Osceola County
Buyers in Osceola County have 2 great options! Please choose one of the options listed below.
Option #1
Central Florida Housing Opportunities Program
(Freddie Mac HFA Advantage Loan)
ELIGIBLE AREAS – Osceola County
ELIGIBILITY CRITERIA* –
DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% second mortgage, up to $10,000. Must be used for down payment and closing cost. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.
INCOME LIMIT CRITERIA – Include the income of the borrower/s ONLY.
All household sizes $68,560
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf.
$427,198
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – New or existing, single family units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
CO-SIGNORS - Not allowable in the program.
Option #2
Central Florida Homebuyer's Dream Program
(FHA, VA and RD Loans)
ELIGIBLE AREAS – Osceola County
ELIGIBILITY CRITERIA* –
DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% second mortgage, up to $10,000. Must be used for down payment and closing cost. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.
INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
1 - 2 person household: $96,500 (Non-target Areas) $115,800 (Targeted Areas)
3 or more person household: $110,975 (Non-target Areas) $135,100 (Targeted Areas)
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf.
$510,939 (Non-target Areas) $624,481 (Targeted Areas)
WHAT IS A NON-TARGETED AREA AND TARGETED AREA?
A majority of Osceola County is considered a non-target area.However, there are targeted areas identified by HUD (by specific census tract number) as areas of economic distress or have low loan origination. When you purchase a home in a Targeted Area you do not need to be a first-time buyer, some of the income limits are higher and the purchase price limit is higher. To view a list of a HUD approved Targeted Area census tracts in Osceola County and maps, click on this link.
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – New or existing, single family units, detached or attached, condos, townhomes, duplexes.
CREDIT SCORE - FICO mid score must be 640 or higher.
Buyers in Osceola County have 2 great options! Please choose one of the options listed below.
Option #1
Central Florida Housing Opportunities Program
(Freddie Mac HFA Advantage Loan)
ELIGIBLE AREAS – Osceola County
ELIGIBILITY CRITERIA* –
- Buyers are NOT required to be first time buyers.
- Buyers must be able to permanently reside in the US.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
- Buyers must live in the property as their principal residence and the property may never be rented.
DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% second mortgage, up to $10,000. Must be used for down payment and closing cost. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.
INCOME LIMIT CRITERIA – Include the income of the borrower/s ONLY.
All household sizes $68,560
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf.
$427,198
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – New or existing, single family units, detached or attached, condos, townhomes.
CREDIT SCORE - FICO mid score must be 640 or higher.
CO-SIGNORS - Not allowable in the program.
Option #2
Central Florida Homebuyer's Dream Program
(FHA, VA and RD Loans)
ELIGIBLE AREAS – Osceola County
ELIGIBILITY CRITERIA* –
- Buyers and their spouses (occupant and non-occupant) must be first-time buyers and must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
- Buyers must live in the property as their principal residence and the property may never be rented.
DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% second mortgage, up to $10,000. Must be used for down payment and closing cost. The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.
INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
1 - 2 person household: $96,500 (Non-target Areas) $115,800 (Targeted Areas)
3 or more person household: $110,975 (Non-target Areas) $135,100 (Targeted Areas)
MAXIMUM SALES PRICE LIMIT – This price must include everything paid by the buyer or on the buyer's behalf.
$510,939 (Non-target Areas) $624,481 (Targeted Areas)
WHAT IS A NON-TARGETED AREA AND TARGETED AREA?
A majority of Osceola County is considered a non-target area.However, there are targeted areas identified by HUD (by specific census tract number) as areas of economic distress or have low loan origination. When you purchase a home in a Targeted Area you do not need to be a first-time buyer, some of the income limits are higher and the purchase price limit is higher. To view a list of a HUD approved Targeted Area census tracts in Osceola County and maps, click on this link.
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
3) Online education ONLY from: hometrackonline.org
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
ELIGIBLE PROPERTY – New or existing, single family units, detached or attached, condos, townhomes, duplexes.
CREDIT SCORE - FICO mid score must be 640 or higher.
WHAT'S THE NEXT STEP?
If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
Approved Lender List