Wichita Falls First Time Home Buyer Program

Wichita Falls First Time Home Buyer Program is a grant for homebuyers in Wichita Falls, Texas. The City of Wichita Falls First Time Home Buyer Program provides $7,000–$10,000 as a deferred, non-interest-bearing loan for down payment, closing costs, or principal reduction. The loan is forgiven in annual increments over 5 years as long as the home remains the buyer's primary residence. Buyers must qualify for a standard fixed-rate mortgage. Up to $10,000. Deferred forgivable loan. No interest. Forgiven after 5 years of occupancy. Annual forgiveness on each anniversary of closing. Funding comes from Federal (HOME).

Wichita Falls First Time Home Buyer Program is structured as a grant, so it is not repaid. Repayment is triggered by Sale, Lease, Refinance, No Longer Primary, and Foreclosure. 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.

Wichita Falls First Time Home Buyer Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. Citizenship or immigration status: yes.

Wichita Falls First Time Home Buyer Program limits household income to 80% of the area median income, which varies by county and household size. Low-to-moderate income; 1-person up to ~$47,600, family of 4 up to ~$68,000. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Wichita Falls First Time Home Buyer Program caps the purchase price at $209,000. Eligible property types include Single-family. New construction is eligible.

Wichita Falls First Time Home Buyer Program serves homebuyers purchasing in Wichita Falls, Texas.

Applications for Wichita Falls First Time Home Buyer Program go through the administering agency, which publishes the current terms and the application steps on its own site. 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.