Fort Worth Housing Finance Corporation

4% Down Payment and Closing Cost Assistance

6.50% Mortgage Rate

Buying a Home Can be Affordable

Thanks to a special new partnership between the Fort Worth Housing Finance Corporation and local home mortgage lenders, first-time home buyers in the city of Fort Worth may now have a chance to own a home of their own at below-market mortgage rates.

This program is designed to help home buyers purchase a newly constructed or existing home by providing a 30-year fixed rate loan at 6.50% with down payment and closing cost assistance equal to 4.00% of the loan amount.  This program is targeted to low and moderate income households.  Click here for a map of qualified census tracts for this program.  $11,000,000 of mortgage loans are available under this program.  The Fort Worth Housing Finance Corporation and area mortgage lenders are helping to make your dream of owning a home come true.  Click here for a program brochure.  

Here are the Details

The mortgages available through this program have terms similar to other home loans - the payments are fixed for 30 years and the loan types are Conventional, FHA-insured, VA-Guaranteed or USDA-RD.  However, these loans have two unique features:

1.                    The 6.50% mortgage interest rate is below market; and

2.                    Homebuyers will be provided a 4.00% closing cost and down payment assistance grant.  For example on a $70,000 loan amount, homebuyers will receive $2,800 in assistance.  A 1.00% origination fee and 1.00% discount point will be paid at loan closing by either the homebuyer or seller.

How Do I Get a Loan?

To apply for a mortgage loan under the program, a homebuyer must:

• Meet the eligibility guidelines for the program
• Apply through one of the participating lenders
• Have a purchase contract on a home that meets the program requirements

Eligibility Guidelines

• Homes must be located within the boundaries of the city of Fort Worth, Texas.
• Borrowers using the program cannot have had a present ownership interest in any principal residence during the last three years, unless purchasing in the targeted area.
• Borrowers must meet normal mortgage underwriting requirements which demonstrate creditworthiness.
• Borrowers must occupy the purchased home as their principal residence.

Maximum Purchase Limits

Non-Target Areas

New Residences                      $189,109
Existing Residences                 $128,149

Targeted Areas

New Residences                      $231,134
Existing Residences                 $156,626

Maximum Income Limits*

Non-Target Areas

Families of 2 or less                   $60,300
Families of 3 or more                  $69,345

Targeted Areas

Families of 2 or less                   $72,360
Families of 3 or more                  $84,420

*The maximum income limits typically increase slightly each year by the federal government.  So it is a good idea to call one of our participating lenders if you have questions about whether you can qualify. 

Call 866-650-7923 to See if You Qualify
Or Complete the Form Below