Irving Community Development Corporation Frequently Asked Question          
         "The Partnership that leads you home."
 

  Frequently Asked Questions  
 
How long does the First Time Homebuyer Program take?
The program process takes at least 4 months to complete. The process described on this website is a good outline of what to expect. However, the outline does not include all aspects of the process. Also, changes to the process may be implemented without prior notice.
 
   
What is a forgivable loan? Don't I still have to pay it back?
A forgivable loan is an amount of money that can be forgiven if the terms of the loan are met by the homebuyer. In other words, if you keep your end of the bargain, you don't have to pay back the loan. The forgivable loan, or deferred loan, we provide puts a lien on the house. The lien means that the home being purchased must be the homebuyers primary residence for a specified amount of time.
 
   
How do I finance my home?
Contact one of our preferred lender.   They will help you through the qualification process.
 
   
Do I have to have perfect credit to qualify?
You don't have to have perfect credit, but you do have to be able to get a mortgage from a preferred lender.  In order for a preferred lender to be willing to provide a mortgage for the house to you, the lender will usually prefer a client with a strong enough credit history to risk loaning money to. However, applicants with credit issues may be able to improve their credit standing to become a stronger candidate for a mortgage.
 
   
What does preferred lender mean? How does that help me?
Preferred lenders are mortgage lenders who cooperate with the City of Irving to promote and support the Homebuyer Assistance Program. Click Here.  for a list of preferred lenders.
 
   
Where does the money for my grant come from?
The funds granted for the First Time Homebuyers Program  comes from federal funds from HUD  given through the City of Irving. Because the financial assistance is federal monies, there will be stipulations that the applicant must follow.
 
   
Where do I go for my Homebuyer Education?
Applicants must attend homebuyer education classes as well as an orientation class with the City of Irving. You will be notified when and where your orientation classes will be held. If there is a delay, once you have held a second interview, please contact 972-253-8336 and ICDC will expedite your being scheduled.
 
   
What do you mean by "low to moderate income families"?
"Low to moderate income families" refers to a family that falls within income requirements set by the U.S. Department of Housing and Urban Development. Although it is an income requirement, it is based on the family size as well. Many of our affordable homes are sold to firefighters, teachers, or working mothers and fathers with larger families.
 
   
How much space can I expect from an ICDC affordable home?
The square footage of ICDC homes will vary from project to project. ICDC has built houses with up to 4 bedrooms and two stories. Affordable does not necessarily mean lower quality.
 
   
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Irving Community Development Corporation is a non-profit organization serving Irving since 1995. irst Time Homebuyers Guidelines.

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