LAKE COUNTY
Homebuyers in Lake County have 2 great options!. Please choose one of the options listed below.
Orange County Housing Finance Authority and Lake County Board of County Commissioners
Central Florida Housing Opportunities Program
(Freddie Mac HFA Advantage Loan)
Continuously funded program - Never "runs out" of money
ELIGIBLE AREAS – Lake County
ELIGIBILITY CRITERIA* –
DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% second mortgage, up to $10,000. Must be used for down payment and closing cost. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.
INCOME LIMIT CRITERIA – Include the income of the borrower/s ONLY.
All household sizes $122,920
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf.
$427,198
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – New or existing, single family units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
CO-SIGNORS - Not allowable in the program.
Option #2
Orange County Housing Finance Authority and Lake County Board of County Commissioners
Central Florida Homebuyer's Dream Program
(FHA, VA and RD Loans)
Continuously funded program - Never "runs out" of money
ELIGIBLE AREAS – Lake County
ELIGIBILITY CRITERIA* –
DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% second mortgage, up to $10,000. Must be used for down payment and closing cost. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.
INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
1 - 2 person household $87,800
3 or more person household $100,970
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf.
$481,176
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – New or existing, single family units, detached or attached, condos, townhomes, duplexes.
CREDIT SCORE - FICO mid score must be 640 or higher.
Homebuyers in Lake County have 2 great options!. Please choose one of the options listed below.
Orange County Housing Finance Authority and Lake County Board of County Commissioners
Central Florida Housing Opportunities Program
(Freddie Mac HFA Advantage Loan)
Continuously funded program - Never "runs out" of money
ELIGIBLE AREAS – Lake County
ELIGIBILITY CRITERIA* –
- Buyers are NOT required to be first time buyers.
- Buyers must be able to permanently reside in the US.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
- Buyers must live in the property as their principal residence and the property may never be rented.
DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% second mortgage, up to $10,000. Must be used for down payment and closing cost. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.
INCOME LIMIT CRITERIA – Include the income of the borrower/s ONLY.
All household sizes $122,920
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf.
$427,198
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – New or existing, single family units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
CO-SIGNORS - Not allowable in the program.
Option #2
Orange County Housing Finance Authority and Lake County Board of County Commissioners
Central Florida Homebuyer's Dream Program
(FHA, VA and RD Loans)
Continuously funded program - Never "runs out" of money
ELIGIBLE AREAS – Lake County
ELIGIBILITY CRITERIA* –
- Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
- Buyers must live in the property as their principal residence and the property may never be rented.
DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% second mortgage, up to $10,000. Must be used for down payment and closing cost. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.
INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
1 - 2 person household $87,800
3 or more person household $100,970
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf.
$481,176
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – New or existing, single family units, detached or attached, condos, townhomes, duplexes.
CREDIT SCORE - FICO mid score must be 640 or higher.
WHAT'S THE NEXT STEP?
If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS
If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
CLICK HERE TO VIEW THE PROGRAM FLYER & LIST OF PARTICIPATING LOAN OFFICERS