And here are the Eligibility Requirements:
Must not have owned a home within the past three years at application.
Must be below 80% of HUD's median income guidelines.
Must purchase a home in the Garland City Limits.
Must be able to qualify for a first mortgage with a private lender.
More Information can be found on HUD Median Family Income Guidelines.
UNWRITTEN RULE: You must qualify for the housing money as if it is another loan in ADDITION to the one you already have. Several people including myself were informed of this more than a month after we were approved and both of us were declined the day before our closing on the house. Thankfully, I qualified without the city help because they are less willing ot invest in their comnmunity than mortgage companies are. It put an unnecesary hardship on me because I was forced to do an FHA loan instead of a traditional loan to meet their requirements. Then they declined to provide the funding.
I would reccomend living in Garland but would avoid this program like wildfire. It cost me 1,700 more just waiting on them and I never saw the 10,000 assistance. It's a carrot on a stick and the Housing department was nothing but rude while I had to deal with them.
Household in Persons / 80% of AMFI
AMFI varies over time and you should check with Housing to get the current figures.
Please note that First-Time buyer assistance funds come and go. They are not always available.
Also note that family size in persons excludes undocumented aliens per Federal law, but DOES count their income for qualifying purposes. This may sound backwards to count the income but not allow the size to increase, but it is outlined in http://www.ci.garland.tx.us/civicax/filebank/blobdload.aspx? which you'll want to read.
Best of luck in your home search.
Ultima Real Estate
Are you interested in finding a home in Garland? Give me a call and lets get the process started! I used to live off of Oates Rd., so I'm very familiar with the area.
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