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.

Any individual or household who meets the following criteria:

• Interested party must not have owned a home in the past 3 years.
• Household income is less than or equal to 120% of median income adjusted for family size for Osceola County.
• Property owners must be able to afford a monthly payment based on income and current debt.
• Must contribute at least $1,000 of personal funds towards down payment/closing costs.
• Preference will be given to current Osceola County residents.
• Homeowners who have lost their home through bankruptcy or foreclosure within the previous three (3) years will not be eligible.
• Applicants must attend pre-purchase orientation counseling and complete an approved home buyers’ education program.
• Applicants will also be required to attend post- purchase counseling within six months of the purchase of their home.
• The applicant shall be responsible for securing a permanent first mortgage with at least a fifteen (15) year term.
• No seller financing will be allowed.

Any property that meet the following criteria:

1. The property must be located in Osceola County.
2. The property must be a single family residence, a townhome or a condominium.
3. Maximum sales price is $360,000 in Osceola County.
4. The property must have a useful life consistent with the terms of the first mortgage, but not less than fifteen (15) years.

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 the First Time Home Buyers page.
2. Loan Approval Letter from one of our participating lenders. View a list of our participating lenders.

No. By attending the workshop you have only met one (1) of the requirements of the Down Payment / Purchase Assistance Program. Refer to the question above this one for information on requirements.

We will advertise the application period when funds become available. Only people who can provide the required documents will receive an application, and we have limited quantities available. 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

Read more in the Purchase Assistance for First Time Homebuyers Guide(PDF, 568KB).

The assistance is given in the form of a 10 years Deferred Payment Loan. If the house is refinanced, sold, transferred or no longer occupied by the owner, the unused portion of the assistance must be returned 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.

Home buyers need to meet certain standards to get a mortgage. The lender establishes the minimum credit scores and employment requirements. Although the Osceola Down Payment Assistance program does not establish minimum requirements,the home buyer must earn enough to qualify and maintain the approved mortgage amount.