Category: Buy a House, First Time Home Buyers, Homes for Sale.
Tags: Arlington, Arlington Homebuyers Assistance Program, City of Arlington, First Time Home Buyers
As promised, here is another installment of financial assistance available for first time home buyers in Fort Worth and the surrounding area:
ARLINGTON HOMEBUYERS’ ASSISTANCE PROGRAM – This federally funded program provides down payment and closing cost assistance for qualified first-time homebuyers. The property MUST be located in the City of Arlington.
WHO IS ELIGIBLE? – Borrowers must be first time homebuyers, or be relocated from a federally declared disaster area. Borrowers must have no more than $15,000 in liquid assets and must contribute $1,000 towards the home purchase. Borrowers must also be able to obtain a mortgage loan. And finally, the borrow must have a total household income at the time of application that does not exceed the HUD “low income” limit, which is 80% of Area Median Income.
WHAT ELSE DO YOU NEED TO KNOW? – If the borrower sells or moves out of the property before the end of the loan period (5 Years), the borrower may be required to repay a pro-rated portion of the funds provided by the City of Arlington. No payments are required for as long as the borrower lives in the home.
HOW MUCH WILL THE CITY OF ARLINGTON PROVIDE? – The City of Arlington will provide up to $7,500 per household and up to $10,000 per household in a target area. In eligible households with a family member who is disabled can receive $10,000 in assistance.
WHAT IS THE BENEFIT? – This is a no-interest, second lien loan with is forgiven if the homebuyer lives in the property for 5 years or more. First time homebuyers will need to attend a HUD sponsored homeowners’ counseling course.
Contact me if you need more information!