Purchase Assistance/Down Payment Assistance

The Osceola County Purchasing Assistance Program provides assistance to people looking to purchase a home in Osceola County. The program provides financial assistance in the form of down payment or closing costs as needed for existing single-family homes.

To be eligible, applicants must meet the following requirements:

• Cannot have owned a home in the past 3 years.
• Household income must be at or below 120% of the median income for Osceola County, based on family size.
• Must be able to afford a monthly payment based on income and current debts.
• Must contribute at least $1,000 of personal funds towards the down payment and/or closing costs.
• Preference will be given to people who currently live in Osceola County.
• Must attend a pre-purchase orientation and complete an approved homebuyer education program.
• Must attend post-purchase counseling within 6 months of buying their home.
• Must secure a permanent first mortgage with at least a 15-year term.
• Those who lost their home through bankruptcy or foreclosure in the past 3 years are not eligible
• Seller financing is not allowed.

There are two (2) pre-application steps that must be completed before you may apply:

1. Obtain a Homebuyer Education Certificate of Completion from a HUD Certified Counseling agency or another qualified purchase assistance provider. View more information on our First Time Home Buyers page.
2. Loan Approval Letter from one of our participating lenders. View the Documents section at the bottom of this page to find our list of approved lenders.

Yes. To qualify for assistance, the property must meet the following criteria:

1. Must be located in Osceola County.
2. Must be a single family residence, a townhome or a condominium.
3. Maximum sales price is $360,000 in Osceola County.
4. Must have a useful life that matches the length of the first mortgage, but not less than 15 years.

No. By attending the workshop you have only met one (1) of the requirements of the Down Payment / Purchase Assistance Program. Refer to the eligibility requirements in this section above for more details.

We will advertise the application period when funds become available. Only people who can provide the required documents will receive an application, as applications are limited. If you're unable to receive an application, you can enter our waiting list during the same period. After the application period ends, we will advertise in the local newspaper and on the Housing Programs page when we have more funds available.

Applications will be received on a first-come, first-served basis and will be processed on a first-come, first-ready basis.

You will have 120 days (4 months) to close on a home, from the day you receive your Down Payment Assistance reservation letter.

Two (2) years from the date it was issued.

No, if you have a home buyer education certificate from another agency you do not have to take the Osceola County class.

Maximum Assistance Funds are limited and restrictions apply.

• Very low Income: Up to $80,000.00
• Low Income: Up to $60,000.00
• Moderate Income: Up to $40,000.00

For more information, please refer to the Purchase Assistance for First Time Homebuyers Guide(PDF, 568KB).

The assistance is a 10-year Deferred Payment Loan. If the house is refinanced, sold, transferred, or no longer lived in by the owner, any unused portion of the assistance must be repaid to the program.

Yes. The SHIP program needs updated homeowner’s insurance information annually. Additionally, buyers will be required to complete post purchase counseling within 6 months of closing. Housing staff members will also do sporadic home visits to ensure homeowner occupancy.

No. Your award letter will only be valid to purchase within unincorporated Osceola County (tax district 300). To verify if the unit is within the jurisdiction, visit the Osceola Property Appraiser’s website and search by the unit address.

Homebuyers need to meet certain requirements to get a mortgage, such as credit scores and employment, set by the lender. While the Osceola Down Payment Assistance program doesn’t have specific requirements, the buyer must earn enough to qualify for and keep the approved mortgage.