Osceola County/City of St. Cloud Purchase Assistance First Time Homebuyer Program

Special Alert

Any real estate contracts entered into should be “contingent upon obtaining Osceola County Purchase Assistance funds.” This will protect the homebuyer in the event that they are not approved for assistance or if the County funds are not available.

Maximum Purchase Price


Contact Info:

https://www.osceola.org/agencies-departments/human-services/housing/ 407-742-8450


Osceola County and St. Cloud residents residents who have lived in the County at least 6 months will be given preference over non-residents. No household shall be assisted with Purchase Assistance more than once. Applicant cannot have any outstanding judgments or liens. Homeowners who have lost their home through bankruptcy or foreclosure within the previous three (3) years will not be eligible. Funds cannot pay for debts incurred by borrower (i.e., credit cards). Final Settlement Statement must not show any debts for the borrower or borrowers. Osceola County will not approve any deals that involve evicting tenants without their permission and compensation. There are specific rules that have to be followed before a tenant can be removed from his/her domicile. Check with us before starting an eviction.

Credit Score Requirements

Minimum Credit Score: 620 Sufficient income and good credit are essential in order for a homebuyer to qualify for a mortgage loan. A minimum representative credit score of 620 is required.

Deferred Payments?

— / 105% The combined loan-to-value (CLTV) ratios for Down Payment and closing costs may not exceed 105% of the home’s appraised value or sales price whichever is lower.

Accepted First Mortgage Type:

Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA

Homeowners Education Class:


Is Forgivable?

Currently the affordability period is at 10 years. Forgiveness: Six (6) years from the date of execution of the 2nd mortgage lien, the original principal amount shall be forgiven by 20% and the principal amount shall continue to decrease by 20% every year thereafter until fully satisfied.


1 County: Osceola Property must be located in Osceola County or within the city limits of St. Cloud.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2023 120% AMI guidelines Income Categories served: Very Low, Low and Moderate. Household income cannot exceed 120% AMI. Households must be at or below: 120% of the Orlando-Kissimmee Metropolitan Statistical Area (MSA) for SHIP funding; or 80% of the Orlando-Kissimmee Metropolitan Statistical Area (MSA) for HOME or CDBG funding.

Maximum Assistance

$80,000 Assistance amount will vary by income: Very-low Income (50% AMI) Household = $80,000; Low Income (80% AMI) Household = $60,000; Moderate Income (120% AMI) Household = $40,000. NOTE: Assistance is provided based on need and will not exceed 50% of purchase price of home.

Education Requirements Info:

A minimum of (8) hour Homebuyer Education Class provided by Osceola County Extension Services is required. No other homebuyer courses are eligible. https://www.osceola.org/agencies-departments/human-services/housing/first-time-home-buyers.stml https://sfyl.ifas.ufl.edu/osceola/family-and-consumer-sciences/financehousing/

Eligible Property Types:

Single Family Detached Condo Townhome/PUD Modular Home

Income By Household Size:

HH1HH2HH3HH4HH5HH6HH7HH8 $73,800$84,360$94,920$105,360$113,880$122,280$130,680$139,080 *Income limits as of 06/01/2023

Qualifying Ratios:

Housing Ratio: Between 30% and 35% Total DTI: Up To 45% The housing front end ratio must not exceed 30% under special consideration the Osceola County Manager or their designee may be able to approve applicants who meet certain requirements and may be approved for a front-end ration of up to 35%. Exceptions will be based on compensating factors. If the household has a housing ratio of less than 30%, that household will only receive assistance to pay for the down payment costs (if Purchase Assistance), the closing costs, and the pre-paids and reserves. However, if the housing ratio is between 30% and 35%, the household will receive moneys to pay for principal reduction. The debt back-end ratio may not exceed 45%. Deferred loans (including student loans) are to be considered when calculating the debt ratio.