(Lubbock) The Lubbock Housing Finance Corporation is making down payment assistance grants available to purchasers of homes throughout Lubbock and the South Plains.
The Welcome Home Grant Program combines a grant of up to 5% of the buyer’s loan amount with a fixed-rate FHA, VA, Conventional or USDA-RD loan.
Program requirements include, but are not limited to, the following: the home being purchased may be located in any of the following counties (or the cities therein): Lubbock, Bailey, Cochran, Crosby, Dawson, Dickens, Floyd, Gaines, Garza, Hale, Hockley, Lamb, Lynn, Motley, Scurry, Terry or Yoakum; the homebuyer does not have to be a first-time buyer; and income used to qualify the buyer for the loan must equal $75,000 or less however, the buyer’s actual income may be higher than $75,000.
“While many folks can afford a monthly house payment, some have trouble accumulating the cash needed to cover their down payment and closing costs. We’re pleased that Welcome Home grants will help families overcome this issue, and fulfill their dream of homeownership,” said Carl Russell, President of the Lubbock Housing Finance Corporation.
Several mortgage lenders have already registered to participate in the program including: AimBank Mortgage, American National Bank, First United Bank, HomeTrust Mortgage, Peoples Bank, Platinum Bank, PrimeWest Mortgage, Prosperity Bank and Southwest Bank. Additional lenders are expected to register before July 1.
For more information, call a participating lender, or Lubbock Housing Finance Corporation at 806-745-9559.