Homebuyer Assistance Program

Homebuyer Assistance Program is a forgivable loan for homebuyers in Corpus Christi, Texas. Corpus Christi HOME-funded FTHB DPA up to $25,000 forgivable second; 0%, 5-yr forgiveness; max purchase $173K-$238K; 80% AMI Nueces County. Corpus Christi's HUD HOME-funded Homebuyer Assistance Program provides up to $25,000 in down payment and closing cost assistance for FTHBs within Corpus Christi city limits. Structured as a deferred 0% forgivable second mortgage with 5-year forgiveness. Maximum purchase price $173,000-$238,000 by HH size. Funding comes from Local and HOME.

Homebuyer Assistance Program 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.

Homebuyer Assistance Program 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 Corpus Christi city limits. Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien per HOME. FTHB required. Property within Corpus Christi city limits. Income <=80% AMI Corpus Christi MSA ($38,850-$73,200 by HH size). Maximum purchase $173,000-$238,000 by HH. 620 FICO. HUD-approved 8-hour education. $500 borrower investment. Owner-occupancy required. HQS inspection. HOME affordability period.

Homebuyer Assistance Program limits household income to 80% of the area median income, which varies by county and household size. <=80% AMI Corpus Christi MSA: $38,850 (1-person) to $73,200 (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.

Homebuyer Assistance Program caps the purchase price at $238,000. Eligible property types include Single-family detached, townhouse, condominium, PUD. New construction is eligible. Manufactured homes are not eligible.

Homebuyer Assistance 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.

Homebuyer Assistance Program serves homebuyers purchasing in Corpus Christi, Texas.

Applications for Homebuyer Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply through Corpus Christi Housing & Community Development. 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.