Financial Empowerment

 
First-Time Homebuyers Program

This program provides financial assistance to qualified families who complete the homeownership workshops. Incentive of $1,000.00 to assist with down payment and closing costs are provided for qualified purchasers. The First-Time Homebuyers Program offers classes that educate on the process of finding and purchasing a home; the type of loans available; the process of securing a loan; budget management; and credit issues that could prevent potential buyers from securing a mortgage. These funds are in partnership with Wells Fargo, State Farm, and Capital One.

Eligibility and Requirements:

  • Proof of income, residency and identity (pay stub, current utility bill, drivers license, birth certificate, tax return)
  • $50.00 Non-refundable registration fee to AAUL per household
  • Maximum income restrictions apply to be eligible for down payment assistance

Income Limits:   (Gross Annual Income)

Family Size   Income                 Family Size     ___Income___
        1         $39,800               ___       5            __$61,450
        2         $45,500                  ____  6            __ $66,000
        3         $51,200                      ___7            __ $70,550
        4         $56,900                      ___8             __$75,100

Purchase Price of Home:                                                                          Amount of Assistance:
Up to $166,000 (New or Existing Home)                                   $1000 (Flat rate per household)

Stipulations:
The down payment assistance must be utilized within 60 days from the date of the class or it is forfeited.  The funds are considered gift funds and do not have to be repaid.

Documentation Required:
The standard 6 documents (ID, SS Card, Birth Certificate, Proof of Income-Tax Return & Current Pay Stub, Proof of Address, Proof of Citizenship or documentation that you are here legally.)

How money is distributed:
Participant will receive a voucher when they complete the class.  The voucher should be presented to the participant’s lender and when the loan is approved a check will be cut directly to the title company. Please allow up to 10 days for processing of the check.  Money will not be distributed directly to the individual nor will it be distributed without proof of approval for loan.  Upon closing of the loan, proof of the closing must be sent to the AAUL.

Class Schedule:  The 2012 Schedule will be posted by February 2012.

Location:   8011-A Cameron Rd., Suite 100, Austin, TX  78754

 

For more information on our Financial Literacy Program This e-mail address is being protected from spambots. You need JavaScript enabled to view it or call 512.478.7176 x231