Hey there! Navigating the home-buying process can feel overwhelming, especially when you’re trying to figure out how to manage that hefty down payment. But don’t worry—if you’re considering purchasing a home in Irving, Texas, there’s a fantastic program designed to give first-time homebuyers like you a helpful boost.

Program Overview

The City of Irving offers a Homebuyer Down Payment Assistance Program to help qualified individuals with the financial hurdles of purchasing a home within the city limits. This assistance comes in the form of a zero-percent interest, deferred forgivable loan, which can be used to cover both down payment and closing costs.

For more details, visit the City of Irving Homebuyer Assistance Program page.

Source of Funding

This program is funded by the U.S. Department of Housing and Urban Development (HUD), ensuring that federal resources are allocated to support local homeownership initiatives.

Eligibility Criteria

To qualify for this program, applicants must meet the following requirements:

• First-Time Homebuyer Status: You should not have owned a home in the last three years.
• Income Limits: Your household income must be at or below 80% of the Area Median Income, as defined by HUD guidelines. See the latest income limits here.
• Mortgage Pre-Approval: Obtain approval for a home loan from a lender approved by the City of Irving.
• Homebuyer Education: Complete a Homebuyer Education Class through a HUD-approved housing counseling agency.
• Residency and Citizenship: Be a U.S. citizen or permanent legal resident.
• Personal Contribution: Be prepared to contribute a minimum of $1,500 toward the down payment.

Benefits

• Financial Assistance: Eligible applicants can receive up to $50,000 to assist with down payment and closing costs.
• Forgivable Loan: The loan is forgivable, provided you adhere to the program’s terms, which typically include maintaining the home as your primary residence for a specified period.

Potential Drawbacks

• Occupancy Requirement: You must use the purchased property as your primary residence for a set duration; selling or renting out the home before this period ends may require repayment of the assistance received.
• Application Process: The process can take approximately 45 to 60 days from application submission to assistance approval, which may require careful planning to align with your home purchase timeline.

Application Process

1. Orientation: Watch the Homebuyer Orientation Video available on the City of Irving’s website and complete the accompanying Orientation Acknowledgment Form.
2. Application Submission: Complete the online application and upload all required documents through the city’s housing application portal.
3. Documentation: Prepare necessary documents, including valid identification, proof of citizenship or legal residency, income verification, bank statements, tax returns, and mortgage pre-approval from a city-approved lender.
4. Homebuyer Education: Attend a Homebuyer Education Class through a HUD-approved housing counseling agency.
5. Approval and Closing: Upon application approval, proceed with the home purchase process, utilizing the assistance provided for down payment and closing costs.

Program Availability

This program is specifically available for home purchases within the City of Irving, Texas. To qualify, the property must be located within the city’s boundaries.

If you’re considering making Irving your home, this program could be a valuable resource to help you achieve your homeownership dreams. For more detailed information and to begin the application process, visit the City of Irving’s official website.