Affordable Homes 4 Houston

3 years late but better than never.

2011-08-18T08:41:00.000-07:00

Justice Department is investigating whether Standard & Poor's improperly rated dozens of mortgage securities in the years before the financial crisis, The New York Times reported on Thursday, citing sources familiar with the matter.
The investigation began before S&P, a unit of McGraw-Hill, downgraded the long-term U.S. debt from a AAA rating to AA-plus this month, the paper said.
In the mortgage investigation, the Justice Department has been asking about instances in which S&P analysts wanted to assign lower ratings to mortgage bonds but may have been overruled by S&P business managers, the Times reported.

Is S&P honest?

2011-06-01T08:18:00.000-07:00

S&P just published their new Case-Shiller index.

It shows a new nation-wide decrease in home values, following their announced "double dip " recession in housing.

The list of MSAs they considered in the study, again, is fascinating. Houston is not included. It happened before. If our memory serves us, Houston MSA ranks usually between 1st and 4th in the nation in homes sales. The last explanation I had seen for this omission amounted to the elimination of a sub group that did not fit the model. If the sample does not return the results you want, change the sample.

After all this come from a group of people that gave A ratings or higher to some sub prime mortgage bundles. And they are still in business.

Let us take everything S&P and the rating brotherhood publishes with a grain of salt....even when they threaten to lower the US credit rating.

City of Houston Down Payment Assistance

2011-04-29T08:28:00.000-07:00

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.

View majestic new web site

2011-04-26T14:11:00.001-07:00

www.majestichomebuilders.com

Marginal Score

2011-04-15T12:23:00.000-07:00

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.

The future of Down Payment Assistance in Houston

2011-04-15T10:30:00.000-07:00

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.

2011 Motto.

2011-02-15T08:36:00.000-08:00

Future of Down Payment Assistance

2011-01-26T12:50:00.000-08:00

The down Payment Assistance program (HAP) currently set at $19,500 for affordable homes within Houston city limits is under review by the Department of Housing and Community Development and the Mayor.
A new program should be in place in July.
This program is actually one of the most efficient use of funds HUD has ever designed. In Houston, the delinquency rate of loans that are complemented by a soft second from the City is actually very low. These loans are substantially underwritten twice, no sub prime mortgage is ever part of it.
The funds have a short pay back due to the immediate triggering of a much higher ad valorem tax payment from subject property. If you agree with these statements, it is time for you to contact the Mayors office and to express your support.

New Down Payment Assistance rules from the City of Houston

2010-11-09T09:47:00.000-08:00

Bank of America back in the fold

2010-11-03T10:04:00.001-07:00

Great news: Bank of America is now able to bring files to the City and obtain down payment assistance from the Department of Housing and Community Development.
The Department now requires an approval of the lender and of individual loan officers. Veronica Martinez is approved for Bank of America.

If you want down payment assistance, do not go to Bank of America

2010-10-13T09:36:00.000-07:00

Bank of America is the second name on the list of approved lenders on the Department of Housing and Community Development web site.

Ready to move in

2010-10-07T10:26:00.000-07:00

These are the two homes we have ready for immediate occupancy.
The one story home is a Carlton, the two story is a Greenbrier, with nearly 2,000 sq feet of living space. Both have ceramic floors, 2 car garages.
Both are eligible for $30,000 ind down payment assistance, and $3,000 in incentives to the selling agent.
Call Ellie at 713 413 8300

Down Payment Assistance in Kingdom Come

2010-10-06T14:24:00.000-07:00

Kingdom Come is officially in a LMIC area. It is therefore eligible for an outstanding down payment assistance program. Families may receive $30,000 in down payment assistance and have a qualified income below 120% of median: The table below shows the maximum income based on the family size.
This is still a benefit of IKE desaster relief fund. Hurry up, it is not going to last very long.

AMI	1 Person	2 Person	3 Person	4 Person	5 Person	6 Person	7 Person	8 Person
120%	54700	62500	70300	78100	84350	90600	96850	103100

HHFC bond program flyer

2010-09-15T07:53:00.000-07:00

This program can be combined with teh City Down Payment Assistance program. However, the two lists of approved lenders only have Bank of America and Cornerstone in common.

Only the newly approved lenders can bring files to DHCD of Houston

2010-09-11T08:57:00.000-07:00

FYI

Subject: Downpayment Assistance Program ALP List

DEAR AFFORDABLE LENDING PARTNER:

AS OF SEPTEMBER 30, 2010, THE CURRENT ALP LIST WILL BE DISCONTINUED

AND YOUR ORGANIZATION WILL NO LONGER BE ABLE TO SUBMIT HOMEBUYER FILES

TO THE DOWNPAYMENT ASSISTANCE PROGRAM.

