First Time Homebuyer program

What is First Time Homebuyer program?

First Time Homebuyer program is a forgivable loan for homebuyers in Abilene, Texas.

• Abilene FTHB DPA up to $7,500 forgivable second mortgage at 0% with 5-year forgiveness; 80% AMI Taylor County; HOME-funded.
• City of Abilene's First Time Homebuyer program provides up to $7,500 in down payment and closing cost assistance to qualifying first-time homebuyers within Abilene city limits. Structured as a deferred 0% forgivable second mortgage with 5-year forgiveness. Funds may be applied to down payment, closing costs, prepaids. HUD HOME-funded.
• Funding comes from Local and HOME.

Do you have to pay it back?

First Time Homebuyer program 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 if sold, refinanced, or non-occupied during term.
• 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 Homebuyer program 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 Homebuyer program limits household income to 80% of the area median income, which varies by county and household size.

• Income limits at 80% AMI Abilene MSA by HH size: $45,100 (1) to $85,000 (8). Updated annually.
• The limit applies to total household income, not only the borrower’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 Homebuyer program caps the purchase price as follows: Per HUD HOME 95% area median Abilene MSA; verify current schedule.

• Eligible property types include Single-family detached, townhouse, condominium, PUD and 1-unit only.
• New construction is eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

First Time Homebuyer program 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 Homebuyer program serves buyers purchasing in Abilene, Texas.

How do you apply?

Applications for First Time Homebuyer program 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; local provider Big Country Community Action Agency..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply directly to City of Abilene Neighborhood Services; awards subject to fund availability., 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.