What is the Central Florida Homebuyers Dream Program? | Up to $10,000 in Aid

Buying a home in Central Florida can feel like a dream, but for many first-time buyers, coming up with a down payment and closing costs can be a challenge.

The Central Florida Homebuyers Dream Program, offered by the Orange County Housing Finance Authority (OCHFA), helps eligible buyers in Orange, Lake, Osceola, or Seminole County by providing up to $10,000 in down payment and closing cost assistance.

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This program aims to make homeownership more accessible by reducing upfront costs and offering affordable mortgage options.

How Does the Program Work?

The program is not a grant, but rather an interest-free (0%) second loan that must be repaid under specific conditions.

Borrowers who remain in their home and do not refinance their mortgage for 30 years do not have to make any payments on the assistance.

However, repayment is required if the home is sold, refinanced, or the borrower moves out before the 30-year term ends.

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Who is Eligible?

To qualify for the Central Florida Homebuyers Dream Program, you must:

• Be a first-time homebuyer, meaning you haven't owned a primary residence in the past three years.
• Have a credit score above 640.
• Complete a homebuyer education course (available online or in-person).
• Be a Florida resident for at least one year.
• Meet income and purchase price limits based on your household size and the location of the home.

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Income Limits

To qualify for the program, your total household income must not exceed the following limits:

Non-Targeted Areas

• 1-2 Person Household: $96,500
• 3 or More Persons: $110,975

Targeted Areas (Higher Limits Apply)

• 1-2 Person Household: $115,800
• 3 or More Persons: $135,100

Targeted areas are designated neighborhoods where homeownership is encouraged due to historically low mortgage loan originations.

Buyers in these areas benefit from higher income limits and purchase price caps.

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Purchase Price Limits

The home purchase price must not exceed the following limits:

Non-Targeted Areas

• Maximum Purchase Price: $510,939

Targeted Areas

• Maximum Purchase Price: $624,481

These limits may also be subject to FHA, VA, or USDA loan caps, depending on the type of financing used.

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What Types of Homes Qualify?

The home you purchase must be your primary residence and be located in Orange, Lake, Osceola, or Seminole County. Eligible property types include:

✅ Single-family homes
✅ Townhomes
✅ Condos (FHA-approved)
✅ Duplexes

🚫 Mobile homes and manufactured homes are not eligible.

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Benefits of the Program

• Up to $10,000 in Down Payment Assistance (DPA)
• 0% interest loan with no monthly payments unless repaid early
• Fixed 30-year mortgage rates at competitive rates (currently 6.25%)
• No intangible taxes or doc stamp fees
• Available for FHA, VA, USDA, and Conventional loans

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How to Apply

1. Get Pre-Qualified – If you meet the income, credit, and other requirements, OCHFA will connect you with an approved lender.
2. Complete Homebuyer Education – This course is required before receiving assistance.
3. Secure Your Mortgage & DPA – Once approved, your OCHFA lender will process your first mortgage and down payment assistance.

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Things to Keep in Mind

• This program does not directly lend money—it works with approved lenders to qualify borrowers.
• If you refinance, sell, or move out of the home before 30 years, you must repay the assistance.
• Additional down payment assistance may be available from county or local programs, and some buyers may qualify for higher income and purchase limits in targeted areas.

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Final Thoughts

If you're looking to buy a home in Central Florida and need help with upfront costs, the Central Florida Homebuyers Dream Program could be the key to unlocking homeownership.

With up to $10,000 in assistance, competitive loan options, and expert guidance, this program helps first-time buyers achieve their dream of homeownership while keeping costs manageable.

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