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Your first home · Orlando & Central Florida

Your first home starts with a plan.

First-time buyer is not a loan type. I’ll help you compare the loan, the cash you need and any assistance obligations before you start making offers.

Explore Assistance Programs
  • Start with a comfortable payment
  • Compare Conventional, FHA and VA
  • Assistance may require repayment
  • Straight answers—even when another lender has the better program
Shahram Sondi wearing glasses and pointingWritten and reviewed by Shahram SondiFlorida mortgage broker · Certified Mortgage Advisor™ · NMLS 186790
02 — What “first-time buyer” actually is

There is no loan called a first-time homebuyer loan.

First-time buyer is a borrower classification, not a product. It can unlock a 3% down conventional loan, or eligibility for an assistance program. Underneath, the loan is still Conventional, FHA, VA or USDA — and it still has to qualify on its own.

The classification

It changes what you can access

Being classified as a first-time buyer can open a 3% down conventional option and the door to assistance programs. It does not create a separate loan, a separate rate sheet or a separate approval standard.

The plan

Four routes, one decision

Conventional, FHA, VA and assistance solve different problems — credit, cash, or both. Choosing between them is the actual work, and it is a comparison, not a default.

The measure

The complete payment

Principal, interest, mortgage insurance, Florida taxes, Florida insurance, HOA and CDD. A route that wins on rate and loses on the complete payment has not won anything.

03 — Which definition applies to you

Every program writes its own definition.

Many mortgage and assistance programs generally define a first-time buyer as someone who has not owned a qualifying residential property, or has not owned and occupied a primary residence, during the previous three years. Fannie Mae, Freddie Mac, Florida Housing and each local agency word it differently, and displaced-homemaker, single-parent, veteran and other exceptions may apply. Owning a property more than twelve months ago does not create a universal exception.

Have you owned any residential property during the previous three years?

Some conventional first-time-buyer options look at ownership of any residential property, not just the home you lived in.

Have you owned AND occupied a primary residence during the previous three years?

This is the test Florida Housing states, following the IRS definition.

Are you an eligible veteran or active-duty service member?

VA financing is not a first-time-homebuyer loan, and eligible borrowers may use the benefit more than once.

Are you a displaced homemaker or single parent?

Certain displaced-homemaker, single-parent, veteran and other exceptions may apply under specific programs.

Are you seeking a standard low-down-payment mortgage, or government and local assistance?

Answer the first two questions to see which conversation you are probably in.

04 — Conventional · FHA · VA · Assistance

Four routes. Different problems solved.

Two of these are not first-time-buyer programs at all — which is exactly why so many first-time buyers are steered into the wrong one.

Route A

Conventional

  • Standard Conventional 97% financing may permit 3% down when the first-time-buyer requirements are satisfied.
  • Fannie Mae HomeReady and Freddie Mac Home Possible may offer 3% down under their own income and underwriting requirements, and are not universally limited to first-time buyers.
  • Freddie Mac HomeOne is a first-time-buyer 3% down option.
  • Conventional financing is credit-sensitive — the same file prices differently at different scores.
  • Mortgage insurance generally applies below 20% down, and it is removable under the applicable rules.
  • Conventional may be the strongest option for borrowers with stronger credit and documentable income.

Conventional loans in Florida · Fannie Mae — 97% LTV options (opens in a new tab) · Freddie Mac — HomeOne (opens in a new tab)

Route B

FHA

  • FHA is not a first-time-homebuyer loan. Eligible repeat buyers may also use FHA.
  • Mortgage Expert generally requires a minimum 580 credit score for 3.5% down, subject to the complete file.
  • FHA has an upfront mortgage insurance premium and an annual premium collected monthly.
  • FHA may be useful when credit history or debt-to-income makes Conventional less favorable.
  • Primary-occupancy and other FHA property and borrower requirements apply.

FHA loans in Florida

Route C

VA

  • VA is not a first-time-homebuyer loan. Eligible veterans may use the benefit more than once.
  • Zero down may be available for eligible borrowers with sufficient entitlement.
  • No monthly mortgage insurance.
  • A funding fee may apply, and it is normally financed into the loan.
  • First use means the first use of the VA benefit — not the first home you have owned.
  • Funding-fee exemption depends on verified VA compensation and your Certificate of Eligibility status, not on a stated disability percentage alone.
  • The first-versus-subsequent-use funding-fee difference applies to the down-payment tier that fits your file, under the current official VA rules.

VA loans in Florida

Route D

Assistance

  • Assistance may be combined with eligible Conventional, FHA, VA or USDA first mortgages, depending on the program.
  • Income, purchase-price, credit, education, occupation and geography restrictions may apply.
  • Some assistance is a grant.
  • Some is a forgivable second mortgage.
  • Some is a deferred second mortgage with no monthly payment but a full balance still owed.
  • Some requires a monthly repayment, which affects your qualifying ratios.
  • Some becomes due when you sell, refinance, transfer title or stop occupying the home.
  • Approved-participating-lender requirements may apply, and they decide who you are allowed to work with.

