Hi! I’m Keela McGraw, Arlington Texas Today co-founder and Realtor. I’d love to help you find your next home. Click here to search current homes for sale in the area.Are you interested in Arlington first time home buyer programs?
As an Arlington Realtor, I love working with first time home buyers. Beginning a new journey as a home owner excites them (and me too)!
I’ve had many clients inquire about Arlington first time home buyers programs. They are interested because of several factors including, but not limited to:
- Low to moderate income bracket
- Lack of funds for closing costs
It’s important to know about all of your home buying options. If you are uniformed, you may miss out on fantastic opportunities to help you buy a home.
If you are seeking information, learn more about Arlington first time home buyer programs.
Arlington First Time Home Buyer Programs Overview
City of Arlington Homebuyer Assistance Program
The City of Arlington Homebuyer Assistance program is a home ownership program that ensures people of all income levels can potentially buy a home in Arlington, TX. It serves as a downpayment assistance programs that can be used on full market rate homes. $7,500 in down payment assistance is available to qualified first-time buyers with household incomes that don’t exceed 80% of the area median income. Up to $10,000 in assistance is available for buyers with a disabled household member or who are purchasing homes in areas specially targeted for revitalization.
Who Qualifies for City of Arlington Homebuyer Assistance Program?
To qualify, applicants must be able to acquire a market rate mortgage loan. Additionally, the applicant’s annual gross household income can not exceed 80% of the area’s median income. Below is the income limits for the program adjusted for family size:
1 person: $39,050
2 people: $44,600
3 persons: $50,200
4 persons: $55,750
5 persons:$60,250
6 persons: $64,700
7 persons: $69,150
8 persons: $73,600
Once you determine whether or not you meet these income guidelines, you can review the additional requirements to see if you qualify to apply for the program.
HomePath Ready Buyer™ Program
Fannie Mae’s HomePath Ready Buyer program is option for Arlington first time home buyers. The program consists of an education course to prepare home buyers for the responsibilities of homeownership. After completing the course, if you attach the course completion certificate to an initial offer and successfully negotiate a purchase of a HomePath property, you can request up to 3% closing cost assistance toward your purchase.
Arlington Neighborhood Stabilization Program
08/04/14 UPDATE: This program is no longer available.
The Arlington Neighborhood Stabilization program goal is to stabilize neighborhoods hit hardest by foreclosures. This program provides payment or principle reduction assistance of $10,000 or $20,000 for qualified buyers who don’t currently own a home and whose household incomes don’t exceed 50% of the area’s median income.
Sounds interesting? There are a few things you should know:
All program applicants must take a homeowner’s course. Details can be found on the City of Arlington website.Converting this to a rental property is out of the cards. The owner must occupy the home.Applicants must have continuous full-time employment history for the past six months and verifiable employment for a minimum of one year.
How Can I Get More Information on Arlington First Time Home Buyer Programs?
If you need more information of Arlington first time home buyer programs, I’ll be happy to help. Just send me a message by clicking here. I will work hard to help you find the Arlington first time home buyers program that is right for you and your family.