Hey there! Navigating the home-buying process can feel overwhelming, especially when you’re doing it for the first time. But don’t worry—there are programs designed to make this journey a bit smoother. Let’s chat about the City of Bryan’s Homebuyer Assistance Program, which might be just what you need.

Program Name:

City of Bryan Homebuyer Assistance Program

Source of Funding:

This program is funded through the City’s HOME Investment Partnerships Program grant from the U.S. Department of Housing and Urban Development.

Eligibility Criteria:

• First-Time Homebuyer Status: You should be a first-time homebuyer or not have owned a home in the past three years.
• Income Limits: Your household income must not exceed 80% of the Area Median Income (AMI). For example, as of June 1, 2024, the maximum income for a household of four is $70,700.
• Residency and Employment: All household members must provide proof of citizenship or qualified legal resident status. Applicants need to be employed for at least six months; if self-employed, at least two years.
• Financial Standing: You should be current on income taxes, student loans, and child support payments, with no previous foreclosures in the past five years. Additionally, there should be no delinquent utility accounts with Bryan Texas Utilities (BTU) or unpaid city loans, citations, or fines.
• Credit Requirements: A minimum credit score of 640 is typically required to secure mortgage financing.

Benefits:

• Financial Assistance: The program offers a minimum of $3,500, up to $14,000, or slightly more, depending on the home’s price and your financial situation. This assistance is provided at closing for any eligible home within Bryan city limits.
• Deferred Loan: The assistance comes as a deferred, non-interest-bearing loan. If you occupy the home for at least five years, you won’t need to repay the loan unless you sell the property or it’s no longer your primary residence.

Potential Drawbacks:

• Property Restrictions: The property must be a single-family detached home or condominium within Bryan city limits; manufactured or modular homes aren’t eligible.
• Occupancy Requirement: You must maintain the home as your primary residence for a minimum of five years to avoid repayment.
• Buyer Investment: You’re required to invest at least $1,000 (including earnest money) into the transaction.

Application Process:

1. Pre-Application Counseling: Attend housing counseling provided by a HUD-approved agency.
2. Application Submission: Complete and submit the Down Payment and Closing Costs Housing Assistance Application. It’s recommended to do this before making an offer on a home.
3. Approval: Applications are reviewed on a first-come, first-served basis, contingent upon meeting all eligibility requirements and fund availability.
4. Home Purchase: Once approved, proceed with purchasing an eligible home within Bryan city limits.

For more detailed information or to start your application, you can contact the City of Bryan’s Community Development Services at (979) 209-5175 or visit their official website.

Program Availability:

This program is available exclusively within the city limits of Bryan, Texas.