See the official program directory

Program availability, eligibility and pricing depend on credit, income, assets, the property, the program’s own rules and lender conditions. Not every first-time buyer qualifies for 3% down.

05 — First-Home Plan Builder

Start with the payment. Not the maximum.

Most first-home plans start at the top — what is the most I can be approved for — and work down. This one starts at the number you actually want to live with, and shows what each route costs to get there.

Start here
Everything: principal, interest, mortgage insurance, taxes, insurance, HOA and CDD.
The home you are aiming at
A working number. It is not a commitment and you can change it.
Selects the local assistance programs shown below. It changes no pricing on this page.
Leave blank and this tool applies its own Florida estimate. Taxes vary widely by county and by whether the seller had a homestead exemption.
Leave blank and this tool applies its own Florida estimate. Get a real quote before you go under contract.
Many Central Florida communities carry both. A CDD assessment can also appear on the tax bill.
Your numbers
Before tax, for everyone who will be on the loan.
Cards, auto loans, student loans, personal loans. Not utilities, groceries or insurance.
Before gift funds. Used to show what would be left after closing.
Gift funds require acceptable sourcing and documentation, and program rules on who may give them.
Depends on the contract and on program limits. Enter it only if it is in writing.
Earnest money already delivered reduces what is still due at the closing table.
Adds a fourth comparison using a percentage you choose.
A few more things
Adds the VA route to the comparison. VA is not a first-time-buyer loan and eligible borrowers may use the benefit more than once.
Shows the assistance comparison below. It grants no eligibility and reserves nothing.

This form uses JavaScript. See other ways to contact Mortgage Expert or call (407) 906-6414.

Enter a purchase-price target and a credit-score range to price the routes. Nothing is filled in for you.

Four different things, often confused for each other

Planning range

What this page produces. Built from figures you typed and today's published pricing. Nothing has been verified and no one has reviewed your file.

Prequalification

A conversation-level opinion based on what you state about income, debts and assets. Nothing is documented.

Reviewed preapproval

Your income, assets and credit have actually been reviewed by a person, with documents. This is what sellers take seriously in Central Florida.

Final underwriting approval

An underwriter has approved the whole file including the property, the appraisal, the title work and the program's own conditions.

START YOUR PRE-APPROVAL Open the payment calculator
06 — Cash needed beyond the down payment

The down payment is one line. Money needed at closing is the whole page.

Almost every first-home surprise lives in the gap between those two numbers. Here is what sits in it, and what legitimately reduces it.

Down payment, plus

  • Lender and settlement costs — Origination and processing where applicable, title and settlement services, recording, and Florida's own transfer taxes.
  • Prepaid interest — Interest from your closing date to the end of that month.
  • Property-tax escrow — A few months of taxes collected up front to start the escrow account.
  • Homeowners insurance — The first year's premium, plus escrow months for the next one.
  • Appraisal — Ordered once you are under contract.
  • Inspection and due diligence — Paid directly, usually before closing, and not refunded if you walk away.
  • HOA or condo requirements — Estoppel fees, capital contributions or a condo questionnaire, where they apply.

Minus

  • Earnest-money deposit already paid — Already delivered, so it is credited back to you at the table.
  • Seller-paid costs — Only what the contract actually says, and only within the program's own limit.
  • Lender credits — A rate-for-cost tradeoff: a slightly higher rate in exchange for money toward costs.
  • Gift funds — Subject to acceptable sourcing, documentation, and program rules on who may give.
  • Verified assistance — Only after the program has confirmed it in writing for your file.

Equals

Estimated remaining cash needed

The figure you should actually plan around — and then, separately, the figure you want left over after it.

Some of these costs are paid before closing rather than at it, so the money leaves your account on different days. Your Loan Estimate, and later your Closing Disclosure, are the documents that control.

Down payment is not the same as money needed at closing. Seller credits depend on the contract and on program limits. Lender credits generally involve a rate-for-cost tradeoff. Gift funds require acceptable sourcing and documentation. Assistance use depends on the applicable program. Mortgage Expert does not advertise closings without costs; whether any given loan details support a particular loan option is answered on your Loan Estimate, not here.

07 — Assistance versus self-funding

Assistance is a trade, not a gift.

Some assistance is a grant. Some is a forgivable second mortgage. Some is deferred. Some carries a monthly payment. Put the real terms next to the route you would take without it, and the trade becomes visible.

Self-funded

Your own down payment

Build a plan above and pick a route to compare. This side is priced from today’s published pricing; the assistance side is not.

With assistance

Enter the program’s actual terms

Mortgage Expert does not have access to every Florida assistance program, so this page will not invent assistance pricing. Copy the terms from the program’s own document or from the agency, and the comparison below uses those figures.

