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HOME OWNERSHIP :: ARLINGTON HOUSING FINANCE CORPORATION
MARKET RATE DOWNPAYMENT ASSISTANCE PROGRAM
PRESS RELEASE
– 8-7-08
Description
The Arlington Housing Finance Corporation Market Rate Downpayment
Assistance Program provides an opportunity for eligible, qualified
persons to purchase a home in Arlington at market rates with second
lien loans available to finance down payment and closing costs.
Initial available funding is $10,000,000.
First lien mortgage loans will be 30 year, fixed-rate, fully
amortizing loans, insured by the Federal Housing Administration or
guaranteed by the Department of Veterans Affairs. Second lien loans
up to 8% of the first lien loan will be 20 year, fixed-rate, fully
amortizing loans. The second lien loan may not be used to provide
cash out to the mortgagor at closing.
Eligibility – Applicants
Applicants must have the ability to qualify for a mortgage loan
in accordance with FHA or VA guidelines. Total household income may
not exceed 115% of the area median income, currently $74,290.
Qualifying income is based on annualized gross income of the
mortgagor(s) and subject to FHA or VA underwriting guidelines.
Eligibility – Properties
Properties must be located in the city limits of Arlington.
Properties must be single family, owner-occupied, residential
dwellings, including single family detached housing, duplexes,
condominiums, and townhouses. Acquisition costs are limited to
$271,050.
Application process
To apply for funding through the AHFC Market Rate Downpayment
Assistance Program, contact one of the local, participating lenders
listed below.
Colonial National Mortgage - Arlington
817-860-8441Karen Cook, Branch Manager
Colleen Meehan, Loan Officer
Clint McWilliams, Loan Officer |
SWBC Mortgage Corporation – Arlington
817-795-0031
Jeff Schmidt, Regional Vice President
Marcia Boyer, Senior Loan Officer
Mari Dicken, Loan Officer (Bilingual)
Lupe Diaz, Loan Officer (Bilingual) |
SWBC Mortgage Corporation – Mansfield
817-453-6462
Paul W. Beaney, Branch Manager
Nanci Doran, Senior Loan Officer
William Myers, Senior Loan Officer
Trever Kerr, Loan Officer |
WR Starkey Mortgage – Arlington
817-516-8197
Mike Turk, Regional Manager |
Lenders and Realtors
For additional information about how you or your customers can
participate in this initiative, please contact:
Guy Burgoon
Emerging Market Group, LLC
972-403-8211
gdburgoon@emgroup.info
2006 SINGLE FAMILY MORTGAGE BOND PROGRAM
This program has been fully utilized. The AHFC Board of
Directors has authorized a 2008 bond issue. When funds become
available, this site will be updated with information related to
applications and eligibility.
The Arlington Housing Finance Corporation Mortgage Program
provides an opportunity for persons to purchase a home in Arlington
at below market mortgage rates with grant assistance used for down
payment and closing costs.
In June 2006, the Arlington Housing Finance Corporation issued
$12,857,000 in single family mortgage revenue bonds. The bond
program assisted more than 120 families purchase their first home.
As of January 31, 2008 all funds have been utilized for this
program.
Additional Homebuyer Resources
Homebuyer assistance and homebuyer education is available through
the Arlington Homebuyers’ Assistance Program at the link below, or
by calling Tarrant County Housing Partnership, Inc. at 817-924-5091.
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