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 your first home in Irving, Texas, there’s a fantastic program designed to give you a helping hand.

Introducing the Irving Homebuyer Down Payment Assistance Program

The City of Irving offers a Down Payment Assistance Program to help first-time homebuyers with the upfront costs of purchasing a home within the city limits. This program provides financial assistance in the form of a zero percent interest, deferred forgivable loan, which can be used toward your down payment and closing costs.

For more details, visit the official City of Irving website.

Funding Source

This initiative is funded by the U.S. Department of Housing and Urban Development (HUD), ensuring that federal resources are utilized to support local residents in achieving homeownership.

Eligibility Criteria

• First-Time Homebuyer Status: You must not have owned a home within the last three years.
• Income Limits: Your household income must be at or below 80% of the Area Median Income, as defined by HUD. For example, for a family of four, the maximum income limit is $82,500.
• Mortgage Pre-Approval: Obtain approval for a home loan from a City of Irving approved lender.
• Homebuyer Education: Complete a Homebuyer Education Class through a HUD-approved housing counseling agency.
• Residency: You must be a U.S. citizen or permanent legal resident.
• Property Location: The home you intend to purchase must be within the Irving city limits.

Benefits

Eligible applicants can receive substantial financial assistance to cover down payment and closing costs, making homeownership more accessible and reducing the financial burden associated with purchasing a home.

Potential Drawbacks

It’s important to note that this assistance comes in the form of a deferred forgivable loan. This means that if you sell, transfer, lease, rent, abandon, or cease to occupy the property as your principal residence during the specified period (up to five years for loans up to $14,999 and ten years for loans from $15,000 to $50,000), you may be required to repay a portion of the original loan amount.

Application Process

Ready to take the next step? Here’s how to apply:

1. Watch the Homebuyer Orientation Video: Visit the City of Irving’s official website to view the orientation video, which provides detailed information about the program.
2. Complete the Orientation Acknowledgment Form: After watching the video, fill out the acknowledgment form available on the same webpage.
3. Submit an Application: Register for an account and complete the online application at the Housing Applications Portal. Ensure you upload all required documents, including valid identification, proof of citizenship or legal residency, income verification, and mortgage pre-approval from a city-approved lender.
4. Attend a Homebuyer Education Class: Enroll in and complete a class through a HUD-approved housing counseling agency to receive a certificate of completion.
5. Await Approval: Once your application is submitted with all necessary documentation, the City of Irving will review it and notify you of your eligibility status.

Contact Information

If you have any questions or need assistance during the application process, don’t hesitate to reach out to the City’s Housing and Redevelopment Division:

• Phone: (972) 721-4800
• Address: 825 W. Irving Blvd., Irving, TX 75060

Embarking on the journey to homeownership is a significant milestone, and programs like this are designed to make that journey a bit smoother. If you think you meet the eligibility criteria, this could be a wonderful opportunity to achieve your dream of owning a home in Irving.

Please note that program details, including income limits and application procedures, are subject to change. It’s advisable to consult the City of Irving’s official website or contact their Housing and Redevelopment Division for the most current information.

Additional Information for Blog Post Writers

Geographic Availability

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

Pros

• Provides substantial financial assistance for down payment and closing costs.
• Offers a forgivable loan with zero percent interest, reducing the financial burden on first-time homebuyers.
• Includes educational resources to prepare applicants for homeownership.

Cons

• The forgivable loan requires the homeowner to occupy the property as their principal residence for a specified period; failure to do so may result in repayment obligations.
• Applicants must meet specific income and eligibility criteria, which may exclude some potential buyers.

Application Process

1. Watch the Homebuyer Orientation Video and complete the Orientation Acknowledgment Form.
2. Submit an online application with all required documentation through the Housing Applications Portal.
3. Obtain mortgage pre-approval from a City of Irving approved lender.
4. Attend and complete a Homebuyer Education Class through a HUD-approved housing counseling agency.
5. Await application review and approval by the City of Irving.

Program Type

This is a down payment assistance program offering a deferred forgivable loan.

Program Availability

The program is currently active. For the most up-to-date information, please refer to the City of Irving’s official website or contact their Housing and Redevelopment Division.