Program terms entered for comparison—not a Mortgage Expert quote.

Dollars applied to down payment and/or closing costs.
What the program itself requires you to put down.
The rate the assistance program quotes. Never assumed here.
Shown beside the rate, never instead of it.
Use the term stated by the assistance program; this page will not assume one.
What the program's own first mortgage charges. Leave blank if you do not know it yet — the comparison will say the payment excludes it rather than quietly leaving it out.
Leave blank if the assistance is not recorded as a lien.
Used when the second amortizes; enter the program's stated term, not an estimate.
Only used when the assistance is forgivable.
What makes the balance due?

Side by side

Enter the assistance program’s first-mortgage rate, APR and term, and a purchase price above, to see the comparison. Nothing is assumed on your behalf.

Assistance can solve a shortage of money for closing, but it may change the first-mortgage pricing, add a second lien or limit future refinance flexibility.

This page makes no assumption that a higher combined loan-to-value carries any particular interest-rate increase, and no assumption that assistance costs more or saves money. Both are decided by the actual program terms. Where you have not entered the program’s mortgage insurance, the assistance side’s payment is marked as excluding it rather than compared as though it were zero. Planning estimate only. Not a Loan Estimate, not a prequalification, not an approval and not a rate lock. Figures depend on verified credit, income, assets, the property, the program, the lock date and actual third-party costs. Mortgage Expert may not participate in the program you entered — the official agency and its participating-lender requirements control.

08 — Our comparison policy

We’ll tell you when another program deserves a look.

Mortgage Expert does not participate in every Florida down-payment-assistance program. Pretending otherwise would cost you time you do not have once you are under contract.

What we do have

  • Access to the Florida Hometown Heroes program when the program has funding and you satisfy the current requirements.
  • Competitive standard first-time-buyer options — Conventional 3% down.
  • FHA 3.5% down, subject to the complete file.
  • VA financing for eligible borrowers.

What we do not

  • Some local grants and assistance programs require a participating bank, credit union or specifically approved lender.
  • We will not describe ourselves as participating in a program we cannot originate.
  • We will not claim we always have the lowest rate — nobody can, and the claim tells you nothing about your file.

So here is the role we take

  • If Mortgage Expert has the stronger option, we explain exactly why.
  • If a bank or credit union has a program that better solves your cash problem, we identify what you should compare and what questions to ask them.
  • If you do not need assistance at all, we compare standard low-down-payment pricing before you accept a restricted assistance loan.
  • Mortgage Expert may offer competitive standard financing. Compare the same-day rate, APR, points, payment, cash needed and assistance obligations.
GET A QUICK QUOTE
09 — Official Central Florida program directory

The programs, as the agencies actually describe them.

Every record below is transcribed from the agency’s own page, dated, and linked back to it. No secondary marketing site is used as a source, and no program is described as open unless its current funding has been verified.

7programs. Open any row for the full record — eligibility, limits, repayment terms and the agency’s own page.

The Florida Assist (FL Assist)

Up to $10,000 as a deferred second mortgage that is not forgivable.Florida Housing Finance Corporation · Statewide — FloridaVerify current fundingMortgage Expert access not confirmedLast verified August 20, 2026

The official Homebuyer Overview page describes the program as currently offered but does not publish a current funding balance. Confirm availability with an approved participating lender before writing an offer.

First-time requirement
Yes. Florida Housing states you must meet the IRS definition of a first-time homebuyer — you cannot have owned AND occupied your primary residence in the three years before purchase.
Income-limit basis
County income limits published by Florida Housing. The limit varies by county and household size, not by one statewide figure.
Purchase-price limit
County purchase-price limits published by Florida Housing.
Minimum credit score
640
Maximum assistance
Up to $10,000
How it is repaid
Deferred second mortgage — not forgivable
Interest and payment
0%, non-amortizing second mortgage. No monthly payment on the assistance itself.
Forgiveness period
None stated — this assistance is not described as forgivable.
What makes it due
  • Sale of the property
  • Transfer of the property
  • Satisfaction of the first mortgage
  • Refinance of the property
  • You stop occupying the property
Homebuyer education
Approved homebuyer education is required.
Participating lender
Requires a Florida Housing first mortgage originated by an approved, participating Program Lender. Florida Housing states down payment assistance is NOT available as stand-alone assistance.
Mortgage Expert access
Mortgage Expert is not confirmed as a Florida Housing participating Program Lender for FL Assist. If this program is the right answer for you, we will say so and tell you what to compare.
Official source
floridahousing.org — Homebuyer Overview (opens in a new tab)

Florida Hometown Heroes Housing Program

Up to 5% of the first mortgage loan amount — minimum $10,000, maximum $35,000 as a deferred second mortgage that is not forgivable.Florida Housing Finance Corporation · Statewide — FloridaVerify current fundingMortgage Expert has accessLast verified August 20, 2026

Prior Hometown Heroes funding cycles have been reported as fully committed. The official program page does not publish a live funding balance, so this page will not describe the program as open. Ask us to check the current cycle before you rely on it.

