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Courtesy Xochitl Mora,

Community Development Department seeks first-time homebuyers for loan assistance

 (Laredo, Tx)- The City of Laredo’s Community Development Department would like to invite low-income first-time homebuyers to attend two Open House Nights to view homes and apply for homeownership assistance through the Texas Neighborhood Stabilization Program (NSP). The Open House Nights will be held on Wednesday, June 5, 2013, from 5:00 p.m. – 8:00 p.m. at 3315 Chacota Lane and 3706 Cuatro Vientos Drive, as well as on Thursday, June 6, 2013    from 5:00 p.m. – 8:00 p.m.at 5556 Portugal Loop and 4739 Luka Lane.

 “The purpose of the program is to acquire and rehabilitate foreclosed properties that might otherwise become sources of abandonment and blight as means of creating affordable housing opportunities for households of very low and low and moderate income,” said Ronnie Acosta, Community Development Director. “We want to help welcome people into their first home.”

 The City of Laredo Community Development Department is currently selling 5 foreclosed homes to eligible low income families at 0% interest for 30 years. The City of Laredo will be  processing eligible applications on a first come, first serve basis   The homes are being sold to qualifying households with incomes of 50% or below Area Median Family Income (AMFI – see chart below). The assistance to the homebuyer will result in a repayable 0% interest 30-year mortgage loan from TDHCA to the household.  The department is also facilitating the purchase by utilizing homebuyer gap financing assistance in the minimum amount needed to make the loan affordable; up to $30,000 in assistance. 

 In order to qualify for these homes, eligible borrowers must:

·         be purchasing home as the principal residence of the homebuyers, and they may not have an ownership interest in any other residential dwelling; 

·         the homebuyers must also be U.S. Citizens, or Resident Aliens;

·         have two years of steady employment;

·         have maintained good credit with a credit score of 560 or higher; and

·         must be willing to complete a Homebuyer Education class. 

 If potential borrowers feel they meet these requirements, please bring the following support documentation at time of application intake:

·         Verification of monthly income (check stubs);

·         Provide documentation on all assets (savings/checking accounts – 6 month statements);

·         Monthly expense information (all utilities, rent or other payments);

·         Last two years of income tax returns & W-2’s;

·         Divorce decrees/marriage licenses;

·         Copy of Social Security cards for all adults household members;

·         Copy of ID’s for all adult household members;

·         If not a U.S. Citizen, must have a permanent resident alien card for each adult household member.

 Eligibility Information:

·         Household income may not exceed 50% of HUD AMI