THE DEPARTMENT IS IN THE PROCESS OF DEVELOPING A NEW LENDER'S LIST

AND ONLY THOSE LENDERS WILL BE ALLOWED TO SUBMIT GRANT FILES.

HOWEVER, THE DEPARTMENT INTENDS TO OFFER A NEW LENDER RFQ FOR THE

DOWNPAYMENT ASSISTANCE PROGRAM ON OR ABOUT OCTOBER 1, 2010.

YOUR ORGANIZATION MAY REPLY/RESPOND TO THE NEW LENDER RFQ IN ORDER

TO POTENTIALLY BE ADDED TO THE LENDER'S LIST IN THE FUTURE.

ONCE RELEASED, THE RFQ WILL BE POSTED ON OUR WEBSITE AT www.houstonhousing.org .

THANK YOU

Cesar Verde

Downpayment Assistance Programs

601 Sawyer, Suite 400

Houston, TX 77007

(713) 865-4290 Office

(713) 868-8379 Fax

Cesar.Verde@houstontx.gov

HHFC bond memo

2010-09-09T12:11:00.000-07:00

Great new HHFC bond rate

2010-09-09T12:03:00.000-07:00

The Houston Housing Finance Corporation just announced an extension of its bond program and a lowering of their 30 years fixed rate to 3.85%.
This brings the total monthly payment on a Carlton down to $610.00 when combined with the City of Houston/Ike down payment assistance.

Down Payment Assistance Lenders

2010-08-31T12:53:00.000-07:00

The City of Houston has changed the rules for the participating lenders. If you apply for a loan and hope to receive down payment assistance from the City of Houston, make sure your lender is on the list of the "Approved Lending Partners" revised last April. The list is available on the DAP page of the Department of Housing and Community Development. http://www.houstontx.gov/housing/resource.html You need to click on the small lettered Approved Lending Partners in the text and see the Excel spreadsheet with the list.
However, the lenders on the current list can only submit files until September 30.
After October 1, only the lenders who have been approved in August and followed the required training will be allowed to bring new files to the Department. Ask your lender if his/her employer has submitted the RFQ by August 18, and if they have been accepted. If not, you better chose another lender, one who complied.
If you are a lender, and missed the deadline, please contact the Department and ask what you can do.
As a builder, we will discourage purchasers from applying with lenders who are not on the new list to be published later in September.

New Real Estate Agents Incentive

2010-08-23T09:28:00.000-07:00

For all new contracts executed until September 30 2010, Majestic Homebuilders will pay $1,500 in agents incentive at closing..

August 18 round table was a success

2010-08-20T10:18:00.000-07:00

2 hours of constructive discussion between Majestic Homebuilders and Hispanic real estate professionals brought many valuable suggestions to the Majestic team.
Location:
Majestic's main mission is to offer a fine home to families who otherwise could not afford a new single family residence. However, a suggestion was made to diversify towards more mainstream locations, while raising the sales prices by a few thousands. Hispanic families have now become more sensitive to area schools. Majestic is alrady exploring this possibility.
One advice came back repeatedly to return to our sources and build agin in the South Post Oak corridor.

Floor Plans
Everybody confirmed our belief in not cutting corners. Secondary bedrooms should not be too small, and as many walk in closets as possible should be available. A front entrance version of our Greenbirer plan was recomended, this as already in the works. You can see the attached plan of the "Palace" here attached. A larger one story plan was recomended, we are working on it.
Features:
Every person in atendance confirmed that brick is even more important for Hispanic buyers. We will keep adding brick. The interior should include more ceramic tile, this resolution is already adopted. A recommendation was made to offer a "Granite" option for the kitchens. We will keep this under consideration, knowing the importance of kitchens in general.
Please post your additional comments here or on our facebook page.

Kingdom Come Down Payment assistance

2010-08-18T11:27:00.000-07:00

The home buyers in Kingdom Come are now eligible for IKE disaster money. This entitles them to $30,000 in down payment assistance, and raises the maximum income level.
The attached map clearly shows Kingdom Come in the green area.
Combined with mortgage rates in the mid 4s, it brings affordability to new levels.

Majestic Homebuilders partners with Neighborhood Centers Inc.

2010-08-15T15:56:00.000-07:00

Majestic Homebuilders participated in the health fair organized by NCI on August 14. Families were made aware of the help made available by NCI on their way to home ownership.