First Time Home Buyer Program - HOME

What is First Time Home Buyer Program - HOME?

First Time Home Buyer Program - HOME is a forgivable loan for homebuyers in Wichita Falls, Texas.

• Wichita Falls HOME-funded FTHB DPA up to $14,500 forgivable second; 0%, 5-yr forgiveness; max purchase $209K; 80% AMI Wichita County.
• City of Wichita Falls' First Time Home Buyer Program (HOME-funded) provides up to $14,500 in down payment and closing cost assistance for FTHBs within Wichita Falls city limits. Structured as a deferred 0% forgivable second mortgage with 5-year forgiveness. Maximum purchase price $209,000.
• Funding comes from Local and HOME.

Do you have to pay it back?

First Time Home Buyer Program - HOME is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by 20% per year forgiveness over 5 years and pro-rata recapture during HOME affordability period.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

First Time Home Buyer Program - HOME is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

First Time Home Buyer Program - HOME limits household income to 80% of the area median income, which varies by county and household size.

• <=80% AMI Wichita Falls MSA: $45,600 (1-person) to $85,950 (8-person) HH size.
• The limit applies to total household income, not only the borrower&rsquo;s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

First Time Home Buyer Program - HOME caps the purchase price at $209,000.

• Eligible property types include Single-family detached, townhouse, condominium, PUD.
• New construction is eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

First Time Home Buyer Program - HOME names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

First Time Home Buyer Program - HOME serves buyers purchasing in Wichita Falls, Texas.

How do you apply?

Applications for First Time Home Buyer Program - HOME go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved 8-hour homebuyer education required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply through City of Wichita Falls Neighborhood Resources., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.