FACTS ABOUT THE HOMEBUYER PRINCIPAL REDUCTION PROGRAM

The Principal Reduction Program (a component of the HOMEbuyer’s Assistance Program) funded by the HOME Investment Partnership Program (HOME), assists lower income families to become homeowners.

 

Who is Eligible?

Families or individuals whose gross annual income is equal to or less than 60% of the Median Family Income, which are the following maximum amounts as adjusted for family size. (Effective February 9, 2012)

How To Apply

• You must apply to one of the following lenders for participation in their Community HOMEbuyer’s Program.

 

Amarillo National Bank       I-40 and Coulter                         358-3008

Lending Street, LLC                  3440 Bell Unite 326            353-7736

Athlan Mortgage                 6900 W. I-40, Ste. 245                 352-9260

Lone Star Reliable Mortgage      7639 Canyon Dr.                 359-4600

Bank of America                 3601 S. Washington                     349-6470

Countrywide Home Loans     7306 SW 34^th, Ste. 3                    352-8551

Supreme Lending                      7201 I-40 West, Suite 100    356-9559

First Bank Southwest          2401 S. Georgia                          355-9661

Realty Sales & Finance               3611 S. Soncy Rd., Ste. 2A     322-7325

First Mortgage Home          200-A Westgate Parkway             367-9482

Southwest Funding                    2712 W. 34th                     242-0302

Happy State Bank                3423 Soncy                                 354-2265

Southwest Funding                    4557 S. Western Ste. B        358-2200

Herring National Bank         2201 Civic Circle                         358-3700

Wells Fargo Home Mortgage        905 S. Fillmore                 371-2700

What Costs Will the Program Cover?

• The program will pay up to 75% of the closing costs with the remainder being eligible for down payment not to exceed a combined total of $15,000.
• The purpose of this program is to reduce the homebuyer’s total housing payment below 30% of their gross monthly income and to reduce their total debt to below 41% of their gross monthly income.

 

Basic Requirements

• The home being purchased must be a single-family dwelling located within the city limits of Amarillo.
• The affordability period is 5 or 10 years, depending upon the amount of the assistance.  If the property is sold within the affordability period, credit will be given for the time the home is occupied by the homebuyer. If the homebuyer does not occupy the home as their principal residence, 100% of the HOMEbuyer assistance must be repaid to the City of Amarillo.
• The property purchased must be vacant, occupied by the seller or the buyer.
  • The lender will make a referral to the Community Development Department of the City of Amarillo if you qualify for a mortgage loan and your income is within the guidelines above.
  • You will be required to complete home buyer education seminars sponsored by a HUD approved instructor with a minimum classroom time of 4 hours (City of Amarillo).

 

                              FOR MORE INFORMATION YOU MAY CALL OR WRITE

                                       Community Development Department

                                    P. O. Box 1971, Amarillo, TX  79105-1971

                                         (806) 378-9319 or (806) 378-6285

TDD (806) 378-4229

www.amarillo.gov/departments/commdev.html                          

FACTS ABOUT THE HOMEBUYERS ASSISTANCE PROGRAM

 

The HOMEbuyers Assistance Program funded by the HOME Investment Partnership Program (HOME), assists low-to-moderate income families to become homeowners.

 

Who is Eligible?

Families or individuals whose gross annual income is equal to or less than the following maximum amounts as adjusted for family size.  (Effective February 9, 2012)

 

What Costs Will the Program Cover

• The program will pay up to 75% of the down payment and closing costs not to exceed $5,000.

 

Basic Requirements

• The home being purchased must be a single family dwelling located within the city limits of Amarillo.

 

• Persons applying must not owe debts to the City of Amarillo.

 

• If the property is sold within five years, the amount owed will be prorated for the time you have lived in the home. If the homebuyer does not occupy the home as their principal residence, 100% of the HOMEbuyer assistance must be repaid to the City of Amarillo.

 

• The property purchased must be vacant, occupied by the seller or the buyer.

 

How To Apply

• You must apply to one of the following lenders for participation in their Community HOMEBUYERS Program.

Amarillo National Bank      I-40 and Coulter                         358-3008

Lending Street, LLC                  3440 Bell Unite 326            353-7736

Athlan Mortgage                 6900 W. I-40, Ste. 245                 352-9260

Lone Star Reliable Mortgage      7905 Success Place              359-4600

Bank of America                 3601 S. Washington                     349-6470

Countrywide Home Loans     7306 SW 34^th, Ste. 3                    352-8551

Supreme Lending                      7201 I-40 West, Suite 100    356-9559

First Bank Southwest          2401 S. Georgia                          355-9661

Realty Sales & Finance               3611 S. Soncy Rd., Ste. 2A     322-7325

First Mortgage Home          200-A Westgate Parkway             367-9482

Southwest Funding                    2712 W. 34th                     242-0302

Happy State Bank                3423 Soncy                                 354-2265

Southwest Funding                    4557 S. Western Ste. B        358-2200

Herring National Bank         2201 Civic Circle                         358-3700

Wells Fargo Home Mortgage        905 S. Fillmore                 371-2700

• The lender will send a letter of referral to the Community Development Department of the City of Amarillo if you qualify.

 

• You will be required to complete homebuyer education seminars sponsored by the lender or available through City of Amarillo.

 

           FOR MORE INFORMATION YOU MAY CALL OR WRITE

Community Development Department

P. O. Box 1971, Amarillo, TX  79105

(806) 378-9319 or (806) 378-6285

TDD (806) 378-4229

www.amarillo.gov/departments                         

Revised  2/6/12                                                                                                                                                                                                               M:\CommDev\Wpdat\HOMEBuyer\Misc\Fact Sheet Ltr Size.doc