Orlando will loan you money to buy a house

Are you interested in buying a home in Orlando and are a first time homebuyer? Are you short on cash needed for closing cost and down payment money? If you are buying a home with the Orlando city limits, you may qualify for a loan up to $8,000 to be used towards buying a house.

This loan is part of the Florida Homebuyer Opportunity Program. The loan is for 10% of the purchase price of the home up to $8,000. The borrower is expected to pay the loan back once they have received their federal first time homebuyer tax credit.

Additional details include:

• Buyer must not have owned a home 3 years prior to this purchase
• You must have $1,000 of your own money to use for down payment and closing costs required to buy a house
• Credit score of 620 or above
• Income limits of $75,000 for single, $150,000 for joint applicants
• Buyer must attend one on one counseling session and education seminar

To receive complete details and be connected to a qualified to lender and REALTOR to assist you with the program contact or call me at 407-304-0255.

Source

The goal this morning is to find out how buyers who qualify for them federal tax credit can apply for the upfront down payment money

My goal this morning is to find out how buyers who qualify for the federal tax credit can apply for the upfront down payment money from their County.

I have placed calls to the county offices of Orange, Volusia and Osceola. Of the 3 offices I was able to speak to a nice young lady at the West Volusia Housing Activity Department. She did have any information so she kindly placed me in the voice mail of someone who hopefully does. I left a message with the Orange County Housing & Community Development Division. I tried several times to leave a message with the Osceola Housing Department but their phone system did not allow me to do so.

All 3 counties have down payment assistance programs in place so it is very possible that the federal tax credit program will be handled by the existing county programs. As soon as I hear back from the county representatives or can make contact I will be sure to write another post explaining the process.


Related Florida real estate views:

First time home buyers can apply for down payment assistance before closing and pay it back from tax credit refund

I want to buy a house

Ask the seller to pay closing cost

Do you want to buy a house but are short on cash for a down payment?

There are down payment gift programs available that can help a qualified buyer with the needed cash to close on a home. Three of the major programs are Ameridream, Nehemiah and Sovereign Grant Alliance.

Combined with FHA financing these down payment gift programs can help a buyer purchase a home with limited funds.

Watson Mortgage and Watson Realty can provide additional information on these programs.