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The City of Orlando and the Community Redevelopment Agency (CRA) are committed to bringing quality and affordable housing options to downtown Orlando. In an effort to increase owner-occupancy of single family homes in the Parramore area, the CRA may be able to provide down payment/closing cost assistance to purchasers of the CRA constructed homes. Down payment assistance up to $155,000 (plus an additional $10,000 for first responders) will be available based on the actual need of the applicant. This amount will be determined by the CRA in consultation with the lender.
Applicants must meet the below criteria to be eligible for assistance from the CRA:
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- Be a first time homebuyer (not owned home within the previous three years).
- Income must be 140% AMI or below.
- Complete a first time home buyer education course by a HUD approved housing counseling agency as listed on the city and CRA websites.
- Be able to obtain a loan commitment for a first mortgage with a fixed rate from a City of Orlando certified lender for a minimum of $225,000.
- Apply for Down Payment Assistance with the City of Orlando and Orange County Housing Finance Authority before applying with the CRA.
- Maintain the home as applicant’s homestead/principal residence for a minimum of ten (10) years (a recorded mortgage and note will be placed on the property for the ten (10) year period); if rented or sold within such period, a prorated amount of assistance must be paid back to the CRA. The funds will be forgiven on a prorated basis so that 10% of the principal is forgiven annually.
- Provide a minimum of $1,000 of household money toward down payment/closing costs.
For more information on this program, contact the CRA at 407.246.2555.