First-time requirement
Yes — the official page describes assistance to first-time, income-qualified homebuyers purchasing a primary residence.
Income-limit basis
Florida Housing publishes 2026 Hometown Heroes income and loan limits by county. Eligibility also requires a qualifying occupation and full-time employment by a Florida-based employer.
Purchase-price limit
County loan limits published in the 2026 Hometown Heroes limits schedule.
Minimum credit score
The official page does not state one.
Maximum assistance
Up to 5% of the first mortgage loan amount — minimum $10,000, maximum $35,000
How it is repaid
Deferred second mortgage — not forgivable
Interest and payment
0%, non-amortizing, 30-year deferred second mortgage. No monthly payment on the assistance itself. Florida Housing states the Hometown Heroes loan is not forgivable.
Forgiveness period
None stated — this assistance is not described as forgivable.
What makes it due
  • Sale of the property
  • Refinance of the first mortgage
  • Transfer of deed
  • You no longer occupy the property as your primary residence
Homebuyer education
Homebuyer education applies through the Florida Housing first mortgage requirements.
Participating lender
Requires a Florida Housing first mortgage through a participating lender, plus a qualifying occupation and full-time Florida-based employment.
Mortgage Expert access
Mortgage Expert has access to Hometown Heroes when the program has funding and you satisfy the current occupation, employment, income and property requirements. Access is not the same as approval, and funding is confirmed per file.
Official source
floridahousing.org — Hometown Heroes Program (opens in a new tab)

Orange County Down Payment Assistance (DPA)

$70,000 very-low income · $40,000 low income · $10,000 moderate income — determined by household income and size as a deferred second mortgage that is not forgivable.Orange County Housing and Community Development Division · Orange County, Florida (outside City of Orlando limits, see the county for detail)Verify current fundingMortgage Expert access not confirmedLast verified August 20, 2026

The county publishes an active application portal and 2026 income limits effective May 1, 2026. The page does not publish a current funding balance, so confirm availability with the county before relying on it.

First-time requirement
Yes — the county describes assistance to qualified first-time homebuyers.
Income-limit basis
Household size against the county's 2026 limits. Orange County publishes an area median (family) income of $97,600 and sets the very-low (50%), low (80%) and moderate (120%) tiers from it.
Purchase-price limit
The official page does not publish a purchase-price limit; confirm current program requirements with the county.
Minimum credit score
The official page does not state one.
Maximum assistance
$70,000 very-low income · $40,000 low income · $10,000 moderate income — determined by household income and size
How it is repaid
Deferred second mortgage — not forgivable
Interest and payment
The official page does not publish the note terms on this page. Confirm the interest, payment and repayment terms with the county before signing anything.
Forgiveness period
None stated — this assistance is not described as forgivable.
What makes it due
  • Confirm the county's recorded note and mortgage terms — sale, transfer, refinance and occupancy conditions are set by the county's own documents
Homebuyer education
All applicants must complete a pre-purchase homebuyer education program.
Participating lender
Applicants must secure a first mortgage. Confirm the county's current lender requirements before assuming any lender qualifies.
Mortgage Expert access
Mortgage Expert is not confirmed as an approved participating lender for Orange County DPA. If this is the strongest answer for your cash problem, we will tell you and help you compare it against standard low-down-payment financing.

City of Orlando Down Payment Assistance (DPA)

Maximum $45,000 per household, based on actual need, income and available funding as a forgivable second mortgage.City of Orlando · Inside City of Orlando limitsClosed to new applicationsMortgage Expert access not confirmedLast verified August 20, 2026

The City states it is not accepting new applications at this time, and refers first-time buyers to Orange County depending on funding availability.

First-time requirement
Yes — the City states you must not have owned a home in the past three years.
Income-limit basis
Gross household income and demonstrated need, against the City's own published income eligibility limits.
Purchase-price limit
The home must be located within City of Orlando limits.
Minimum credit score
The official page does not state one.
Maximum assistance
Maximum $45,000 per household, based on actual need, income and available funding
How it is repaid
Forgivable second mortgage
Interest and payment
A recorded mortgage and note is placed on the property for ten years. No monthly payment is described; the obligation is the occupancy and ownership condition.
Forgiveness period
Ten years — the City states the loan is forgiven if you remain in the property and do not rent, sell or convey ownership during the loan period.
What makes it due
  • Renting the property during the ten-year period
  • Selling the property during the ten-year period
  • Conveying ownership during the ten-year period
Homebuyer education
A pre-purchase homebuyer education workshop with a HUD-approved housing counseling agency.
Participating lender
The first mortgage must come from a city-registered mortgage lender, and must be a fixed-rate loan.
Mortgage Expert access
Mortgage Expert is not confirmed as a city-registered lender for this program. The City is not accepting new applications today in any case — this record exists so you are not sold a program that is closed.

