Lender Resources

Homebuyer EducationOther Downpayment ProgramsTarget Areas

Dream Program
andOpportunities Program

Homebuyer Programs
Offering Affordable Mortgage Products

  • 30-Year Fixed Rate Mortgage
  • FHA/ VA/ USDA/ Conventional Loans
  • No Discount Points
  • Up to $7,500 available in Down-Payment Assistance and/or Closing Cost Assistance

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Financing Mortgage Products & Consumer Criteria

The Bond Program is available to persons purchasing in Orange, Lake, Osceola and Seminole Counties and will offer down payment assistance. All lending institutions staff members (all loan officers, processors, closers, shippers, funders, underwriters and managers) wishing to originate OCHFA mortgage products, are required to attend training webinar.  Lender Training Webinar-Teleconference are scheduled periodically. Interested lenders must contact Frantz Dutes, Director Single-Family Programs at 407.894.0014 and request our Lender Application.

WHO IS ELIGIBLE
A first-time homebuyer who has NOT owned a home or co-signed a mortgage within the pas 3 (three) years.

  • Qualifying consumers must be a first-time homebuyer, which is defined as a person(s) who has not had an ownership interest in a primary residence (whether individually or jointly) during the previous three years; and plan to occupy the home as their primary residence.

  • CREDIT SCORE

    Applicant(s) must have a minimum fico mid-score GREATER than 640.

  • Consumers have the right to get a copy of their credit report and a list of everyone who has access to it; and are entitled to a free copy of their credit report, once every 12-months through AnnualCreditReport.com - it is the only Authorized source to get a free, annual credit report (not the score) under federal law.
  • Consumers are entitled to a free copy according to circumstances which includes: unemployment, welfare, fraud or if you've been denied credit due to something within your report.
  • The Fair Credit Reporting Act (FCRA) requires that, at the consunmers request, each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - to provide every 12-months a free copy of your credit report.
  • The FCRA promotes the accuracy and privacy of the information contained in the records of the nationwide consumer reporting companies.
  • The Federal Trade Commission (FTC), the nation's consumer protection agency, is responsible for implementing the Law of Fair Credit Report with regard to the consumer reporting company.
  •  

    NOTE: For more information about free credit report, please visit: THE FEDERAL TRADE COMMISSION - Free Credit Reports.


    PURCHASE PRICE LIMITS

    The maximum contracted home purchase price (contract sales price) CAN NOT exceed the following limits and may be subject to the applicable FHA/ VA limits.

    Non-Targeted Areas Targeted Areas
    $ 271,164
    $ 331,423

    INCOME LIMITS
    The applicants total household income CANNOT exceed the following Household Size Maximum Income limits:

    Non-Targeted Areas Targeted Areas
    1-2 Person(s): $ 63,900
    1-2 Person(s): $ 76,680
    3 or more Persons: $ 73,485
    3 or more Persons: $ 89,460

    MORTGAGE PRODUCTS
    FHA, VA, or USDA (only)


      ELIGIBLE/ INELIGIBLE PROPERTIES
      The property must serve as the first-time homebuyer’s principle residence, in either Orange, Lake, Osceola or Seminole County, and must include one of the following housing types:

    Eligible In-Eligible
  • Single Family
  • Townhome/TownHouse
  • Condominium "Condo"
  • Duplex
  • Mobile Home
  • Manufactured Home

  • PROGRAM BENEFITS

  • 5.25% Fixed 30-Year Interest Rate
  • 100% Financing available
  • No Intangible Taxes
  • No Doc Stamp Fees
  • Up to $7,500 is available in Down-Payment Assistance (DPA) and/or Closing Costs Assistance.

    NOTE: The DPA provided is an Interest Free (0%) loan, payable at the end of 30-years. If the home is sold, refinanced or the borrower fails to occupy the home as their primary residence prior to 30-years, repayment of the total loan amount is required.
    (OCHFA's DPA is not a gift or a grant)

  • REPAYMENT OF THE DOWN-PAYMENT ASSISTANCE (DPA) BORROWED:

    • (a) Borrower sells, transfers or disposes of the property or home either voluntarily or involuntarily;
    • (b) Borrower fails or ceases to occupy the home as a principal residence;
    • (c) Borrower dies;
    • (d) Borrower refinances the first mortgage loan, at which time the remaining principal balance is due;
    • (e) A default occurs under the first (1st) mortgage or any prior mortgages; or
    • (f) The DPA Note matures.

    WHO IS ELIGIBLE
    A homebuyer interested in purchasing in Central Florida. You DO NOT have to be a first-time homebuyer to qualify for this Program.


    CREDIT SCORE

    Applicant(s) must have a minimum fico mid-score GREATER than 640.

