How to Purchase a Home Under the NSP Program

What is NSP?

1. Eligibility criteria and program requirements

  1. Buyers cannot currently own a home.
  2. Buyers must be able to obtain mortgage financing.
  3. Buyers must have a minimum credit score of 620.
  4. Buyers must complete a homebuyer's education class and obtain certificate.
  5. Buyers must contribute 1.75% of the sales price toward the purchase of the home for FHA loans.
  6. INVESTORS ARE NOT ALLOWED to participate in this program.
  7. Buyers must meet the following income guidelines (see Income Chart below):
Orange County Florida Income Guidelines Chart
Household Size Very Low Low Moderate
1 $21,500 $34,350 $51,600
2 $24,550 $39,250 $58,920
3 $27,600 $44,150 $66,240
4 $30,650 $49,050 $73,560
5 $33,150 $53,000 $79,560
6 $35,600 $56,900 $85,440
7 $38,050 $60,850 $91,320
8 $40,500 $64,750 $97,200
Updated June 2010
Eligibility

2. Homebuyer incentives and benefits

  1. Down payment assistance up to $20,000 is available based on income and household size.
  2. Orange County will pay all of your closing costs.
Very Low Income Low Income Moderate Income
Up to $20,000 Up to $15,000 Up to $10,000

To apply for Down Payment Assistance, fill out the NSP Down Payment Assistance Application forms with your mortgage broker/lender.

Home renovations

Under Option A, homes purchased by Orange County are renovated by licensed contractors and will include energy efficiency improvements and updated Energy Star appliances.

Resale provisions

Orange County will utilize a second mortgage with a 15 year term at 0% interest. The amount of the second mortgage will be equivalent to the downpayment and closing cost assistance provided by Orange County. Payments will not be required unless the property is sold, rented, or refinanced without prior approval of Orange County or ceases to be owner occupied during the lien period. Orange County's loan will be satisfied after 15 years.

How to Apply

3. In order to apply for a NSP home, buyer must:

  1. Be pre-qualified for a first mortgage by a mortgage lender
    Have a licensed realtor representing you.  
    Need help finding a Realtor? Need help finding a Mortgage?
    www.orlrealtor.com www.famb.org
  2. Complete a Homebuyer's Education program (valid for one year) offered
    by the following organizations:
 
Consumer Credit Counseling Service
(Classes offered in English and Spanish)
www.cccscfl.com
(407) 895-8886 (Ext. 4) 
H.A.N.D.S. of Central Florida
(Classes offered in English and Spanish)
www.cflhands.org
(407) 447-5686 (option 4)
Metropolitan Orlando Urban League
(Classes offered in English and Spanish)
www.metorlandoul.org
(407) 841-7654 (Ext. 319) 
GoldenRule Housing and Community Development
(Classes offered in English and Spanish)
goldent@fdn.com
(407) 324-9123
The Mortgage Center
(Cora Fulmore)
mrtgcntr@aol.com
(407) 654-8804
(Fee Charged)
Latino Leadership
(Classes offered in English and Spanish)
www.latino-leadership.org
(407) 893-6424
Homes In Partnership (HIP)
smithj@homesip.org
(407) 886-2451
 
Homebuyer Incentives

For additional information

Linda Larkin at linda.larkin@ocfl.net or (407) 836-5189, or
Marie Maher at marie.maher@ocfl.net or (407) 836-5171