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The City of Houston & Harris County have created several down payment assistance programs to help families achieve the dream of homeownership. Houston Homebuyer Assistance Program The City of Houston has designed the Homebuyer Assistance Program HAP to provide financial assistance to low-to-moderate income homebuyers in the incorporated area of the City. HAP provides direct financial assistance to offset portions of the down payment, closing costs, pre-paid items and principal required for home purchase. Eligibility Requirements •The applicant must demonstrate the ability to obtain a mortgage loan financial, credit      worthiness, etc. •The family’s combined income must be at or below 80% of the area median income •The applicant must complete at least eight 8 hours of homebuyer education from any participating HUD-approved Housing Counseling Agency. •The sales price for the property cannot exceed the Single Family Mortgage Limits under Section 203b of the National Housing Act $200,160. •The property must be located in the taxing jurisdiction of the City of Houston •The applicant must purchase a new or existing home . •HCDD Inspection Services is required to conduct an independent physical inspection on the property. •The applicant must invest at least $500 into the home buying transaction •The applicant must live in the home for 10 years for assistance to be forgiven Applicants combined annual household income must be at or below the amounts listed in the Household Income Limits to qualify for HAP funds. The amount of the assistance is $19,500 for all families whose income is at 80% or below the area median income. Houston Hope Program The City of Houston City Housing and Community Development Department HCDD has designed the Houston HOPE Program to provide financial assistance to low-to-moderate income homebuyers who are in the Houston Hope areas or any area/neighborhood designated by the Mayor of Houston for revitalization. It provides direct financial assistance to offset portions of the down payment, closing costs, pre-paid items and principal required for home purchase. Eligibility Requirements: •The applicant must demonstrate the ability to obtain a mortgage loan financial, credit worthiness, etc. •The family’s combined income must be at or below 80% of the area median income •The applicant must complete at least eight 8 hours of homebuyer education from any participating HUD-approved Housing Counseling Agency. •The sales price for the property cannot exceed the Single Family Mortgage Limits under Section 203b of the National Housing Act $200,160.   •The property must be located in Houston Hope areas or any area/neighborhood designated by the Mayor of Houston for revitalization. •HCDD Inspection Services Section is required to conduct an independent physical inspection on the property. Despite the HCDD’s inspector completing a physical inspection of the property, it is highly encouraged that the potential homebuyer gets his/her own TREC inspection •The applicant must invest at least $500 into the home buying transaction i.e. earnest money, appraisal, etc. •The applicant must live in the home for 10 years for assistance to be forgiven Funding Requirements •The amount of assistance is $39,900 for teachers, police officers, firemen, and EMS personnel whose income is at or below 80% of the area median income •The amount of the assistance is $37,500 for all other families whose income is at 80% or below the area median income Applicants combined annual household income must be at or below the amounts listed in the Household Income Limits to qualify for Houston HOPE funds. Houston Workforce Housing Program The City of Houston’s City Housing and Community Development Department HCDD is proud to offer the Workforce Housing Down payment Assistance Program to our eligible citizens. The Workforce Housing Down payment Assistance Program was created to provide Houston residents the opportunity to purchase a new home in the Houston Hope areas or any area/neighborhood designated by the Mayor of Houston for revitalization. This program will provide families whose combined gross annual income is 80 – 120 percent of Houston’s median income with down payment, closing cost and pre-paid items assistance. The level of assistance provided to each approved applicant will be $30,000. Eligibility Requirements The applicant must complete at least eight 8 hours of homebuyer education from any participating HUD-approved Housing Counseling Agency The applicant must purchase a newly constructed residential property. A new construction is defined as a property that is proposed, under construction, or has been completed less than a year according to the Certificate of Compliance. The property must be located in Houston Hope areas or any area/neighborhood designated by the Mayor of Houston for revitalization.  Get List of Eligible Locations HCDD Inspection Services Section is required to conduct an independent physical inspection on the property. The sales price for the property cannot exceed $150,000.  The applicant must invest at least $500 into the home buying transaction i.e. earnest money, appraisal, etc. The applicant must demonstrate the ability to obtain a mortgage loan financial, credit worthiness, etc. and sustain ownership over the period of affordability of ten 10 years. Harris County Down-Payment Assistance Program DAP provides financial assistance in the form of a deferred, forgivable loan to eligible first time homebuyers for down payment and closing costs for the purchase of new and pre-owned homes built within the last 10 years. Assistance up to $14,400 is available to eligible homebuyers for the purchase of homes located in the unincorporated areas of Harris County, outside the cities of Houston, Baytown, and Pasadena, and within the 15 cooperating cities in Harris County. Assistance Amounts - $14,200 for new construction; - $ 9,500 for pre-owned homes, built within the last 10 years - $14,400 for disabled borrowers for new or pre-owned homes Eligible Property - Maximum sales price cannot exceed FHA 203b limits for Harris County of $206,500 - Located in Harris County service area - Meet Harris County’s acceptable property standards Eligible Homebuyer - Buyer must be first time homebuyer - Must reside in purchased home for at least five years as primary resident - Must complete a HUD approved homeownership education course - Must be credit and program eligible through one of Harris County’s approved mortgage lenders Financial Eligibility - Annual family income must not exceed 80% of established median - Buyer must have at least $350 or ½ of lenders required down payment to invest in the purchase Harris County Neighborhood Stabilization Program Harris County’s Neighborhood Stabilization Program will fund projects that create homeownership opportunities and stabilize neighborhoods through the acquisition and rehabilitation of foreclosed and vacant properties across the Harris County area. The unique program will allow qualified buyers, with the assistance of their real estate agents, to identify foreclosed homes in which they would like to purchase as their primary residence. Harris County Community Services Department would then buy those properties and resell them to applicants at 20% below the purchase price.  Qualified homebuyers may be eligible for an additional discount up to 10% to help meet affordability. Five Step Process for Homebuyers: 1.   Obtain a homebuyer certificate from a HUD approved homebuyer education course provider. 2.   Select a Harris County approved mortgage lender to complete the pre-qualification process. You should receive a Pre-qualification Letter. 3.   Contact a participating Real Estate Agent, or an agent of your choice and advise of your interest in the NSP. 4.   Locate a foreclosed/vacant home within the approved zip code area. 5.   Your Real Estate Agent will complete and submit the Property Registration Package to Harris County Lending Service and will keep you informed on the status and next steps.                          Privacy Policy © Created and maintained by WTN.