  • Consumers have the right to get a copy of their credit report and a list of everyone who has access to it; and are entitled to a free copy of their credit report, once every 12-months through AnnualCreditReport.com - it is the only Authorized source to get a free, annual credit report (not the score) under federal law.
  • Consumers are entitled to a free copy according to circumstances which includes: unemployment, welfare, fraud or if you've been denied credit due to something within your report.
  • The Fair Credit Reporting Act (FCRA) requires that, at the consunmers request, each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - to provide every 12-months a free copy of your credit report.
  • The FCRA promotes the accuracy and privacy of the information contained in the records of the nationwide consumer reporting companies.
  • The Federal Trade Commission (FTC), the nation's consumer protection agency, is responsible for implementing the Law of Fair Credit Report with regard to the consumer reporting company.
  •  

    NOTE: For more information about free credit report, please visit: THE FEDERAL TRADE COMMISSION - Free Credit Reports.


    PURCHASE PRICE LIMITS

    The maximum contracted home purchase price (contract sales price) CANNOT exceed: $ 311,881


    INCOME LIMITS
    The applicant(s) 1003 Loan Application income CANNOT exceed: $ 82,600


    MORTGAGE PRODUCTS
    Conventional Loan (only)


      ELIGIBLE/ INELIGIBLE PROPERTIES
      The property must serve as the homebuyer’s principle residence, in either Orange, Lake, Osceola or Seminole County, and must include one of the following housing types:

    Eligible In-Eligible
  • Single Family
  • Townhome/TownHouse
  • Condominium "Condo"
  • Duplex
  • Mobile Home
  • Manufactured Home

  • PROGRAM BENEFITS

  • Competetive Fixed 30-Year Interest Rate
  • Up to 105% Loan-To-Value
  • Higher income and purchase price limits
  • Lower monthly Private Mortgage Insurance costs
  • Up to $7,500 is available in Down-Payment Assistance (DPA) and/or Closing Costs Assistance.

    NOTE: The DPA provided is an Interest Free (0%) loan, payable at the end of 30-years. If the home is sold, refinanced or the borrower fails to occupy the home as their primary residence prior to 30-years, repayment of the total loan amount is required.
    (OCHFA's DPA is not a gift or a grant)

  • REPAYMENT OF THE DOWN-PAYMENT ASSISTANCE (DPA) BORROWED:

    • (a) Borrower sells, transfers or disposes of the property or home either voluntarily or involuntarily;
    • (b) Borrower fails or ceases to occupy the home as a principal residence;
    • (c) Borrower dies;
    • (d) Borrower refinances the first mortgage loan, at which time the remaining principal balance is due;
    • (e) A default occurs under the first (1st) mortgage or any prior mortgages; or
    • (f) The DPA Note matures.

     


    Other Additional Down Payment Assistance Programs

    Downpayment assistance (second mortgage) may be available from county or local governments.

    Orange County Lake County Osceola County Seminole County City of Orlando

    Target Areas
    Areas designated by the Federal Government

    Targete Areas are neighborhoods that have historically been underserved in mortgage loan originations; and where more Homeownership is desired.

    Buyers income limits and purchase price limits are higher.

    Buyers do not need to qualify as first-time Homebuyers.

    Buyers must occupy the home as a primary residence.


    Below are the census tract numbers which identify targeted area within Orange, Lake, Osceola and Seminole Counties.

    Orange County
    0104.00 | 0105.00 | 0116.00 | 0117.02 | 0120.00 | 0124.01 | 0135.03 | 0145.02 | 0145.03 |0150.01 | 0165.10 |0169.07 | 0185.00 | 0187.00


    Lake County

    0305.03


    Seminole County

    0204.01 | 0205.00 | 0220.01


    Osceola County

    0419.00 | 0422.00 | 0432.01

     


    ENTER THE PROPERTY ADDRESS IN THE BELOW "ADDRESS" BOX.
    or follow link to a new page - geocoding map

     

    APPROVED CONDOS

    Secondary Market

     

    ALL HOMEOWNERSHIP PROGRAM REQUIREMENTS

    Homebuyer Education Course

    • Applicant(s) must complete an approved homebuyer education course. Courses are available online or in a classroom setting.
      For a list of approved classroom or online courses visit our website: www.ochfa.com

    Residential Status

    • Applicants must be a current Florida resident (at least one year of residency required).

    Participating Lenders

    • OCHFA does not lend money directly to applicants. The Authority uses approved, private lenders to qualify applicants and make all mortgage loans. The Authority pools its closed loans, and they are securitized as GNMA certificates, and are sold to investors or OCHFA.
       
      The following is a list of OCHFA’s most active lenders:
       
      • Bank of England

      • Embrace Home Loans
      • Equity Prime Mortgage
      • Fairway Independent Mtg
      • FBC Home Loans
      • Hamilton Group Funding
      • Land Home Financial Svcs
      • Waterstone Mortgage Corp
      •  

        Only OCHFA approved local lenders and loan officers are eligible to originate and qualify homebuyers for the Authority's mortgage products.

        For detailed information regarding our approved lenders, first mortgage and down payment assistance, contact Frantz Dutes at 407-894-0014 or email: fdutes@ochfa.com