City of Wichita Falls 1st Time Home Buyer Program Update
December 16, 2009
IMPORTANT NOTICE OF CHANGE FOR
FIRST TIME HOME BUYERS PROGRAM
Effective IMMEDIATELY the First Time Home Buyers (FTHB) Program administered by the City of Wichita Falls has changed the amount of assistance available to qualified homebuyers to $4,250. This change is a result of a limited annual funding amount from HUD combined with a continued strong market demand for the FTHB Program. All other program requirements will remain the same.
Once program funds for the current fiscal year are fully committed to qualified applicants, no money will be available to assist in the purchase of a home until next year’s funds are made available to the City. The City’s fiscal year begins October 1st.
Assistance is subject to availability of funds, and applicants are provided assistance on a first-come, first-served basis. The amount of assistance provided may also be subject to future adjustment depending upon program activity and annual funding amounts.
Funding for assistance is not reserved for the FTHB until the participating lender provides in writing they have been pre-qualified for a mortgage loan, they have properly completed and returned the FTHB application, the application is processed- including income verification, and a signed sales contract is on file with our office.
In the event the initial sales contract is terminated, our office must be notified. We also need to know the FTHB intends to look for another property to purchase. The assistance will remain reserved for the FTHB for a 30-day period after termination of the sales contract. If you do not provide us with another sales contract within the 30-day period, the commitment for assistance will end and the FTHB will once again be subject to the first-come, first-served rule. If all available funds have been committed before the FTHB has completed these steps of the application process, the FTHB will be placed on a waiting list in the event funds become available during either the current or for the next fiscal year.
I have included revised brochures for your information and use.
Thank you for your continued support. Please feel free to call the Neighborhood Resources Division at 761-7448 if you have any questions.
Sincerely,
Brian Gibson
Neighborhood Resources Division
