Home Buying in Fort Worth>Question Details

Maureen, Home Buyer in Rexburg, ID

I came across the website for the Fort Worth Downpayment Assistance program. Are they still offering up to $25,000 for foreclosed homes purchased in?

Asked by Maureen, Rexburg, ID Sun Mar 28, 2010

Fort Worth?

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The program is available until funds run out. There is no time table for the funding as the program has been around for awhile. You need to take the orientation class early.It is important that you get with a lender who understands the program. The program can be difficult however anything worth doing takes effort.The City can take up to 30 days so the closing date has to be around 75 days. You can shorten the closing time if you get a head start on the program.

Regards, Tom 817-690-9296
Web Reference: http://www.tombrewerjr.com
0 votes Thank Flag Link Thu Jan 27, 2011
Maureen,
Gloria is absolutely spot-on in what's happening with the Ft. Worth Neighborhood Stabilization Program. Keep in mind that this program requires processing time. The closings I've experienced with this program has been 60-90 days from executed contract to closing day. If the buyer cannot wait, I suggest getting a local lender in Fort Worth (Paul Duncan at WR Starkey is an excellent choice) to review a mortgage credit certificate and other mortgage programs as alternatives. These are programs with guidelines. The buyer has to fit the requirements. A qualified loan officer like Paul can help fit buyers into the right program. See the website below.
0 votes Thank Flag Link Tue Mar 30, 2010
YES, for the following Zip Codes: 76179, 76137, 76133, 76131, 76248, 76112, 76123. It is my understanding that area code 76244 has also been added but was not published along with the above zipcodes. The $25,000 as it is referenced here in Fort Worth is administered by the Fort Worth Neighborhood Stabilization Program which is a (DPAP) or Down Payment Assistance Program. $15,000 of the $25,000 is for down payment assistance, $5,000 is toward closing costs, and the remaining $5,000 is for repair costs (if applicable). You must be qualified to participate in this program and attend a 2 day class. You must also have rec'd loan approval through a lender that is registered with the NSP Program.
0 votes Thank Flag Link Tue Mar 30, 2010
These programs are great programs HOWEVER you must own the home for X period of years, you can't sell the home PRIOR to that time period UNLESS you repay the city.

City does place a lien on the property.

Restrictions do apply based on area and zip codes.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Mar 29, 2010
Yes. The program is available until funds run out which is expected in the fall. It is important that you get with a lender who understands the program and has been to the classes. (Fort Worth has a list) I recommend Innovative Mortgage. You can find them at innovativemtg.com or 817-684-0807. I am actually doing this program right now for a client. It is fantastic in that it gives you $5000 for repairs and money for down payment. You have to come out of your pocket with $1000 to $1500 which is far less than other programs require. I will tell you that it is a very hard to get a house on this program mainly because of the closing date that is required. The lender has to get all your info approved and then sends it to the city, which will go through and inspection process on the house. The City can take up to 30 days so the closing date has to be around 75 days. The really hard part is finding a foreclosure that will let you set a closing date that long. Usually foreclosures get multiple offers and I have found that the foreclosure selling banks usually will accept a lower offer with a shorter closing time. That is why it is very important that you are with a lender and a Realtor who know the program. The City of Fort Worth also has other programs that give up to $15000 for assistance and the program is not as difficult. If you have further questions, please contact me at 817-881-1280.

This is the time to buy a house, so don't wait. Good House Hunting!
DeDe Galindo
0 votes Thank Flag Link Mon Mar 29, 2010
Maureen,

As Kent Dills explained, there is a website that goes into more detail on this program- BUT don't feel like you have to sort through all of this yourself. It can seem or feel overwhelming. There are lenders who can walk you through this lending and loan program step-by-step and hold your hand (so to speak). I have a lender doing this EXACT program with two of my clients/buyers right now. She's amazing: DeAnna Morgan with Cendera Funding. I'm hopeful this is helpful. Try her, its worth at least a conversation. You're not obligated to use her if you do not prefer, but she is incredibly helpful and patient and experienced with this program.

DeAnna Morgan, Cendera Funding
DMorgan@CenderaFunding.com
308 E. Renfro #206
Burleson, TX 76028
Office 817-447-4443
Cell 817-944-8094
HUdmorgan@cenderafunding.com
0 votes Thank Flag Link Sun Mar 28, 2010
Maureen,

Let's try this again, looks like my first post/answer didn't take.
The program should still be active through November 2010. It is restricted to the following zip codes:
•76131
•76137
•76133
•76123
•76179
•76112
•76248
Income restriction apply and only certain lenders have been approved to do the loans. If you call me tomorrow at 817-495-8028 I'd be more than happy to help you navigate the program and process.
Kent Dills, The Michael Group - Hurst, TX
0 votes Thank Flag Link Sun Mar 28, 2010
Dear Home Buying in Fort Worth,

To the best of my knowledge, the program is running through November of 2010.
FYI: The program is limited to purchasing homes in the following zip codes:
•76131
•76137
•76133
•76123
•76179
•76112
•76248
Income limites apply to buyers, and only particular lenders can participate. If you'd like to know more, please call me tomorrow at 817-495-8028 and I'd be more than happy to guide you through the program requirements. Kent Dills, Broker Associate, The Michael Group - Hurst, TX.
0 votes Thank Flag Link Sun Mar 28, 2010
The web site should have a "contact us" link on it. Try sending them an email or calling and see what they say.
0 votes Thank Flag Link Sun Mar 28, 2010
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