Homebuyer Assistance (HBA) Program

What is Homebuyer Assistance (HBA) Program?

Homebuyer Assistance (HBA) Program is a deferred second loan for homebuyers in Brownsville, Texas.

• CDCB Brownsville RGV CDFI HBA up to $10,000 deferred second; 0%, balloon at sale/refi; 600 FICO; 80% AMI Cameron and surrounding RGV counties.
• Community Development Corporation of Brownsville (CDCB) - a regional CDFI serving the Rio Grande Valley - provides up to $10,000 as a deferred 0% second mortgage for income-eligible FTHBs in Cameron and the surrounding RGV counties. Funds may be applied to down payment, closing costs, prepaids. Repayment due at sale, refinance, or non-occupancy.
• Funding comes from CDFI, HOME, and Local.

Do you have to pay it back?

Homebuyer Assistance (HBA) Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Full balance due at sale, refinance, transfer, or cessation of owner-occupancy. No monthly payments. HOME affordability period applies.
• 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?

Homebuyer Assistance (HBA) Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Homebuyer Assistance (HBA) Program limits household income to 80% of the area median income, which varies by county and household size.

• <=80% AMI Brownsville-Harlingen MSA: $38,150 (1-person) to $71,900 (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?

Homebuyer Assistance (HBA) Program caps the purchase price as follows: Per HUD HOME 95% area median Brownsville-Harlingen MSA.

• Eligible property types include Single-family detached, townhouse, condominium, PUD and CDCB also originates Colonia Self-Help Housing (separate program).
• New construction is eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

Homebuyer Assistance (HBA) 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?

Homebuyer Assistance (HBA) Program serves buyers purchasing in Brownsville, Texas.

• The program targets specific areas: RGV Colonias and HUD-designated Targeted Areas in Cameron, Hidalgo, Willacy, and Starr counties.

How do you apply?

Applications for Homebuyer Assistance (HBA) 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 CDCB is a HUD-approved housing counseling agency providing 8-hour homebuyer education in English and Spanish..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Apply directly to CDCB; subject to CDFI/HOME funding cycle., 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.