Will homebuyers be required to repay the homebuyer assistance provided by the City of Wichita Falls?

If you occupy the home you purchased as your principal residence for the required time period - usually 5 or 10 years depending upon amount of assistance - no repayment is required. This required time period is known as the Period of Affordability. However, if you sell your home, rent your home to another person, experience a foreclosure, or fail to occupy the home as your principal residence before the end of the Period of Affordability, you could be required to repay all or part of the assistance provided you.

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1. How do I apply for the First Time Home Buyer's Program?
2. Will a poor credit rating affect the mortgage application or the application for FTHB Program assistance?
3. Will homebuyers be required to repay the homebuyer assistance provided by the City of Wichita Falls?
4. Will the homebuyer be charged interest for homebuyer assistance?
5. Is a home inspection required?
6. If the homebuyer is now divorced but previously owned a home with a former spouse, do they qualify as a first time homebuyer?
7. How long does the process take after receiving an approval from my bank?
8. Do I need to be a senior citizen to qualify for Minor/Emergency Repair assistance?
9. Do I have to own my home to qualify for the Minor/Emergency Repair Program?
10. Can I pick my own contractor for repairs provided by the Minor/Emergency Repair Program?
11. Will the Minor/Emergency Repair Program pay for work that’s already done?
12. How many times can I use the Minor/Emergency Repair Program?
13. What income is considered for the First Time Home Buyer Program?