Seminole County Purchase Assistance Program

Up to $145,000, depending on income level and need as a deferred second mortgage that is not forgivable.Seminole County Community Development · Seminole County, FloridaWaiting list closedMortgage Expert access not confirmedLast verified August 20, 2026

The county states the waiting list is currently closed and that there is no anticipated opening date while previous applicants are processed.

First-time requirement
Yes — the county defines a first-time homebuyer as someone who has not owned a home, or had an interest in a home, during the three-year period immediately before applying.
Income-limit basis
Total combined household income at or below 120% of the area median income level.
Purchase-price limit
The home must be a newly-constructed or existing home in Seminole County.
Minimum credit score
The official page does not state one.
Maximum assistance
Up to $145,000, depending on income level and need
How it is repaid
Deferred second mortgage — not forgivable
Interest and payment
The official program page does not publish the note terms. Confirm the interest, payment and repayment terms with the county before signing anything.
Forgiveness period
None stated — this assistance is not described as forgivable.
What makes it due
  • Confirm the county's recorded note and mortgage terms — sale, transfer, refinance and occupancy conditions are set by the county's own documents
Homebuyer education
The county has partnered with HELP CDC, a HUD-certified housing counselor, for purchase-readiness and education.
Participating lender
Applicants must be pre-approved for a first mortgage through a private lender approved by Seminole County.
Mortgage Expert access
Mortgage Expert is not confirmed on Seminole County's approved-lender list. The waiting list is closed today regardless, so do not build a purchase timeline around this program without talking to the county first.

Osceola County Down Payment / Purchase Assistance (SHIP)

The official first-time homebuyer page does not publish a maximum. Confirm the current award with the county. Terms vary by local plan.Osceola County Housing and Community Services Department · Osceola County, FloridaVerify current fundingMortgage Expert access not confirmedLast verified August 20, 2026

The county publishes the education prerequisite and an application path, but does not publish a current funding balance or award schedule on this page. Confirm availability with the county.

First-time requirement
The county's assistance path is presented as a first-time homebuyer program. Confirm the exact definition applied to your file with the county.
Income-limit basis
SHIP income tiers set in the county's Local Housing Assistance Plan. The county's plan, not a statewide figure, controls.
Purchase-price limit
SHIP purchase-price limits published for the county. Confirm the current figure with the county.
Minimum credit score
The official page does not state one.
Maximum assistance
The official first-time homebuyer page does not publish a maximum. Confirm the current award with the county.
How it is repaid
Terms vary by local plan
Interest and payment
Set by the county's SHIP Local Housing Assistance Plan. Confirm the note terms before signing anything.
Forgiveness period
None stated — this assistance is not described as forgivable.
What makes it due
  • Set by the county's SHIP Local Housing Assistance Plan — confirm the sale, refinance, transfer and occupancy conditions in the county's own documents
Homebuyer education
The county's 'A Home of Your Own' first-time homebuyer class is a prerequisite to qualifying for assistance. All applicants, co-signers and spouses must receive a class certificate.
Participating lender
Assistance is administered through the county's SHIP program. Confirm the county's current lender and application requirements.
Mortgage Expert access
Mortgage Expert is not confirmed on Osceola County's assistance program. Ask the county what a participating lender must be before you choose one.
Official source
osceola.org — First Time Home Buyers (opens in a new tab)

SHIP — State Housing Initiatives Partnership Program

Set by each local Housing Assistance Plan. Terms vary by local plan.Florida Housing Finance Corporation · All 67 Florida counties and 55 citiesVerify current fundingMortgage Expert access not confirmedLast verified August 20, 2026

SHIP is not one program with one set of rules. Florida Housing distributes SHIP funds to local governments, and each local government adopts its own Local Housing Assistance Plan. Availability, award size and repayment terms are decided locally.

First-time requirement
Set by each local plan. Many local purchase-assistance programs require first-time-buyer status; some do not.
Income-limit basis
SHIP serves very-low, low and moderate income households, and Florida Housing states remaining funds may be reserved for households up to 140% of AMI. The local plan controls.
Purchase-price limit
SHIP purchase-price limits are published by Florida Housing per county.
Minimum credit score
The official page does not state one.
Maximum assistance
Set by each local Housing Assistance Plan.
How it is repaid
Terms vary by local plan
Interest and payment
Set by each local Housing Assistance Plan.
Forgiveness period
None stated — this assistance is not described as forgivable.
What makes it due
  • Set by each local Housing Assistance Plan — read the county or city documents that apply to your address
Homebuyer education
Set by each local Housing Assistance Plan.
Participating lender
Set by each local Housing Assistance Plan, including any approved-lender requirement.
Mortgage Expert access
SHIP participation is decided locally, county by county. Mortgage Expert is not confirmed on every local SHIP lender list — start with your county's own SHIP office.
Official source
floridahousing.org — SHIP Program (opens in a new tab)

Program information last checked August 20, 2026. Funding and eligibility can change without notice. Confirm availability with the official agency and an approved participating lender before relying on assistance.

