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Homebuyer's Assistance Program is sponsored by City of Port Arthur, Texas (Housing and Neighborhood Revitalization Division). The primary goal of this program is to empower low and moderate-income persons and families to become self-sufficient homeowners. Qualified homebuyers may receive deferred forgivable loans to assist with the down payment and closing costs of purchasing a home.
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Create a Website Account - Manage notification subscriptions, save form progress and more. Frequently Asked Questions Homebuyers Assistance Program How long does the process take? The Homebuyer Assistance Program takes about six weeks, provided there are no external delays.
Please note that the six weeks are measured when the applicant submits a complete application. We cannot begin work on an incomplete application. Homebuyers Assistance Program Are there any fees associated with the program?
The buyer must contribute a minimum of $1,000 to the down payment of a new construction home and a minimum of $500 for an existing home. No additional fees are paid to the City of Port Arthur. If someone tells you that there are participation fees, please report them for fraud.
Housing and Community Development Department Homebuyers Assistance Program Is this program only available in certain areas? No, the Homebuyer Assistance Program is available Citywide. Housing and Community Development Department Homebuyers Assistance Program Are credit reports required for all household adults?
All household income must be reported, but only the loan applicant’s credit is reviewed during underwriting. Housing and Community Development Department Homebuyers Assistance Program Is there a debt-to-income requirement? Yes, the program requires a 45% back-end ratio.
The back-end ratio is calculated by adding together all of a borrower’s monthly debt payments and dividing the sum by the borrower’s monthly gross income. For example, if a borrower has a monthly gross income of $5,000 and monthly debt payments of $2,000, their back-end ratio is 40% ($2000/$5000). The Homebuyer Assistance Program requires that an applicant has a back-end ratio of less than 45%.
Housing and Community Development Department Homebuyers Assistance Program Is there a credit score requirement? No, the Homebuyer Assistance Program for the down payment and closing costs assistance does not consider credit score. However, the lending institution does consider credit score.
Housing and Community Development Department Homebuyers Assistance Program Is there a maximum home price? No. The buyer can select any home that fits their needs and budget. Housing and Community Development Department Homebuyers Assistance Program What can the assistance be used for?
The assistance CAN be used for: Pre-paid items (homeowner’s insurance, mortgage interest, property taxes, etc.) Subsidize mortgage interest rate Reduce the principal amount of the first mortgage payment The assistance CAN NOT be used for: Realtor’s commissions Cash refunds to the buyer Housing and Community Development Department Homebuyers Assistance Program What is the five or ten-year second lien?
When the City assists someone in buying a home, we are investing in someone to live in the house for the long term. We require they live within the home for five years , secured through a forgivable loan for the purchase of an existing home and ten years for a new construction home. The loan is automatically forgiven at the end of the five or ten-year residency period.
At the end of the five or ten years, please submit this Release of Lien Request to Housing@portarthurtx. gov . Housing and Community Development Department Homebuyers Assistance Program What if I have to sell my home or move out before the five or ten years are over?
In these cases, the City will collect a portion of the investment made, proportional to the amount of time remaining in the residency period. For example, if the City provided $40,000, and the homebuyer moves after two years, they will only be charged for the three remaining years, or $28,000. To begin this process, please submit this Payoff Statement Request form to Housing@portarthurtx.
gov . Housing and Community Development Department Homebuyers Assistance Program What if I need to refinance my home? If your mortgage information changes, you will need to share the new information with our department.
Please submit this Subordination Agreement Request to Housing@portarthurtx. gov . Housing and Community Development Department Homebuyers Assistance Program Government Websites by CivicPlus®
According to the current listing, eligibility includes: Applicant(s) total projected annual gross household income must not exceed 80% of the current median income for the area, adjusted for family size, as established by HUD. Confirm the full requirements in the official notice before applying.
The current listing shows up to $40,000 (new construction) or $14,995 (existing homes). Verify award ceilings, matching requirements, and allowable costs in the official notice.
Homebuyer's Assistance Program is funded by City of Port Arthur, Texas (Housing and Neighborhood Revitalization Division). Verify program details on the funder's official page before applying.
Start from the official opportunity page linked in this listing — it carries the sponsor's submission instructions.
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