Homeownership Assistance

 

The City of Carrollton currently doesn't have a First-Time Homebuyer's Program.  However, we partner with Dallas County Home Loan Counseling Center to provide assistance to prospective First-Time Homebuyers wishing to reside in Dallas County portion of Carrollton.

Dallas County Upfront Cost Assistance Program (UPCAP)

The Dallas County Upfront Cost Assistance Program (UPCAP) is designed to help qualified low to moderate income households purchase a home. The County will provide direct loans of up to $7,500 for down payments, closing costs, and pre-paid costs. Applications will be taken on a first-come first-served basis. If an application is received by UPCAP and funds are not available, the applicant will be placed on a wait list and notified by return mail.

The home purchased with UPCAP monies must be the sole residence of the buyer and be located in either unincorporated Dallas County or in one of the twenty-one participating cities as follows:

Balch Springs                                     Hutchins                                 Carrollton

Cedar Hill (Dallas County part)             Lancaster                                Duncanville

Cockrell Hill                                        Rowlett (Dallas Co. part)           Garland

Coppell (Dallas Co. part)                      Sachse                                   Grand Prairie (Dallas Co. part)

Desoto                                               Seagoville                                Irving

Farmers Branch                                  Wilmer                                    Mesquite

Glenn Heights (Dallas Co. part)            Richardson (Dallas Co. part)     Sunnyvale

Properties must be inspected by an approved MHS Home Inspector from our list. A list will be given to the client and may also be requested by the Realtor. No other inspections will be accepted. We must receive a copy of this inspection before UPCAP funds can be ordered. All repairs must be made prior to closing and a passed inspection report must be received by our office. The inspection must be paid by the buyer at the time of the inspection. Lender and HUD foreclosed properties must also meet these guidelines. On foreclosed properties, a letter from HUD or the lender will be required stating that all repairs will be made prior to closing.

Clients who are approved for UPCAP will have sixty (60) days to find a home to purchase and execute a real estate sales contract and apply for financing at a lending institution. Those who do not, will receive a letter of termination from the program and must reapply and be placed at the bottom of any waiting list.

Dallas County will take a second lien on the property for the amount of the UPCAP loan and the loan will be forgiven after five (5) years if the buyer lives in the property for five (5) years as their sole residence. Households who receive assistance under UPCAP will not be required to make monthly payments on the UPCAP loan. If the purchaser sells, leases/rents out, transfers title to the property, or ceases to reside in the property as their sole residence before expiration of the 5 year lien, payment of the entire original UPCAP loan amount is due in full to Dallas County.

A household interested in the UPCAP program must complete and submit an original UPCAP application to the Dallas County Home Loan Counseling Center.

 Guidelines include, but are not limited to:

            1.  Family gross annual income cannot exceed 80% of HUD median income limits as follows:

Family size:      1               2               3              4               5               6   

Max. Income: $37,250    $42,550    $47,900    $53,200    $57,450   $61,700         

                  2.  Applicant does not have to be a resident of Dallas County, however priority will be given to Dallas County residents.

                  3.  All income received by the family members residing in the household will be counted as qualifying income for this program. Although this will not always count in actual mortgage qualifying.

                  4.  Clients who have signed a real estate contract must submit a copy of the contract with their UPCAP application.

                  5.  Maximum purchase price of a home is $98,500.

                  6.  Property to be purchased must be vacant or owner occupied. Contracts on properties currently tenant occupied or occupied by tenants 60 days prior to an executed sales contract will not be accepted.

                  7.  Homes cannot be located in flood zones per FEMA maps.

                  8.  Properties must appraise at 100% of sales price.

                  9.  203K Mortgage plus Improvements loans are not eligible for the UPCAP program.

              10.  Must have acceptable credit history and be able to qualify for a mortgage with a lending institution. Sub-prime, “B” and “C” paper loans or ARM loans are not eligible for this program. Lender fees and charges cannot exceed $2,000.00 for mortgage loans using Dallas County UPCAP funds.

