We consider ourselves Down Payment Assistance (DPA) Specialists.   We have orginated thousands of loans and DPA programs through the Central Florida counties.  

Downpayment Assistance 

Gift funds for first-time homebuyers and repeat buyers

• No repayment
• New construction & resale homes 
• No geographic restrictions
• No income or asset requirements
• Both entities will charge a processing fee to be paid by seller, homebuyer, or builder.

VERBIAGE FOR CONTRACT: 

a.  Seller to contribute up to $________ to go towards buyers closing costs, downpayment assistance, and prepaids. 

b.  Seller to contribute 3% towards down payment assistance and 6% toward closing costs. 

c.   Seller to contribute 3% towards down payment assistance and 3% toward closing costs.

COUNTY DPA PROGRAMS:  Orange, Seminole, & Osceola County   

WHAT IS THE DOWNPAYMENT ASSISTANCE (DPA) COUNTY PROGRAM?  It provides funding to eligible first time homebuyers to purchase a new or existing home.  Funding will be used to pay all or a portion of the costs and (or) the down payment associated with purchasing a home.

WHO QUALIFIES? 

• First time homebuyers - a person who has not owned a home in the past three years.  Exceptions may be made for displaced homemakers. 
• Income cannot exceed program income limits (your Loan Consultant will let you know what these are).
• You must have a loan commitment for a first mortgage
• Have acceptable credit

ELIGIBLE PROPERTIES:

• Single Family home, condominiums, townhouses, modular homes
• Most counties do not include mobile homes
• Based on the county there are some maximum sales price restrictions.  Orange County is $219,000

HOW DO I GET STARTED?

• Contact a your Loan Consultant at The Mortgage Firm and they will direct you to the appropriate DPA office. 

LOAN CONDITIONS & REPAYMENT

• These differ from each county.  It's important to make sure that you understand the repayment of your Down Payment Assistance loan.  You Loan Consultant will help you with this.