attest to the accuracy of information provided by linked sites. Linking to a website does not constitute an endorsement by OCHFA, or any of its employees, of the sponsors of the site or the products presented on the site.