Frequently Asked Questions

First, visit a local lender to become pre-qualified for a standard, fixed-rate mortgage loan. Participating lenders are listed on the brochure that describes the First-Time Homebuyers Program. Be certain to tell the bank you would like to apply for the City’s First Time Homebuyer Program. 

After approval, call the Neighborhood Resources Division office at 940-761-7448 to make an appointment to apply for the FTHB Program. We will discuss the remainder of the qualification process and answer any questions you might have.

The City of Wichita Falls does not perform a credit check for any of our programs; however, to participate, you will need to be able to qualify for a standard mortgage (no sub-prime, balloon, or adjustable rate loans allowed).

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.

No, this assistance is provided in the form of a deferred payment loan, and no interest is charged. On each anniversary of the closing date (as long as you are occupying the home as your principal residence), a certain percentage of the assistance provided is forgiven.

Yes. The City of Wichita Falls housing inspector will inspect the home you want to purchase to insure the home meets the applicable minimum property standards for the FTHB Program. The FTHB Program inspection does not replace or serve as a private inspection. You can also obtain a professional home inspection that will give you a comprehensive evaluation of the condition of the home, and you are encouraged to consider engaging this service.

If you are a single parent who has custody of and is caring for minor children, and are divorced or legally separated from their former spouse, you could be eligible to apply for the FTHB Program.

The home buying process requires many steps, and involves many different parties, a variety of inspections, verifications, etc., and can take several weeks to complete. Once Neighborhood Resources receives your completed application, sends and receives back the employment and income verifications, we have what is needed to determine if you qualify. After the City performs an inspection of the property, a list of any required repairs will be sent to the realtors involved. Once those repairs have been completed, the home is re-inspected by the City inspector. When household income has been verified and the home passes inspection, you are approved for the FTHB Program.

No, you don’t have to be a senior. Our program is income based on family house hold size.

No, you may still have a lien on your house however you must be able to provide a warranty deed that states you as the home owner.

No, should you qualify for assistance we have a list of approved contractors that we chose based on bid and work.

Unfortunately we do not pay for any work that is not approved by our program.

Because of our limited funds and applicant pool, we limit the number of times a homeowner can use the program to once a year at which point you must be placed on a waiting until we finish our fiscal year at which point we can determine if there are enough funds to help second home owner request.

All household income must be included on the application. Anyone occupying the home over the age of 18 with any income (including benefits) will be required to be on the application.