Hey there! Navigating the journey to homeownership can feel overwhelming, but I’m here to share some good news that might make the process a bit easier for you. If you’re considering buying your first home in Midland, Texas, the City of Midland offers a Homebuyer Assistance Program designed to help folks like you achieve that dream.

Program Overview

• Program Name: City of Midland Homebuyer Assistance Program (HAP)
• Source of Funding: Community Development Block Grant (CDBG) funds provided by the U.S. Department of Housing and Urban Development (HUD).

Eligibility Criteria

• Residency: Must have lived in Midland for at least 30 days.
• First-Time Homebuyer: Must meet HUD’s definition (not owned a home in the past three years).
• Income Limits: Household income must meet HUD’s guidelines. (Example: $59,650 for a single-person household, $85,200 for a four-person household.)
• Investment Requirement: Must invest at least $1,000 of personal funds into the home purchase.
• Mortgage Qualification: Must qualify for a mortgage through a lender.
• Homebuyer Education: Completion of a HUD-approved homebuyer education course is required.
• Citizenship: Must be a U.S. citizen.

Program Benefits

• Financial Assistance: Up to $15,000 in down payment assistance.
• Loan Forgiveness: The assistance is a zero-interest deferred loan, which is forgivable after 10 years of occupancy.
• Home Choice Flexibility: Can be used for both pre-owned and newly constructed homes.

Potential Drawbacks

• Occupancy Requirement: Must live in the home for at least 10 years to have the loan forgiven.
• Limited Funding: Assistance is subject to available funds.

Application Process

1. Pre-Purchase Consultation: Schedule a consultation with the Midland Community Development Corporation (MCDC) at 432-682-2520.
2. Complete Homebuyer Education: Attend a HUD-approved homebuyer education course.
3. Obtain Mortgage Pre-Approval: Secure mortgage pre-approval from a lender.
4. Submit Application: Provide all required documents, including proof of income and identification.
5. Select a Property: Choose a qualifying home in Midland that meets program standards.
6. Finalize the Purchase: Close on the home with the approved assistance.

Program Type

This program provides down payment assistance through a zero-interest deferred loan, forgivable after meeting the occupancy requirement.

Availability

The program is currently active and available to eligible applicants in Midland, Texas.

Learn More & Apply

If you’re interested in applying or need more details, contact the Midland Community Development Corporation at 432-682-2520. They can guide you through the process and answer any specific questions.

Taking advantage of this program could be a big step toward making homeownership a reality. Good luck on your homebuying journey!