Are you thinking about buying your first home in Wichita Falls? That’s fantastic! I know the process can feel a bit overwhelming, but there’s a wonderful program that might make things a lot easier for you.

Program Name

City of Wichita Falls First-Time Homebuyers Program

Source of Funding

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

Eligibility Criteria

• First-Time Buyer: You should not have owned a home in the past three years. However, if you’re a single parent with custody of minor children and are legally separated, you might still qualify even if you’ve owned a home before.
• Income Limits: Your household’s gross income should be within certain limits. For example, as of June 15, 2023, the annual income limit for a one-person household is $44,900, and for a four-person household, it’s $64,100.
• Property Requirements: The home must be a single-family dwelling located within Wichita Falls city limits and not in the 100-year floodplain. The purchase price shouldn’t exceed $209,000.
• Additional Requirements: Applicants must be U.S. citizens or permanent legal residents, have at least one month’s mortgage payment in savings, and not owe any debts to the City of Wichita Falls.

Benefits

• Financial Assistance: Qualified applicants can receive between $7,000 and $10,000 to help with closing costs, down payment, or reducing the mortgage principal.
• Deferred Payment Loan: This assistance is considered a “deferred payment loan,” meaning you don’t have to make monthly repayments. If you remain in the home for five years without selling, leasing, or refinancing, the loan is forgiven.

Potential Drawbacks

• Occupancy Requirement: If you sell, lease, rent, move away from, or refinance the property within five years of purchase, you may need to repay all or part of the assistance provided.
• Property Standards: The home must pass a city inspection and meet federal and local property standards, which might require seller-performed repairs before purchase.

Application Process

1. Mortgage Pre-Approval: Start by getting pre-approved for a standard mortgage loan from one of the program’s participating lenders.
2. Program Application: Once pre-approved, contact the Neighborhood Resources Division at 940-761-7448 to schedule an appointment. You’ll need to provide various documents, including your real estate contract and income statements.
3. Home Inspection: After submitting your application, the city will inspect the property to ensure it meets required standards. If repairs are needed, the seller must address them before you can proceed.

Additional Resources

For more information, visit the City of Wichita Falls First-Time Homebuyers Program website.