Hey there! Navigating the journey to homeownership can feel overwhelming, but I’m here to share some good news that might make the process a bit smoother for you. If you’re considering buying your first home in Tyler, Texas, the City of Tyler offers a fantastic program designed to assist first-time homebuyers like yourself.

Program Details

• Program Name: City of Tyler First-Time Homebuyer’s Program
• Source of Funding: This program is funded through federal grants, specifically the Community Development Block Grant (CDBG) and HOME Investment Partnerships (HOME) programs provided by the U.S. Department of Housing and Urban Development (HUD). Official Website

Eligibility Criteria

• First-Time Homebuyer: You must be purchasing your first home or not have owned a home in the past three years.
• Income Requirements: Your household income should not exceed 80% of the area median income, adjusted for family size.
• Residency: The home must be within the Tyler city limits.
• Asset Limitations: Applicants should not have more than $15,000 in liquid assets.
• Citizenship: You must be a U.S. citizen or legal resident alien.

Benefits

• Financial Assistance: Up to $50,000 is available to eligible homebuyers for down payment and closing costs. More Info
• Forgivable Loan: The assistance is provided as a no-interest, deferred, and forgivable loan, meaning it may not need to be repaid if program requirements are met.

Potential Drawbacks

• Occupancy Requirement: The home must be your primary residence for a specified period, or you may have to repay the assistance.
• Funding Availability: Assistance is limited and subject to available funding, so it’s best to apply early.

Application Process

1. Pre-Qualification: Get pre-qualified for a mortgage loan through a lender.
2. Contact the Program: Reach out to the City of Tyler’s Neighborhood Services Department at (903) 531-1303 or visit their office at 900 W. Gentry Parkway, Tyler, TX 75702. More Details
3. Homebuyer Education: Complete a HUD-approved homebuyer education course.
4. Submit Application: Provide necessary documentation, including proof of income and employment.
5. Home Selection and Purchase: Select a qualifying home and finalize your purchase.

Program Type

This initiative offers both down payment and closing cost assistance in the form of a forgivable loan.

Final Thoughts

Embarking on the path to homeownership is a significant milestone, and programs like the City of Tyler’s First-Time Homebuyer’s Program are designed to support you every step of the way. If you have any more questions or need further assistance, feel free to ask!

Note: Program details such as income limits and assistance amounts can change. It’s always a good idea to contact the Neighborhood Services Department directly or visit their official website for the most current information.