DOWN PAYMENT ASSISTANCE PROGRAM

CITY OF IRVING PLANNING & COMMUNITY DEVELOPMENT DEPARTMENT

FINANCIAL BENEFITS

The City of Irving may be able to assist you with the purchase of a new or existing home in Irving.

-       Up To $15,000 toward an existing home

-       Up to $30,000 toward new construction


TYPE OF ASSISTANCE

Qualified households may receive assistance through the city’s Downpayment Assistance Program (DPA) in the form of closing cost assistance, mortgage buy down assistance, credit counseling referrals, budget counseling referrals, homebuyer education classes, and free home quality inspections.


PROGRAM REQUIREMENTS

1.     Must be a permanent US resident or citizen

2.     Meet income limits

3.     Qualify as first-time homebuyer (not have owned a home in the last 3 years)

4.     Cannot sign a sales contract prior to assistance approval

5.     Must provide a mortgage PRE-APPROVAL from a CITY PREFERRED LENDER at the time of the application

6.     Provide a minimum investment of $1,000 towards the purchase of an existing home or $1,500 for a new home – no gift funds allowed

7.     Identification with picture for both the applicant and the co-applicant (drivers license, passport, resident alien card)

8.     Social security cards for both the applicant and co-applicant

9.     Proof of citizenship/legal residency for all other members of the household (copies of birth certificates are required for minors)

10.  Most recent and consecutive 3 months of paycheck stubs for each working member of the household, age 15 or older

11.  Verification of any other sources of income for all family members (2nd job, part-time job, social security, SSI, Medicaid, child support, alimony, retirement, etc.)


MORTGAGE FACTS

Minimum credit score of 640 (as of today)

Maximum debt ratio of 30% (based on program requirements)

No late payments in the last 12 months

Most lenders will require recent collections to be paid off

At least three accounts open with a minimum of 12 months payment history

Since Texas is a community property state, we are not allowed to process applications without authorizations from the spouse or a finalized divorce decree


FOR MORE INFORMATION, CONTACT THE CITY OF IRVING PLANNING & COMMUNITY DEVELOPMENT DEPARTMENT