First-time homebuyer? Abilene offers $3,000

ABILENE – After pouring as much as possible into a down payment on a home, it’s hard coming up with more money to cover closing costs on the deal.

There’s some help out there from the City of Abilene; up to $3,000. The program works through federal funds, and the money is basically a deferred loan. As long as you live in the house for at least five years, the loan is forgiven, and you owe nothing.

Here’s a look at the facts on some of the other requirements. Buyers must qualify for an FHA, conventional or VA loan.

You’ll need to meet HUD income requirements and pass a background check. And the property must be affordable; meaning your mortgage cannot make up more than 30 percent of your annual income.

Sandy Bowen heads up the City of Abilene department that administers the funds. "That’s what our main mission is; to remove these barriers, and to help people find a safe, dependable, affordable home," said Bowen.

While the City has that program to help homebuyers cover closing costs, Bowen also works closely with The United Way in helping folks get a home loan.

See more at KTXS, Click here for a link to information on the City of Abilene’s first time homebuyer program.

And there’s more! Abilene NewsTalk Texas!