Are you ready to buy a home but lack money for the down payment and closing costs?
The First Time Homebuyer's Program, administered by the Neighborhood Services Department of the City of Tyler, may offer the help you need.
The First Time Homebuyer's Program, created with grants from the U.S. Department of Housing and Urban Development, helps low to moderate-income families and individuals with funding required at the time of closing.
Are you eligible for the FTHB Program?
Applicants must be U.S. citizens or permanent legal residents.
If you have not owned a home within the past three years [see exception below] and your gross household income from all sources is equal to or less than the following amounts below you may qualify.
Exception: If you have owned a home within the past three years, you may still qualify if you are: A single parent who has custody of, and is caring for, minor children and who is legally separated from their spouse.
FTHB offers down payment assistance up to the following amounts:
This assistance is considered a “deferred payment loan.” No monthly loan repayments are made to the City.
The first-time homebuyer signs legal documents creating a second lien on the property for the funds that are provided at closing. However, if the first-time homebuyer sells, leases or rents the property within the lien period following purchase, all or part of the loan must be repaid to the City. At the end of the lien period, then the lien is released.
Program assistance is subject to available funding.
