NEIGHBORHOOD STABILIZATION- Osceola County buyers who qualify for a home loan, can receive upto $30,000 of the purchase price or 20% of the price a foreclosed home are benefiting from the Federal Program, designed to stave off the rising tide of foreclosures signed into law back in 2008 under George Bush.
The rush of buyers looking to cash in purchasing Property in St. Cloud/Kissimmee has been steadily on the rise. (Up over 9% in year over year comparisons-as priced continue to decline-
11 Million dollars was ear marked for Osceola County, including St. Cloud, Kissimmee ( excluding the City) Buenaventura Lakes and Poinciana.
Buyers have to demonstrate some credit worthiness in order to qualify, the program will fund downpayment assistance after applicants complete a HUD approved First time buyers class (8 hours for $5.00).
There are also provisions for a second mortgage provided by the county, up to $60,000 NO INTEREST and No Payments for up to 15 years. Provided the home remains occupied by the borrower and it remains their primary residence.
Buyers who earn $30,350-$71,050 for a family of four or individuals earning $21,250-$49,750, who are willing to become Osceola County residents, can qualify for up tp $30,000 or 20% of the price of the home (whichever is less) using purchase assistance under the Neighborhood Stabilization Program.
In My market of St. Cloud/Kissimmee, I have seen a rise in the number of qualified buyers looking to these types of programs which can also include freshly renovated foreclosed homes (offered by the County pre-approved list of vendors). Utilizing the services of preofessional St. Cloud Florida Contractors who were pre-approved as vendors by the County, several homes have already been refurbished and many more are planned as long as there are funds remaining to do it.
The approval of new Sports Complex to built in Harmony 34773, will indeed prove to be another incentive bringing buyers back to Osceola County.
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