Hey there! Navigating the home-buying process can feel overwhelming, especially when you’re trying to figure out how to cover that hefty down payment. But don’t worry—I’ve got some good news that might just make your day! The City of Beaumont offers a Down Payment Assistance Program designed specifically to help first-time homebuyers like you achieve the dream of owning a home. Let’s break down the details together.

Program Overview

The City of Beaumont’s Down Payment Assistance Program provides financial support to eligible first-time homebuyers aiming to purchase an existing or newly constructed home within the city limits. Qualified applicants can receive up to $14,999 to assist with down payment and closing costs.

Funding Source

This assistance is funded through the U.S. Department of Housing and Urban Development (HUD) under the HOME Investment Partnerships Program, which aims to support affordable housing initiatives for low-income families.

Eligibility Criteria

• First-Time Homebuyer: You must not have owned a home in the last three years.
• Income Limits: Your household income should not exceed 80% of the area median income, adjusted for family size. For example, in 2024, the income limit for a household of four is $63,750.
• Minimum Investment: You’re required to contribute at least $2,000 of your own funds toward the purchase, which can include expenses like earnest money, appraisal fees, and credit report fees.
• Homebuyer Education: Completion of a homebuyer education course approved by the City of Beaumont is mandatory before receiving assistance.

Benefits

• Financial Assistance: Receive up to $14,999 to cover down payment and closing costs, making homeownership more accessible.
• Forgivable Loan: The assistance is provided as a deferred payment loan, forgiven at 20% per year after the first year. If you remain in the home for five years, the loan is entirely forgiven.

Potential Drawbacks

• Occupancy Requirement: You must use the home as your primary residence for at least five years. Selling or moving out before this period requires repayment of the prorated loan amount.
• Property Conditions: The property must meet federal Housing Quality Standards and pass environmental and historical significance checks, which could limit eligible properties.

Application Process

1. Determine Eligibility: Ensure you meet the first-time homebuyer and income requirements.
2. Complete Homebuyer Education: Enroll in and complete an approved homebuyer education course.
3. Secure Financing: Obtain pre-approval for a mortgage from a participating lender.
4. Submit Application: Apply for the Down Payment Assistance Program through the City of Beaumont’s Housing Services Division.
5. Property Selection and Inspection: Choose a qualifying property and ensure it passes all required inspections.

Embarking on the journey to homeownership is a significant step, but with programs like this, it’s more attainable than ever. If you think you meet the criteria, consider reaching out to the City of Beaumont’s Housing Services Division to get started. Happy house hunting!

Additional Information

• Where is the program available? City of Beaumont, Texas.
• Program Type: Down Payment Assistance (forgivable loan).
• Funding Source: HUD HOME Investment Partnerships Program.
• How to Apply: Contact the City of Beaumont’s Housing Services Division.
• More Information: City of Beaumont Housing Programs