Homebuyer Assistance Program - CDBG

Homebuyer Assistance Program - CDBG is a forgivable loan for homebuyers in Baytown, Texas. Baytown CDBG-funded FTHB DPA up to $20,000 forgivable second; 0%, 5-yr forgiveness; max purchase $180K; 80% AMI Harris County. City of Baytown's CDBG-funded Homebuyer Assistance Program provides up to $20,000 in down payment and closing cost assistance for first-time homebuyers within Baytown city limits. Structured as a deferred 0% forgivable second mortgage with 5-year forgiveness. Maximum purchase price $180,000. Funding comes from Local and CDBG.

Homebuyer Assistance Program - CDBG 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 on sale/refi/non-occupancy. 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.

Homebuyer Assistance Program - CDBG 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; Houston-area providers acceptable. Residency requirement: Property within Baytown city limits; primary residence. Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien. FTHB required. Property within Baytown city limits. Income <=80% AMI Houston-The Woodlands MSA ($53,000-$99,950 by HH size). Maximum purchase price $180,000. 620 FICO. HUD-approved 8-hour homebuyer education. $500 borrower investment. Owner-occupancy required. Property must pass HQS inspection. CDBG affordability period (5 years).

Homebuyer Assistance Program - CDBG limits household income to 80% of the area median income, which varies by county and household size. <=80% AMI Houston-The Woodlands-Sugar Land MSA: $53,000 (1-person) to $99,950 (8-person) HH size. Updated annually. 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.

Homebuyer Assistance Program - CDBG caps the purchase price at $180,000. Eligible property types include Single-family detached, townhouse, condominium, PUD and 1-unit only. New construction is eligible. Manufactured homes are not eligible.

Homebuyer Assistance Program - CDBG 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.

Homebuyer Assistance Program - CDBG serves homebuyers purchasing in Baytown, Texas.

Applications for Homebuyer Assistance Program - CDBG go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply directly to City of Baytown Community Development; awards subject to annual CDBG allocation. 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.