Press release from the City of Fort Wayne:
Mayor announces funding for down payment assistance for homebuyers throughout city
Continuing his commitment to strengthen Fort Wayne’s neighborhoods, Mayor Tom Henry announced the availability of about $300,000 in funds to assist those who hope to become homeowners.
“For most families, owning their own home symbolizes the American Dream,” said Mayor Henry. “While the market continues to struggle, Fort Wayne still has an abundance of quality housing available at affordable prices for many of our residents. With the small added boost of down payment assistance, we are investing in our community and bringing more responsible homeowners into our neighborhoods.”
Homeowners must fall into the “under 80 percent” of Area Median Income category to be included in the program. As an example, for a household of two, the total annual income cannot exceed $40,500. A table showing Area Median Income by Household Size is available on the City of Fort Wayne website.
The amount of down payment assistance is determined by the requirements of the homebuyer’s lender and the location of the home. For most areas in the city, the upper limit is $5,000 in assistance. For the NSP area, roughly the core of the city, the upper limit is $10,000. An NSP-area map is available at www.NSPFortWayne.org. For the model homes in Renaissance Pointe, the down payment assistance is $10,000. In all cases, the exact amount will be determined by the buyer’s bank or lender’s requirements. Loan specialists will work with interested homebuyers to help determine their eligibility and details of the terms.
Homebuyers interested in this program should call 427-1127 and ask to speak with a loan specialist. Prospective buyers must have a purchase agreement in place to be considered for the down payment assistance program.
Further details can be found on the City’s website, www.cityoffortwayne.org.