Hey there! Navigating the journey to homeownership can feel overwhelming, but I’m here to share some great news that might make the process a bit smoother for you. If you’re considering buying your first home in Kissimmee, Florida, the City of Kissimmee offers a First-Time Homebuyer Program designed to assist individuals like you in achieving that dream.

Program Overview

The City of Kissimmee’s First-Time Homebuyer Program provides financial assistance to eligible residents aiming to purchase their first home within the city limits. This initiative is part of the State Housing Initiatives Partnership (SHIP) Program, which focuses on making homeownership more accessible and affordable.

Funding Source

This program is funded through the State Housing Initiatives Partnership (SHIP) Program, a state-funded initiative dedicated to supporting affordable housing efforts in Florida. For the fiscal year 2024-2025, the City of Kissimmee was awarded $628,202 to assist residents in their homeownership journey. Source

Eligibility Criteria

• First-Time Homebuyer Status: You must not have owned a home in the past three years.
• Residency: Applicants should have been residents of Osceola County for at least six months prior to applying. Source
• Income Limits: Eligibility is determined based on household income, with specific limits set for very low and low-income households. Source
• Homebuyer Education: Completion of an 8-hour Homebuyer Education Class is mandatory. Source
• Personal Contribution: A minimum of $1,000 from your own funds must be contributed toward the purchase. Source

Benefits

The program offers substantial financial assistance to help cover down payment and closing costs, making homeownership more attainable. While specific assistance amounts can vary, eligible applicants may receive up to $80,000, depending on their income level and need. Source

Potential Drawbacks

• Funding Availability: The program operates on allocated funds, which may be limited. Once the funds are exhausted for the fiscal year, applications might be put on hold until additional funding becomes available.
• Property Restrictions: There is a maximum purchase price limit for eligible properties, which is currently set at $360,000 in Osceola County. Source
• Primary Residence Requirement: The purchased property must serve as your primary residence; renting or leasing the property is not permitted.

Application Process

1. Homebuyer Education: Enroll in and complete an 8-hour Home Buyer Education Class.
2. Pre-Approval: Obtain a pre-approval letter from a participating lender.
3. Personal Savings: Ensure you have at least $1,000 of your own funds to contribute toward the purchase.
4. Property Selection: Find a suitable property within the city limits of Kissimmee that meets the program’s criteria.
5. Application Submission: Submit your application through the City of Kissimmee’s Housing and Community Services Department.

Contact Information

For more detailed information or assistance, you can contact the Housing and Community Services Department at 407-742-8400 or visit their office at 1392 E. Vine Street, Kissimmee, FL 34744. Source

Program Availability

This program is available exclusively within the city limits of Kissimmee, Florida.

Sources

• Notice of Funding Availability for Fiscal Year 2024-2025 SHIP Program
• Osceola County Launches Updated SHIP Home Purchase Assistance Program
• Osceola County to launch down payment program for local homebuyers