First_Time_Homebuyers


First Time Homebuyers Program

Fill out Prequalification Questionnaire

Applicant First Name:
Applicant Last Name:
Phone number:
Email:
Present Address:
Legal Status:	U.S. Citizen Permanent Resident
Job Title:
CoApplicant First Name:
CoApplicant Last Name:
Cash assets Savings CDs:
Job Title:
Receive Public Assistance?:	Yes No
Type of Public Assistance:
Applicant Hourly Wage:
Number Household Members:
Applicant Hours Per Week:
Ever owned a home or property:	No Yes
If yes when did you own it:
Annual Salary:
Retirement or Pension:
Social Security:
Unemployment Benefits:
Workers Compensation:
Alimony and or child support:
Food Stamps:
Other sources of income:
Total Annual Income:

How the First Time Homebuyers Program works

For those who qualify, ICDC assists with the home purchase by providing

down payment assistance

closing costs assistance

ICDC provides financial assistance with a forgivable loan (grant) to help pay for the cost of the home - a buy down. This "grant" depends on your income and eligibility. With part of the house paid for with this forgivable loan, you have less to finance on your own. Less to finance means a smaller monthly payment - a more affordable payment.

How to Qualify

Be a first time home buyer (not owned property in 3 years)

Have income that falls within HUD income guidelines

Be a U.S. Citizen or Permanent Resident

Be credit worthy enough to obtain a mortgage

Must not possess more than asset cap ($10,000)

Apply now!!

Questions?

HUD Income Guidelines

The U.S. Department of Housing and Urban Development provides the funds for the buy down and closing costs assistance. For this reason, HUD makes income requirements to assure that those most in need receive the assistance.

The income requirement is based on your income and family size.

Definition of Low and Moderate Income

An extremely low-income person is a member of a household that has an income less than 30% of the area median income for that family size.

A low-income person is a member of a household that has an income less than 50% of the area median income for that family size.

A moderate-income person is a member of a household that has an income from 50% to 80% of the area median income for that family size.

Your income cannot exceed the amount listed for your particular family size.

Family Size	Income Range
1	$13,950 - $37,250
2	$15,950 - $42,550
3	$17,950 - $47,900
4	$19,950 - $53,200
5	$21,550 - $57,450
6	$23,15 - $61,700
7	$24,750 - $65,950
8	$26,350 - $70,200

Apply now!!

How to finance your home

Although, ICDC provides assistance with some costs, you are still completely responsible for purchasing the home. For this reason, you must obtain a mortgage from a preferred lender.

Although our preferred lenders are used to adressing the special needs of our clients, you must be credit worthy to qualify for a mortgage they'd provide.

Applicant Requirements

$1,500 minimum must be provided by the homebuyer toward the purchase of the home

Attend the City of Irving Homebuyer Education Classes

Complete the application in a timely manner - this process is first-come, first-served

No more than 30% of your monthly income may be applied to mortgage payments

Apply now!!

Questions?

Homebuyer Education Classes

Location: City of Irving Housing and Human Services Department, 2520 West Irving Boulevard, Suite 300, Irving, TX 75061.

Hours: 9 a.m. - 5 p.m., an hour break for lunch

2008 Calendar

June 21*

July 19

August 16

September 20*

October 18

November 15

December 16*

*Clases en espanol

Apply now!!

Orientation Class

Applicants must attend an orientation class hosted by the City of Irving. The class is from 6:00 pm to 8:00 pm. Please call 972-721-4800 to register. The class schedule is as follows:

July 1, 2008
August 5, 2008
September 2, 2008
October 7, 2008
November 4, 2008
December 2, 2008

Irving Community Development Corporation is a non-profit organization serving Irving since 1995. Applicants will recieve complete First Time Home Buyers Guidelines.

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