Hey there! Navigating the home-buying process can feel overwhelming, especially when you’re doing it for the first time. But don’t worry—I’m here to help you understand a fantastic opportunity that could make your journey to homeownership in Corpus Christi a lot smoother.

Program Name:

City of Corpus Christi Homebuyer Assistance Program

Source of Funding:

This program is funded by the City of Corpus Christi, utilizing resources to support residents in achieving their homeownership dreams.

Eligibility Criteria:

• Income Requirements: Your household income must be at or below 80% of the area median income. For example, for a family of four, the income limit is $55,450.
• Property Location: The home you intend to purchase must be within the Corpus Christi city limits.
• Home Price Limits: The maximum purchase price is $173,000 for an existing home and $238,000 for a new construction home.

Benefits:

• Down Payment Assistance: You can receive up to $25,000 to help with your down payment.
• Closing Cost Assistance: An additional amount of up to $10,000 is available to cover closing costs.
• Forgivable Loan: This assistance comes in the form of a zero percent (0%) interest forgivable loan, with terms ranging from 5 to 10 years, depending on the amount of assistance provided.

Potential Drawbacks:

• Occupancy Requirement: You must occupy the home as your primary residence for the duration of the loan term to benefit from loan forgiveness.
• Funding Availability: Assistance is subject to the availability of funds, so it’s a good idea to apply sooner rather than later.

Application Process:

1. Initial Inquiry: Visit the Neighborhood Services Department’s website at www.cctexas.com/neighborhoodservices or call (361) 826-3010 to gather more information.
2. Pre-Qualification: Ensure you meet the income and property eligibility criteria.
3. Homebuyer Education: Complete any required homebuyer education courses, which can provide valuable insights into the purchasing process.
4. Application Submission: Submit your application along with the necessary documentation as guided by the Neighborhood Services Department.
5. Approval and Assistance: Upon approval, you’ll receive the assistance to apply toward your down payment and closing costs.

Program Availability:

This program has been available since at least November 2021. Source

Geographic Availability:

This program is available exclusively within the Corpus Christi city limits in Texas.

Pros:

• Significant Financial Assistance: Up to $35,000 combined for down payment and closing costs can substantially reduce the upfront financial burden.
• Forgivable Loan: The zero percent interest forgivable loan can ease long-term financial commitments, provided you adhere to the occupancy requirements.

Cons:

• Primary Residence Requirement: You must maintain the home as your primary residence for the loan term to benefit from forgiveness.
• Funding Limitations: Assistance is contingent upon the availability of funds, which may be limited.
• Property Restrictions: The program imposes maximum purchase prices, which may limit the selection of eligible homes.

Type of Assistance:

This program offers both down payment and closing cost assistance in the form of a forgivable loan.

For the most current information and to begin the application process, please visit the Neighborhood Services Department’s website or contact them directly.