Yesterday, April 28, the Department of Housing and Community Development of the City of Houston confirmed the availability of funds for down payment assistance. The $19,500 program is unchanged and is adequately funded for months to come.
In fact, there appears to be over $5,000,000 left to spend of the current year allocation. The next fiscal year allocation will be available in September. Even is this allocation is smaller than last years, there should be plenty of money at the current rate of use to reach the end of 2012.
Friday, April 29, 2011
Tuesday, April 26, 2011
Friday, April 15, 2011
Marginal Score
580 FICO score, there may be a way.
One of our preferred lenders will make loans to borrowers with a 580 score.
The loan must be an 80/20. However, the $1,9500 down payment assistance combined with our low prices in Kingdom Come, combined with our willingness to increase our contribution to closing costs mean the borrower only needs to come up with $4,000 in total contribution.
One of our preferred lenders will make loans to borrowers with a 580 score.
The loan must be an 80/20. However, the $1,9500 down payment assistance combined with our low prices in Kingdom Come, combined with our willingness to increase our contribution to closing costs mean the borrower only needs to come up with $4,000 in total contribution.
The future of Down Payment Assistance in Houston
The Department of Housing and Community Development has just invited many of the participants in the Houston Hope program to a presentation this coming Wednesday (April 20) to present the future of Houston Hope and of the Down Payment assistance.
The Down Payment Assistance program is facing headwinds and uncertainty at a time when federal cuts are combined with a shift of emphasis by the current City administration from single family homes to multi family economic development. We are all anxious to hear the Department's views of the future.
The Down Payment Assistance program is facing headwinds and uncertainty at a time when federal cuts are combined with a shift of emphasis by the current City administration from single family homes to multi family economic development. We are all anxious to hear the Department's views of the future.
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