Irving Community Development Corporation Frist Time Homebuyerd Program          
         "The Partnership that leads you home."
 

 The First Time Homebuyer Program
 may take at
least 4 months to complete..
 
 
  Frist Time Homebuyerd Program Steps 
 
Steps Program Workflow   Summary
       
Pre-Qualify Fill out the online form and click submit.
An ICDC representative will contact within 2 weeks regarding your eligibility.

ICDC Interview
If you qualify, we will call you into an interview with ICDC. We will request supporting documents and information at this time. ICDC will walk you through what to expect of the First Time Homebuyer's Program and how to prepare yourself for success.


City Of Irving Interview Once you get past your interview with ICDC,
you will interview with the City of Irving.
If you qualify, you'll receive a Letter of Acceptance from the City of Irving regarding HUD financial assistance.

Home Financing

It is very important that you meet with a lender to ensure you qualify for a mortgage. We have a list of preferred lenders we recommend.


Sales Contract
You are now ready to sign a sales contract with ICDC for the house you selected! $850 (half down payment) due at this time.


Homebuyer Education
We want you to be as prepared as you can be as a new homeowner. You are required to attend Homebuyer Education Classes and a City of Irving Orientation Class.

You'll receive certificates of completion from both classes and you'll be that much closer to your new home.


Closing
We are now ready to work with your preferred lender to receive final approval on your mortgage. Once approved, your loan will be scheduled for closing with the title company.

This is where your remaining personal down payment is given ($850) and all the final documents are completed to transfer ownership to you!


New Home!

You did it! You're now the proud owner of your own home! ICDC, with the help from its partners, was glad to help.
       
       
       
Irving Community Development Corporation
 
The First Time Homebuyer Program may take at least 4 months to complete. For those who qualify, ICDC assists with the home purchase by providing

• Down payment assistance
• Closing costs assistance


ICDC provides financial assistance with a forgivable loan (grant) to help pay for the cost of the home - a buy down. This "grant" depends on your income and eligibility.

With part of the house paid for with this forgivable loan, you have less to finance on your own. Less to finance means a smaller monthly payment - a more affordable payment.


 
 
The First Time Homebuyer Program process described here does not include all aspects of the process. In addition, changes to the process may be implemented without prior notice.  
     
     
How to Qualify - (Click Here  To Open)
 
• Be a first time home buyer (not owned property in 3 years)
• Have income that falls within HUD income guidelines
• Be a U.S. Citizen or Permanent Resident
• Be credit worthy enough to obtain a mortgage
• Must not possess more than asset cap ($10,000)
• Be able to make a personal down payment of $1700 (50% with sales contract and 50% at closing).
 
Benefits of the Program - (Click Here  To Open)
 
For those who qualify, ICDC, through its partnership with the City of Irving, assists with the home purchase by providing
 
• Down payment assistance
• Closing costs assistance
 
ICDC provides financial assistance with a forgivable loan (grant) to help pay for the cost of the home - a buy down.
This "grant" depends on your income and eligibility. With part of the house paid for with this forgivable loan, you have less to finance on your own. Less to finance means a smaller monthly payment - a more affordable payment.
 
HUD Income Guidelines - (Click Here  To Open)
 
The U.S. Department of Housing and Urban Development provides the funds for the buy down and closing costs assistance. For this reason, HUD makes income requirements to assure that those most in need receive the assistance.
 
The income requirement is based on your income and family size. Definition of Low and Moderate Income An extremely low-income person is a member of a household that has an income less than 30% of the area median income for that family size.
A low-income person is a member of a household that has an income less than 50% of the area median income for that family size. A moderate-income person is a member of a household that has an income from 50% to 80% of the area median income for that family size.
 
 
 
Family Size
Very Low
Income
(30% of Median)

Low
Income
(50% of Median)


Moderate
Income
(80% of Median)
1 $14,200 $23,650 $37,800
2 $16,200 $27,000 $43,200
3 $18,250 $30,400 $48,600
4 $20,250 $33,750 $54,000
5 $21,900 $36,450 $58,350
6 $23,500 $39,150 $62,650
7 $25,150 $41,850 $67,000
8 $26,750 $44,550 $71,300
 

Pre-Qualify Fill out this "Pre-Qualify Online Form" and click submit when completed. An ICDC representative will contact within 2 weeks regarding your eligibility.
 
Pre-Qualify Online Form  
  Irving Community Development Corporation is a non-profit organization serving Irving since 1995. First Time Homebuyers Guidelines.  
       
       
  Applicant Complete Name:  
   
   
 
       
  Phone Number:  
  Format: 999-999-9999
 
 
       
  Email:  
   
 
 
  Resident:
 
 
 
  Monthly Income: * $  
   
 
 
  Annual Salary: **   $  
   
 
 
  Number Household Members:  
   
 
 
  Owned property in last 3 years:?  
   
 
 
       
  Cick To Send The Form:
 
       
   
 
       
   
 
       
       
 
* The total gross income for all members of household including overtime, shift differential, social security, child support, disability, or any other sources.

 ** The First Time Homebuyer Program process described here does not include all aspects of the process. In addition, changes to the process may be implemented without prior notice. **
 
 
 
 
 
 
Irving Community Development Corporation is a non-profit organization serving Irving since 1995.n-profit organization serving Irving since 1995.

© Copyright 2011 Irving Community Development Corporation