Hey there! Thinking about buying your first home in Abilene? That’s fantastic! I know the process can feel a bit overwhelming, but don’t worry—I’m here to help you navigate through it. Let’s chat about the City of Abilene’s First Time Homebuyer Program, which could be a great resource for you.

Program Overview

The City of Abilene offers a First Time Homebuyer Program designed to assist individuals and families in purchasing their first home. This program provides up to $5,000 to help cover down payment and eligible closing costs, making the dream of homeownership more attainable.

Funding Source

This assistance is funded through federal grants administered by the city’s Neighborhood Services Division, specifically the Community Development Block Grant (CDBG) and the Home Investment Partnerships Program (HOME).

Eligibility Criteria

• Residency or Employment: You must have lived in Abilene for at least the past six months or have worked in Abilene for the past two years.
• First-Time Homebuyer: You should be purchasing a home for the first time.
• Income Limits: Your gross annual household income must not exceed 80% of Abilene’s median household income. For example, as of May 1, 2024, the limit for a one-person household is $45,100, and for a four-person household, it’s $64,400.
• Property Location: The home you’re purchasing must be within the city limits of Abilene.
• Loan Qualification: You need to qualify for an FHA, Conventional, or VA loan through a local lending institution. Co-signers are not eligible.
• Community Service and Education: Before receiving assistance, you’re required to complete ten hours of community service and an online homebuyer training course.

Benefits

• Financial Assistance: Receive up to $5,000 to help with down payment and closing costs.
• Homeownership Education: Gain valuable knowledge through the required homebuyer training course, preparing you for the responsibilities of homeownership.

Potential Drawbacks

• Application Process: The process can take 45-60 days, so it’s important to plan accordingly.
• Community Service Requirement: Completing ten hours of community service is mandatory, which may require time management on your part.

Application Process

1. Gather Documentation: Collect all necessary documents, including proof of income, bank statements, and identification.
2. Complete the Application: Fill out the application form provided by the City of Abilene.
3. Attend Required Training: Complete the mandatory homebuyer training course and community service hours.
4. Loan Pre-Approval: Obtain loan pre-approval from a participating lender.
5. Submit Application: Submit all required documents and wait for approval.