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.

First Time Home Buyer Program - HOME is forgiven after 5 years, so a homebuyer 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.

First Time Home Buyer Program - HOME is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: FTHB waived for displaced homemakers. On credit, the program states: 620 minimum FICO. A homebuyer education course is required, through HUD-approved 8-hour homebuyer education required. Residency requirement: Property within Wichita Falls city limits. Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien per HOME. FTHB required. Property within Wichita Falls city limits. Income <=80% AMI Wichita Falls MSA ($45,600-$85,950 by HH size). Maximum purchase $209,000. 620 FICO. HUD-approved 8-hour education. $500 borrower investment. Owner-occupancy required. HQS inspection. HOME affordability period.

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.

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.

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.

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

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. Funds are reserved through Apply through City of Wichita Falls Neighborhood Resources. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.