City of Wichita Falls First Time Homebuyer Program
Funding status: Active
How much assistance
Up to $10,000 (Deferred Loan)
No-interest deferred loan forgiven over the Period of Affordability (5 years for smaller amounts, 10 years for larger amounts) as long as the home remains your principal residence. A percentage is forgiven on each anniversary of closing.
Eligibility
- Income limits: 1-person household: $44,900; 2-person: $51,300; 3-person: $57,700; 4-person: $64,100 (as of June 2023, based on HUD moderate-income limits). Contact program for current thresholds.
- Purchase price limit: $209,000
- First-time buyer required: Yes — Must not have owned a home in the past 3 years. Single parents with custody of minor children who are legally separated may also qualify.
- Geographic restrictions: Home must be a single-family dwelling within Wichita Falls city limits and not in the 100-year floodplain. Applicant must not owe debts to the City of Wichita Falls.
How to Apply for City of Wichita Falls First Time Homebuyer Program
Step 1: First, visit a local lender to get pre-qualified for a standard fixed-rate mortgage loan. Tell the bank you want to apply for the City's First Time Homebuyer Program. After pre-qualification, call the Neighborhood Resources Division at (940) 761-7448 to schedule an appointment.
Notes
Funded through HUD HOME Investment Partnerships Program. Assistance can be used for closing costs, down payment, or reducing mortgage principal. No monthly payments to the City are required.