CORPUS CHRISTI, Texas — The City of Corpus Christi has closed the application process for their homebuyer down payment assistance program.
The reason for that closure was because of too many requests. Applications for the Corpus Christi Home Buyers Assistance Program opened Nov. 3 and just one week later, closed because of such high demand.
According to City officials, more than 640 applications were received within the first 10 days since the program began. The assistance program aids first time homebuyers by providing them with $25,000 to be used as a down payment for a home. Buyers who eligible are also supplied an additional $10,000 for closing costs.
Tracy Cantu with the City's Neighborhood Services Program said the requests for assistance exceeded the amount of available funds.
"In order to better serve our residents we needed to close the application process for now and concentrate on the applications that we do have," Cantu said. "So we can get that money out to the people who can use it, out to our residents."
Cantu said the applications are being processed on a first-come, first-served basis.
However, even with an additional $35,000 in your pocket, real estate expert Kim Erwin said purchasing a home is still competitive.
"Homes are extremely marked up and a lot of it is because there is a shortage of homes and surplus of buyers," Erwin said. "And with cheap rates, buyers want to jump in and get that reasonable interest rate locked in."
The good news is, if you missed this go around, the program will reopen for applications if additional funds become available.
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