Texarkana First-Time Homebuyer Assistance Program

What is Texarkana First-Time Homebuyer Assistance Program?

Texarkana First-Time Homebuyer Assistance Program is a forgivable loan for homebuyers in Texarkana, Texas.

• The Texarkana First-Time Homebuyer Assistance Program provides up to $20,000 in down payment and closing cost assistance to qualified first-time homebuyers purchasing homes within Texarkana city limits. Funded through HUD's Community Development Block Grant (CDBG) program, the assistance is structured as a 0% interest deferred forgivable loan forgiven after 5 years of owner-occupancy. Administered by the City of Texarkana Planning & Community Development Department.
• Up to $20,000 in down payment and closing cost assistance.
• 0% interest deferred forgivable loan.
• forgiven after 5 years of continuous owner-occupancy.
• no monthly payments required.
• funded through HUD Community Development Block Grant (CDBG).
• Funding comes from Federal.

How much assistance does it provide?

Texarkana First-Time Homebuyer Assistance Program offers up to $20,000 in assistance.

• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Texarkana First-Time Homebuyer Assistance Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, Refinance, No Longer Primary, and Transfer of Title.
• 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?

Texarkana First-Time Homebuyer Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Texarkana First-Time Homebuyer Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• At or below 80% of Area Median Income (AMI) for Bowie County, TX. Income limits determined by HUD and vary by household size.
• 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?

Texarkana First-Time Homebuyer Assistance Program can be used for Single Family and New Construction.

• New construction is eligible.

Where does it apply?

Texarkana First-Time Homebuyer Assistance Program serves buyers purchasing in Texarkana, Texas.

How do you apply?

Applications for Texarkana First-Time Homebuyer Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Contact the administering agency to reserve funds

   Funds are reserved with the provider and are subject to availability.

2. 2

   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.