How to Purchase a Home Under the NSP Program
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1. Eligibility criteria and program requirements
- Buyers cannot currently own a home.
- Buyers must be able to obtain mortgage financing.
- Buyers must have a minimum credit score of 620.
- Buyers must complete a homebuyer's education class and obtain a certificate.
- Buyers must contribute in cash 3.5% of the sales price toward the purchase of
the home for FHA loans - OPTION A.
- Buyers must contribute in cash 1.75% of the sales price toward
the purchase of the home for FHA loans - OPTION B.
- INVESTORS ARE NOT ALLOWED to participate in this program.
- Buyers must meet the following income guidelines (see Income Chart below):
| Orange County Florida Income Guidelines Chart |
| Household Size |
Very Low |
Low |
Moderate |
| 1 |
$20,450 |
$32,700 |
$49,080 |
| 2 |
$23,350 |
$37,350 |
$56,040 |
| 3 |
$26,250 |
$42,000 |
$63,000 |
| 4 |
$29,150 |
$46,650 |
$69,960 |
| 5 |
$31,500 |
$50,400 |
$75,600 |
| 6 |
$33,850 |
$54,150 |
$81,240 |
| 7 |
$36,150 |
$57,850 |
$86,760 |
| 8 |
$38,500 |
$61,600 |
$92,400 |
| Updated June 2011 |
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2. Homebuyer incentives and benefits
- NSP homebuyer assistance up to $20,000 is available based on
income and household size.
- Orange County may pay all of your closing costs.
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| Very Low Income |
Low Income |
Moderate Income |
| Up to $20,000 |
Up to $15,000 |
Up to $10,000 |
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To apply for NSP Homebuyer Assistance, fill out the NSP
Application forms with your mortgage broker/lender.
Home renovations
Under Option A, homes purchased by Orange County are renovated by licensed contractors and
if needed 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 NSP homebuyer
and closing cost assistance provided by Orange County.
Re-payment 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.
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3. In order to apply for a NSP home, buyer must:
- Be pre-qualified for a first mortgage by a mortgage lender
- Complete a Homebuyer's Education program (valid for one year) offered
by the following organizations:
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Consumer Credit Counseling Service (Classes offered in English and Spanish)
www.cccscfl.com (407) 895-8886 (Ext. 4)
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H.A.N.D.S. of Central Florida (Classes offered in English and Spanish)
www.cflhands.org (407) 447-5686 (option 4)
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Central Florida Urban League (Classes offered in English and Spanish)
www.cful.org
(407) 841-7654 (Ext. 319)
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GoldenRule Housing and Community Development (Classes offered in English and Spanish)
www.goldenrule.org (407) 878-3759
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Reliable Business Solutions
http://www.reliablebusinesssolutions.org/ (321) 527-3850 Classes offered in Spanish and English
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