KISSIMMEE, Fla. – The latest data in Central Florida shows the housing market is starting to stabilize.
“We’re seeing inventory, which is great news for buyers because it provides them with more options and more buying opportunities to secure home,” said Rose Kemp with the Orlando Regional Realtor Association.
ORRA’s most recent housing market report shows houses are spending a longer time on the market and the inventory of homes for sale is rising. Interest rates for mortgages are also falling.
“Homes right now are 38 days on the market while a couple years ago even a year ago homes will be on the market for 10-15 days or one day,” said Kemp.
It’s why Osceola County is launching its Purchase/Down Payment Assistance Program.
“The goal of this program is to assist any Osceola residents who are facing any financial barriers that prevent them from purchasing a home. We provide up to $80,000 for a purchase of a home in Osceola County,” said Vanessa Lopez with Osceola County Housing & Community Services.
County officials say how you qualify is based on several factors.
“How is your credit? What’s your income? Have you owned a home in the last three years? Have you had a foreclosure in the last three years? Is it two of you qualifying in the household or is it one person?” said Kemp.
Together, these factors help define the maximum assistance a household can receive towards a down payment and closing costs for the purchase assistance program. For example, a family of four with an annual gross income of $48,250 will be eligible for up to $80,000 towards the purchase of a home.
Osceola County received a $1 million allocation from the state to fund the program.
Kemp said these housing assistance programs fill up quickly and once the money is gone, it’s gone.
“Right now is a good time to start preparing and get the application link ready. You can go on there now and start doing your own research,” said Kemp.
You can only purchase a home that costs up to $360,000 in Osceola County to be eligible for the program.
County officials say you also have to put down $1,000 of your own money.
The applications for the program opens up on Monday, Oct. 7.
For more information please visit the Osceola County website.
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