10 — Income and household limits

Area median income is not your maximum approval income.

These are two different tests, applied by two different parties, for two different purposes — and they routinely disagree.

  • Program income limits usually vary by household size, not by one figure.
  • Some programs use 80% of area median income, some 120%, some another percentage.
  • Program income may count household members differently from the income a lender uses to qualify you.
  • You may earn too much for assistance and still qualify comfortably for the mortgage.
  • You may fall below the program income limit and still not have enough qualifying mortgage income.
  • Assistance eligibility and mortgage approval are separate tests. Passing one says nothing about the other.

Orange County — 2026 down payment assistance income limits

The county publishes an area median (family) income of $97,600 and sets its assistance tiers from it. That figure is a reference used to build the table below — it is not a single cutoff, and eligibility is decided by your household size.

Orange County 2026 down payment assistance income limits by household size
Household sizeVery low — $70,000 assistance tier (50% of median)Low — $40,000 assistance tier (80% of median)Moderate — $10,000 assistance tier (120% of median)
1$40,250$64,350$96,600
2$46,000$73,550$110,400
3$51,750$82,750$124,200
4$57,450$91,900$137,880
5$62,050$99,300$148,920
6$66,650$106,650$159,960
7$71,250$114,000$171,000
8$75,850$121,350$182,040

Source: orangecountyfl.net — Homebuyer Down Payment Assistance (opens in a new tab), stated effective May 1, 2026. Transcribed and last verified August 20, 2026. Limits change; confirm the current figures with the county. Seminole County states a 120% of area median income threshold, Osceola County applies its SHIP plan tiers, and every other Florida county publishes its own — this page does not reproduce all sixty-seven.

11 — Two to six months before you buy

The work that decides the outcome happens early.

Almost everything that improves a first purchase is done before an offer exists. Almost nothing can be fixed after.

Stage 01

Two to six months before buying

  • Pull and review your credit — all three bureaus, and read what is actually on them.
  • Pay revolving balances down strategically. Utilisation moves scores faster than almost anything else.
  • Avoid new debt. A financed sofa or a new car changes the ratios the file is built on.
  • Gather income documentation and understand how your income will be calculated.
  • Decide the complete monthly payment that feels comfortable, before anyone quotes you a maximum.
  • Estimate the cash you will genuinely have available, and what you want left afterwards.
  • Research assistance before you write an offer — not after.
  • Find out whether the programs you are considering require homebuyer education, and how long it takes.
Stage 02

Before you start shopping

  • Compare Conventional, FHA and VA on the same loan details, not on three different ones.
  • Verify assistance availability with the agency itself, and get the participating-lender rule in writing.
  • Get a reviewed preapproval — an actual review of documents, not a conversation.
  • Estimate real property taxes, real Florida insurance, and any HOA or CDD for the communities you are considering.
  • Know your realistic purchase-price range, built from the payment rather than from the maximum.
  • Decide what reserves you want to keep after closing, and treat that number as a constraint.
Stage 03

After you are under contract

  • Update the complete payment using the actual property — its taxes, its insurance quote, its HOA and CDD.
  • Confirm the seller credit is written into the contract and is within the program's own limit.
  • Confirm the property itself is eligible for the program you are using.
  • Revalidate assistance funding — a committed program can close between preapproval and contract.
  • Complete any required homebuyer education early, not in the final week.
  • Read the Loan Estimate line by line, and ask about anything you do not recognise.
  • Confirm the assistance repayment terms and the refinance triggers before you sign the second note.
  • Take on no new debt and change nothing about your employment until after closing.

Do not make an offer based only on a generic calculator result. Bring the actual property’s taxes, insurance quote, HOA and CDD into the number first, and get the file reviewed by a person.

12 — Questions first-time buyers actually ask

Straight answers.

Is first-time homebuyer an actual loan type?

No. There is no loan product called a first-time homebuyer loan. First-time buyer is a borrower classification that can unlock certain options — a 3% down conventional loan, or eligibility for a down payment assistance program. The loan underneath is still Conventional, FHA, VA or USDA, and it still has to qualify on its own merits.

How is a first-time buyer defined?

