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!

The City of Fort Worth Parks and Recreation Service will be having a public meeting at 6:30 pm, Thursday May 27, to review the preliminary site plan for the planned Far Southwest Community Center and Crowley ISD Natatorium.  Current planned location is just west of the North Crowley High School Ninth Grade Campus off of McPherson Blvd near the southern part of the Summer Creek Ranch Subdivision.  If you would like to attend the meeting, it will be held at the North Crowley High School Auditorium, located at 9100 S. Hulen St., Fort Worth, TX 76123.

The time has passed to take advantage of the $8000 federal tax credit, and for many would-be buyers, this put a halt to their dream of buying their first home.  What most people don’t realize is that there are many programs still available to buyers, some of which may fit their needs when purchasing their first home.

Over the next few days I will be introducing you to several programs that offer financial assistance to home buyers in Fort Worth… here’s the first one  I’d like to talk about:

Fort Worth Neighborhood Stabilization Down Payment Assistance Program:  This is a City of Fort Worth program that is funded by the Department of Housing and Urban Development which provides financial assistance to qualified home buyers to purchase lender-foreclosed homes within the following ZIP codes in Fort Worth – 76179,76131,76248,76137,76112,76133,76123.  To obtain funding from the City of Fort Worth, the property must be located within city limits of the ZIP codes mentioned above and the buyer must occupy the property as the primary residence.  Buyers are allowed to apply for assistance through one of the city’s NSP certified lenders if the property is a one or two unit property (not to be used for investment) and the financial assistance can be used to cover closing costs, minor home repairs and reduction of the homeowner’s primary loan principal. Homebuyers who are eligible will receive a deferred payment loan with no payments or interest in 10 years. If the homebuyer remains in the home for more than 10 years, the loan is forgiven.  Applicants are required to attend an 8 hour workshop on homeownership by a HUD-approved agency. $25,000 is available , $5000 of which can be used for closing costs, $5000 for minor repairs, and the balance for down payment.  There are also household income limits imposed by HUD, so not everyone will be able to qualify, but there are plenty of people out there that will.  Contact me for more information!