My last blog I introduced to you the Help for the First-Time Homebuyers Program administered by the Neighborhood Resources Division of the City of Wichita Falls.  Today, I would like to explain who is eligible for this program.

Who is Eligible?

If you have not owned a home within the past 3 years (see exception below) and your gross household incomes from all sources is equal to or less than the following amounts you may qualify:

FAMILY SIZE 
*MONTHLY INCOME  
2-18-08		 *ANNUAL INCOME 
2-18-08
1 $2,467 $29,600
2 $2,817 $33,800
3 $3,171 $38,050
4 $3,521 $42,250
5 $3,804 $45,650
6 $4,083 $49,000

(Effective 2-13-2008 Income Limits adjusted annually)

  • A single parent who has custody of and is caring for minor children and who is legally separated from their spouse.

What Other Requirements Apply?

  • The home must be a single-family dwelling located within the city limits of Wichita Falls, but not in the 100 year flood plan.
  • The selling price must not exceed $95,000.
  • For sale properties housing existing renters are not eligible, unless the occupying renter is the buyer.
  • Applicants must be U.S. Citizens or permanent legal residents, and not owe any debts to the City of Wichita Falls.
  • The home must pass a City inspection to conform with federal and local property standards and comply with Federal rules concerning lead-based paint.
  • At closing the first-time homebuyer signs legal documents creating a second lien on the property for the $7,500 that is provided.  This assistance is considered a "deferred payment loan."  No monthly loan re-payments are made to the City.  However, if the first-time homebuyer sells, leases or rents the property within a 5 year period following purchase, all or part of the loan must be repaid to the City.  At the end of this five year period, the lien is released.
  • Program assistance is subject to available funding.

Join me tomorrow for more information on how the First-Time Homebuyers Program might be right for you.  Please let me know if you have questions or if you are ready to take advantage of this great program.