Frequently Asked Questions

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• What is a forgivable loan? Don't I still have to pay it back?

A forgivable loan is an amount of money that can be forgiven if the terms of the loan are met by the homebuyer. In other words, if you keep your end of the bargain, you don't have to pay back the loan. The forgivable loan, or deferred loan, we provide puts a lien on the house. The lien means that the home being purchased must be the homebuyers primary residence for a specified amount of time.

• Do I have to have perfect credit to qualify?

You don't have to have perfect credit, but you do have to be able to get a mortgage from a preferred lender. In order for a preferred lender to be willing to provide a mortgage for the house to you, the lender will usually prefer a client with a strong enough credit history to risk loaning money to. However, applicants with credit issues may be able to improve their credit standing to become a stronger candidate for a mortgage.

• Where does the money for my grant come from?

The funds granted for the First Time Homebuyers Program comes from federal funds from HUD given through the city of Irving. Because the financial assistance is federal monies, there will be stipulations that the applicant must follow.

• What do you mean by "low to moderate income families"?

"Low to moderate income families" refers to a family that falls within income requirements set by the U.S. Department of Housing and Urban Development. Although it is an income requirement, it is based on the family size as well. Many of our affordable homes are sold to firefighters, teachers, or working mothers and fathers with larger families.

• How much space can I expect from an ICDC affordable home?

The square footage of ICDC homes will vary from project to project. ICDC has built houses with up to 4 bedrooms and two stories. Affordable does not necessarily mean lower quality.

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