Hey there! Navigating the journey to homeownership can feel overwhelming, but I’m here to help simplify things for you. Let’s explore the Hidalgo County Urban County Program’s Homebuyer Assistance Program, which could be a great resource for you.

Program Name

Hidalgo County Urban County Program – Homebuyer Assistance Program

Source of Funding

This program is funded through the U.S. Department of Housing and Urban Development (HUD) and administered by the Hidalgo County Urban County Program.

Eligibility Criteria

• Residency: You must be a resident of Hidalgo County but not within the city limits of Edinburg, Pharr, McAllen, or Mission.
• Income: Your household income should not exceed 80% of the area’s median income, adjusted for family size. For example, for a family of four, the income limit is $40,150.
• Citizenship: All household members must be U.S. citizens or legal resident aliens.
• Homebuyer Education: Completion of a “Homebuyer Counseling Course” is required.
• Financial Qualifications: You should qualify for a residential loan from a financial institution and meet specific debt-to-income ratios.

Benefits

• Financial Assistance: The program offers up to $10,000 to assist with eligible expenses related to purchasing a home. This assistance comes as a deferred loan at 0% interest, with the Urban County Program assuming a second lien position subordinate to the primary mortgage lender.
• Homeownership Opportunities: It provides a pathway for low and moderate-income residents to achieve homeownership, enhancing overall quality of life.

Potential Drawbacks

• Geographic Limitations: Residents within the city limits of Edinburg, Pharr, McAllen, and Mission are not eligible.
• Repayment Conditions: The deferred loan becomes due if you sell, lease, change the title, or refinance the property within the affordability period.

Application Process

1. Pre-Qualification: Secure a residential loan from a financial institution.
2. Homebuyer Counseling: Attend and complete a HUD-certified Homebuyer Counseling Course.
3. Documentation: Gather necessary documents, including income verification, identification, and proof of citizenship or legal residency.
4. Application Submission: Submit your application along with the required documents to the Urban County Program.
5. Approval: Upon approval, you’ll receive a “Letter of Commitment” valid for 3 months for existing homes and 6 months for new constructions.

Program Type

This is a down payment assistance program.

Availability

The program has been effective since May 1, 2014. For the most current information, it’s best to contact the Urban County Program directly.

Contact Information

• Phone: (956) 787-8127
• Email: michelle.mendoza@co.hidalgo.tx.us
• Address: Urban County Program, 427 E Duranta Ave, Suite 107, Alamo, TX 78516

More Information

For more detailed information, you can refer to the program’s guidelines here: Urban County Program Homebuyer Assistance Program

I hope this helps you on your path to becoming a homeowner! If you have any more questions, feel free to ask.