$25,000 downpayment assistance program for forclosures

  Government down payment assistance programs are usually so difficult to qualify for that they aren't worth going after.  The City of Fort Worth, however, has one that appears to be worth the effort.

The city will pay up to $25,000 towards downpayment, closing costs and minor repairs for buyers of certain foreclosed properties.

The seven zip codes were determined by the areas most affected by foreclosures.  Of the $25,000, up to $5,000 can be applied to closing costs, up to $5,000 can be applied to minor repairs and the remainder goes toward down payment.  Some of the guidelines are below.

• Income must be below 120% of HUD's median income adjusted for number in household.
• Property must be in the City of Fort Worth and in certain Zip Codes
  
• $225,000 Maximum Purchase price
• Property must be purchased at least 1% below appraised value
• Property must be a foreclosure
• The borrower must live in the property for ten years or pay some or all of the assistance back

These are only the general guidelines, the complete program guidelines can be found on the city of Fort Worth website at www.fortworthgov.org/hed/housing/?id=61060. 

If you have any questions about this or any other program, don't hesitate to give me a call. 

Bryan J May
817-929-3584

P.S.  This program is in addition to the $8,000 first time home buyer tax credit or $6,500 credit for move up buyers.