Lender Resources

Homebuyer EducationOther Downpayment ProgramsTarget Areas

Homebuyer Programs
Offering Affordable Mortgage Products

  • 30-Year Fixed Rate Mortgage at 5.750%

  • FHA/ VA/ USDA/ Conventional Loans

  • No Discount Points

  • Up to $10,000 Down-Payment / Closing Cost Assistance

Homebuyer's

Brochure

 

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 Shawn Tan, Director Program Operations at (407) 894-0014 and request our Lender Application.

WHO IS ELIGIBLE
A first-time homebuyer is defined as a person(s) who has not had an ownership interest in a primary residence or co-signed a mortgage (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 consumers 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
$ 510,939
$ 624,481

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): $ 96,500
1-2 Person(s): $ 115,800
3 or more Persons: $ 110,975
3 or more Persons: $ 135,100

MORTGAGE PRODUCTS

FHA (Federal Housing Administration)

VA (Veteran's Administration)

USDA (United States Department of Agriculture)

ELIGIBLE/ INELIGIBLE PROPERTIES
The property must be the homebuyer’s principle residence, located in either Orange, Lake, Osceola or Seminole County, and must be an eligible property:
  Eligible Properties   In-Eligible Properties

 

Single Family

Townhome/TownHouse

Condominium "Condo"

Duplex

 

Mobile Home

Manufactured Home

PROGRAM BENEFITS

5.750% Fixed 30-Year Interest Rate

100% Financing available

No Intangible Taxes

No Doc Stamp Fees

Up to $10,000 is available in Down-Payment Assistance (DPA) and/or Closing Costs Assistance.

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

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 DPA loan amount is required. The following events will require repayment:

  • (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; or

  • (e) A default occurs under the first (1st) mortgage or any prior mortgages.

  • OCHFA's DPA is not a gift or a grant

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 consumers 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: $ 624,481

INCOME LIMITS
The applicant(s) 1003 Loan Application income CANNOT exceed: $ 135,100

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 be an eligible housing type:
  Eligible In-Eligible

 

Single Family
Townhome/TownHouse
Condominium "Condo" (two to four units)

Duplex
Mobile Home
Manufactured Home

PROGRAM BENEFITS

Competetive Fixed 30-Year Interest Rate

Up to 105% Total Loan-To-Value

Higher income and purchase price limits

Lower monthly Private Mortgage Insurance costs

$7,500 is available for Down-Payment Assistance (DPA) and/or Closing Costs Assistance.

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

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. The following events(s) requires repayment:

  • (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 to the first (1st) or any superior mortgages.

     

  • (OCHFA's DPA is not a gift or a grant)

 

Other Additional Down Payment Assistance Programs

Downpayment assistance (second mortgage) may be available from county or local governments and may be combined with this program.

Orange County Lake County Osceola County Seminole County City of Orlando

Target Areas
Areas designated by the Federal Government

Target 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.

To check to see if a property's address is within a Targeted Area, follow this link to FFIEC Geocoding System (Federal Financial Instituions Examination Council's) website https://geomap.ffiec.gov/ffiecgeomap/ and input the property address.

Below are the census tract numbers which identify targeted area within Orange, Lake, Osceola and Seminole Counties.
Orange County
0104.00 | 0117.02 | 0120.00 | 0122.01 | 0124.04 | 0134.05 | 0135.03 | 0135.12 | 0142.02 | 0143.02 | 0145.02 | 0145.03 | 0146.09 | 0149.04 | 0165.10 | 0167.39 | 0167.42 | 0169.07 | 0169.11

Lake County

0302.09 | 0305.03 | 0306.02 | 0313.17
Seminole County

0205.00
Osceola County

0419.00 | 0432.00
 
program operations

eHousing

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:
     

    • Centennial Bank

      Fairway Independent Mtg

      FBC Home Loans, LLC

      Paramount Residential Mortgage Group, Inc.

      Land Home Financial Svcs

      Supreme Lending

      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 Shawn Tan at 407-894-0014 or email: stan@ochfa.com