It depends on the program. Many mortgage and assistance programs define a first-time buyer as someone who has not owned a qualifying residential property, or has not owned and occupied a primary residence, during the previous three years. Florida Housing states the IRS test: you cannot have owned and occupied your primary residence for the three years before purchase. Fannie Mae, Freddie Mac and each local assistance program word theirs differently, and certain displaced-homemaker, single-parent, veteran and other exceptions may apply. Owning a property more than twelve months ago does not create a universal exception — the exact program definition has to be reviewed.

Can a first-time buyer use Conventional with 3% down?

Often yes. Standard Conventional 97% financing may permit 3% down when the first-time-buyer requirements are satisfied, and Freddie Mac HomeOne is a first-time-buyer 3% down option. Fannie Mae HomeReady and Freddie Mac Home Possible may also offer 3% down under their own income and underwriting requirements, and they are not universally limited to first-time buyers. Conventional financing is credit-sensitive, and mortgage insurance generally applies below 20% down. Not every first-time buyer qualifies for 3% down — credit, income documentation, the property and the program's own rules all decide.

Is FHA only for first-time buyers?

No. FHA is not a first-time-homebuyer loan, and eligible repeat buyers may also use it. FHA is often useful when credit history or debt-to-income makes Conventional less favorable. Mortgage Expert generally requires a minimum 580 credit score for 3.5% down, subject to the complete file. FHA carries both an upfront mortgage insurance premium and an annual premium collected monthly, and FHA has primary-occupancy and property requirements.

Is down-payment assistance free money?

Not automatically. Some assistance is a grant. Some is a forgivable second mortgage that is only forgiven if you stay and satisfy the full program period. Some is a deferred second mortgage that carries no monthly payment but becomes due in full when you sell, refinance, transfer title or stop occupying the home. Some carries a monthly payment that affects your qualifying ratios. Florida Housing states plainly that its FL Assist and Hometown Heroes seconds are not forgivable. Read the note and the mortgage before you rely on the word grant.

Can assistance be used for closing costs?

Often, but it depends on the program. Florida Housing describes its second mortgage programs as assisting with both down payment and closing costs. Local county and city programs set their own rules on what the money may pay for. Assistance may also be combined with eligible Conventional, FHA, VA or USDA first mortgages depending on the program, and approved-participating-lender requirements may apply.

Should I compare Mortgage Expert with a bank or credit union?

Yes — and we will tell you when they have the stronger answer. Mortgage Expert does not participate in every Florida down-payment-assistance program, and some local grants require a participating bank, credit union or specifically approved lender. Mortgage Expert may offer competitive standard financing on options like Conventional 3% down, FHA 3.5% down and VA for eligible borrowers. Compare the same-day rate, APR, points, complete payment, cash needed and any assistance obligations, from both, on the same loan details.

13 — The complete first-time buyer guide

Everything else, in the order it matters.

The detail belongs here rather than in the middle of the decision. Each section is a standard HTML disclosure — it is in the page source, it is indexable, and it works without JavaScript.

How Fannie Mae and Freddie Mac define a first-time buyer

There is no single federal definition that all programs share. The most common shape of the test looks back three years, but what it looks at differs. Florida Housing states the IRS test — you cannot have owned and occupied your primary residence for the three years before purchase. Some conventional first-time-buyer options turn instead on not having owned a residential property at all in that window, which is a stricter test for a borrower who owned a rental but lived in a rented home.

The practical consequence is that a buyer can be a first-time buyer under one program and a repeat buyer under another, on exactly the same history. That is why this page runs a navigator rather than printing one definition.

Conventional 97%, HomeReady, Home Possible and HomeOne

Standard Conventional 97% may permit 3% down where the first-time-buyer requirement is satisfied. Freddie Mac HomeOne is a first-time-buyer 3% down option with no geographic or income limits, and Freddie Mac states homebuyer education is required for purchases where all borrowers are first-time buyers.

Fannie Mae HomeReady and Freddie Mac Home Possibleare income-driven low-down-payment products. They may offer 3% down under their own income and underwriting requirements, and they are not universally limited to first-time buyers — a distinction that matters, because a repeat buyer told “you missed the 3% down window” may not actually have.

All of them are credit-sensitive, and all of them carry mortgage insurance below 20% down. Which one prices best for you is a file-level question, not a headline.

FHA, VA and USDA in a first-purchase context

FHA is a government-insured loan available to eligible buyers generally, not only first-time buyers. It trades a more forgiving credit and ratio posture for mortgage insurance that behaves differently from conventional PMI: an upfront premium plus an annual premium collected monthly.

VA is an earned benefit, not a first-purchase programme. Zero down may be available with sufficient entitlement, there is no monthly mortgage insurance, and a funding fee normally applies unless you are exempt. Exemption is determined by verified VA compensation status and your Certificate of Eligibility — a stated disability percentage on its own does not prove it. See VA loans in Florida.

USDA finances 100% for eligible buyers purchasing eligible properties in eligible areas. Parts of Central Florida outside the metro core qualify, and it is worth checking the address before assuming it does not. See USDA loans in Florida.

