Down Payment Assistance Program for Fort Worth Residents

The Neighborhood Stabilization Down Payment Assistance Program is offering up to offers $25,000 in assistance to future Fort Worth residents.  That’s right.  $25,000. And out of that amount, $5,000 can be used on your closing costs and $5,000 can be used on doing minor repairs.   Any remaining amount can be used by you for your down payment. All of this is funded by the US Department of Housing and Urban Development (or HUD) in an effort to provide financial assistance to qualified homebuyers to purchase lender-foreclosed homes with the City of Fort Worth in specific target areas.  Which areas?  Well I’m glad you asked.  Here they are: 76131 76133 76123 76112 76179 76248 71637 Obviously the HUD isn’t going to just give this money away to anyone who asks, so there are some qualifying factors you must take into consideration when applying. First of all, income is the main thing the HUD will want to know when you fill out your application.  The limits are set in advance by HUD, so conversely, your income cannot exceed their parameters in order to qualify.   For example, the maximum allowable household income for a family of 4 is $72,900.  For 5 people it ...

Closing Costs Explained

When it comes to purchasing a house there is one thing that will shock a first-time home buyer more than anything, and that is the total cost associated with closing a loan. To be totally honest, closing costs can be quite earth-shaking to someone who isn't ready. If you are planning to buy a house anytime soon it is strongly recommended that you get your budget in order ahead of time.  If you would like us to review your situation and give you an estimate of what closing costs you may encounter, please feel free to contact us.  If not, feel free to read the rest of the article! Continued: Some of these closing costs are charged by the mortgage company itself, while others are payable to various parties. Here's a little breakdown on some of the fees you may be charged, and who's getting your money. One of the first fees you're going to run into is the Application Fee. This is charged when you fill out your initial application (the 1003) and is non-refundable. This covers the costs your lender pays in regard to paperwork, or maybe ...