City offers down payment help to first-time homebuyers

News release from the City of Fort Wayne:

City offers down payment help to first-time homebuyers
Loans up to $9,500 available

Local residents considering buying a home for the first time may be eligible for assistance.

Fort Wayne Mayor Tom Henry announced the details of the new program today, which provides loans up to $9,500, based on need, for first-time homebuyers. The loans do not have to be paid back until the property is sold or transferred, or until the homeowner no longer lives in the home as a primary residence. The program is designed to help the homebuyer cover closing costs, reduce the amount of principal owed or assist with the down payment required by the lender.

“Many Fort Wayne residents want to buy a home, but don’t have enough money saved for their down payment and closing costs,” said Mayor Tom Henry. “The Down Payment Assistance Program is designed to increase homeownership opportunities and help residents secure mortgages, so they can buy a safe and affordable home for their families.”

To qualify for the program, a variety of criteria must be met. Anyone interested should call the City’s Office of Housing & Neighborhood Services at 427-8585 to learn more about the program or to speak with a housing specialist. Information is also available online at www.cityoffortwayne.org/dpa. Language translation services are available by phone and online.

Some of the qualifications for the program include:

· Income requirements. The homebuyer’s household income must be between 50 and 80 percent of the Area Media Income. For example, the maximum annual income limit for a four-person household would be $51,050.

· Purchase price and location. The purchase price of the home must not exceed $110,413 and the home must be located within Fort Wayne city limits.

· Homebuyer education. The homebuyer must attend an approved eight-hour homebuyer education course through a city-approved homebuyer education provider.

A minimum of 31 households are expected to be served through the Down Payment Assistance Program, which is made possible by funds from the U.S. Department of Housing and Urban Development (HUD).

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