Credit, debt-to-income and the payment you can live with

Credit affects both eligibility and price. On conventional financing the same file can price materially differently across score bands, and mortgage-insurance factors move with the score too. FHA is less score-sensitive on price but has its own floors.

Debt-to-income is the ratio of your monthly credit-reported obligations, including the new housing payment, to your gross monthly income. Programs and automated underwriting systems set their own limits, and the limit is not the same as a good idea. The comfortable payment is a separate question from the qualifying payment, and it is the one this page asks first.

Mortgage insurance, closing costs, gift funds, seller credits and lender credits

Mortgage insurance is not a penalty; it is the price of putting less down. Conventional PMI generally applies above 80% loan-to-value and ends under the applicable rules. FHA mortgage insurance behaves differently and includes an upfront premium plus a monthly premium.

Closing costs and prepaids are separate from the down payment. Prepaids fund your escrow account and your first year of insurance; they are your money, but they still have to be there on closing day. See closing costs explained and what a down payment actually is.

Gift funds must be sourced and documented, and each program has rules about who may give them. Seller credits are negotiated into the contract and capped by the program. Lender credits are a rate-for-cost tradeoff — a slightly higher rate in exchange for money toward costs, which is a real tool and not a discount.

Assistance liens: forgivable, deferred and repayable seconds

A grant is not repaid. A forgivable second is a recorded lien that is written off over a stated period, usually only if you keep living there — the City of Orlando programme, for example, records a note for ten years and forgives it if you neither rent, sell nor convey during that period.

A deferred second carries no monthly payment but is not forgiven. Florida Housing states this plainly for both FL Assist and Hometown Heroes: the balance becomes due in full on sale, transfer, satisfaction or refinance of the first mortgage, or when you stop occupying the home. A repayable second carries a monthly payment which counts in your ratios.

The refinance trigger is the one most first-time buyers do not see coming. If rates fall in three years and refinancing repays the assistance in full, that is a real cost of the assistance — and it is worth knowing before you accept it, not after.

Education requirements, income limits and approved-lender rules

Most assistance programs require an approved homebuyer education course, and the certificate is a condition of funding rather than a formality. Osceola County states that all applicants, co-signers and spouses must hold a certificate. Courses take time — start early.

Income limits vary by county and household size and are measured against a percentage of area median income, not against your qualifying mortgage income. Purchase-price limits are published separately.

Approved-lender rules are the quiet constraint. A city-registered lender requirement, a county-approved lender list, or a Florida Housing participating-lender requirement each decides who may originate the first mortgage alongside the assistance. That is a real reason a bank or credit union may be the right answer for a particular buyer.

Inspections, appraisals, Florida taxes, insurance, HOA and CDD

The appraisal is the lender’s valuation. The inspection is yours, it is not required by the lender, and skipping it to save cash is usually the most expensive saving a first-time buyer makes.

Florida property taxescan jump after a sale when the seller carried a homestead exemption you do not inherit — budget from the assessed value after sale, not from the seller’s current bill. Florida homeowners insurance varies enormously by roof age, construction and location; get a real quote before you go under contract.

HOA dues and CDD assessments are common in Central Florida, and a CDD can appear on the tax bill rather than as a separate invoice. Both belong in the complete payment from the first conversation.

Getting to a reviewed preapproval, and keeping it

A reviewed preapproval means a person has looked at your income documents, your assets and your credit, and has formed a documented view. It is what makes an offer credible in a Central Florida market where sellers and their agents can tell the difference. See preapproval versus prequalification.

Keeping it is simple and frequently ignored: no new debt, no new credit applications, no job change, no large unexplained deposits, and no moving money between accounts without keeping the paperwork. Underwriting re-checks near closing.

If education debt or a recent credit event is part of the file, review how student loans affect mortgage qualifying and how lenders approach a mortgage after bankruptcy or foreclosure before treating the preapproval as settled.

Where to go next on this site

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Tell us the payment you want to live with, the cash you have and what you have been offered elsewhere. We will show you where Mortgage Expert is stronger, and where it is not.

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No application fee. No credit pull to have the conversation. Planning estimates only — not a Loan Estimate, not an approval, not a commitment to lend and not a rate lock. Program funding and eligibility change without notice, Mortgage Expert may not participate in the program you are considering, and the official agency and its participating-lender requirements control.

Planning estimates only. Not a Loan Estimate, not a prequalification, not an approval, not a commitment to lend and not a rate lock. Program funding and eligibility change without notice; Mortgage Expert may not participate in the assistance program you are considering, and the official agency and its approved participating-lender requirements control. Final terms depend on verified credit, income, assets, property, loan program, lock date, lender conditions and actual third-party fees. Mortgage Expert, Inc. · NMLS 2412313 · Equal Housing Opportunity.