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We’ve been hearing the buzz for several months about Fort Worth, TX giving away money to people buying foreclosed properties. Well, it’s almost a reality! The funding for this program is supposed to happen in March. It’s now March! Could this be March Madness?
If you can qualify to get a loan and fall within the income guidelines, you could be eligible to receive $25,000 to be used towards the purchase of a foreclosed property. The money can be divided into a couple of groups. You can use $5000.00 to pay for repairs on the property and another $5000.00 toward your closing costs. The remaining amount will be used for your downpayment.
I want to point out that this is a ten year loan with no payments and no interest during that time. My understanding is if you sell the home, then that money must be repaid. If you live in the home for ten years, the loan is forgiven. That’s almost like saying you have $25,000 in free money.
Of course there are some stipulations and hoops you must jump through. There are some income guidelines. A typical family of four must not make more than 77,500 dollars. The home must be your principal residence. And it must be within the selected zip codes as well as within the boundaries of the city of Fort Worth. For example the zip code 76248 can fall in Fort Worth or Keller. Only the area within Fort Worth will be approved for this loan.
Another hoop is that you must attend an all day workshop for home buyers. These fill up quickly so you’ll want to be certain to get a spot in the class.
For more information go here Fort Worth Gov
Deanna Perkins with Loan Star Mortgage can give you more information and pre-qualify you for this or any other program. Her number is 817-301-7132
To view any of the foreclosures give me a call 817-914-4987 to set up an appointment.