              11.  Must be a first-time home buyer, or not have owned a home in the past three (3) years. Applicants must sign a Notarized Affidavit of Home Ownership.

              12.  No member of the applicant(s) household shall own any improved real estate which is or can be used for residential purposes, including mobile homes.

              13.  Must have proof of savings available for your part of the home purchase.

              14.  If applicant has liquid assets in excess of lender required funds and the UPCAP loan, applicant will not be eligible for participation in the program.

              15.  All approved UPCAP clients will be required to attend the 8.0 hour Homebuyer Seminar Series (3 classes) at the Dallas County Home Loan Counseling Center.

              16.  All borrowers must be a US citizen or a permanent resident and must have a valid Social Security number.

              17.  Borrower must pay a minimum of 1% of the sales price of the home or $985, whichever is greater toward the home purchase from personal funds.

              18.  Borrower cannot have more than $2,500 plus one month’s gross income left in personal funds after closing. Retirement funds in IRS recognized accounts are excluded.

              19.  Borrower may not receive any cash back at closing.

 You may direct your questions to the Dallas County Home Loan Counseling Center

 NOTE: UPCAP APPLICATIONS MUST BE REQUESTED BY HOME BUYERS ONLY. COPIED OR FAXED APPLICATIONS ARE NOT ACCEPTED.

Free Credit Repair Workshop

 

The Dallas Home Loan Counseling Center will be hosting a FREE Credit Repair Workshop on Thursday, November 20th from 6:00 p.m. - 8:00 p.m.  Please note that this class will NOT be held in the month of December.  Seating is limited, please call 214-819-6060 to reserve a seat.  For more information click here.

 

Financial Literacy/Budget Workshop

 

The Dallas Home Loan Counseling Center will be hosting a FREE Financial Literacy/Budget Workshop on Tuesday, November 18th from 6:00 p.m. - 8:00 p.m.  Please note that this class will NOT be held in the month of December.  Seating is limited, please call 214-819-6060 to reserve a seat.  For more information click here.

 

Homeownership Seminars - DECEMBER 2008

SEMINAR  I                                              WEDNESDAY,  DECEMBER 3, 2008

TIPS ON SELECTING A HOME                    5:30 p.m. - 8:00 p.m. Room 751, 7^th Floor

MORTGAGE FINANCING PROCESS                                                                    

REAL ESTATE CONTRACT OVERVIEW

ROLE OF THE LENDER & REALTOR

 SEMINAR  II                                                    TUESDAY, DECEMBER 9, 2008

ROLE OF THE TITLE COMPANY                    5:30 p.m. - 8:00 p.m.   Room 751, 7^th Floor

PROPERTY TAXES AND HOMEOWNER INSURANCE                 

CREATING WEALTH THROUGH HOME OWNERSHIP

 SEMINAR  III                                               THURSDAY, DECEMBER 11, 2008

RIGHTS & RESPONSIBILITIES OF HOME OWNERSHIP 

BUDGETING                                                 5:30 p.m. - 8:30 p.m.   Room 751, 7^th Floor

CONSUMER AWARENESS

THE HOME INSPECTION & MINOR HOME REPAIR

LANDSCAPE / XERISCAPE

GRADUATION

SEMINARS START AT THE TIMES ABOVE. DOORS WILL BE LOCKED AND THERE WILL BE NO ADMITTANCE AFTER SEMINAR BEGINS.  NO EXCEPTIONS!!

 Seminars are held at the

Dallas County Health & Humans Services Building at

2377 N. Stemmons Freeway

(Southbound I-35 service road between Motor & Wycliff.)

Free parking on the north side and rear of the Dallas County Health & Human Service Building.

 These seminars are open only to first time homebuyers, and are not training programs for lenders, builders or realtors.

   Home Loan Counseling Center Hours:

 Monday thru Friday, 8:30 am - 5:00 pm 

                           (214) 819-6060