Tuesday, February 15, 2011
Wednesday, January 26, 2011
Future of Down Payment Assistance
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.
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.
Tuesday, November 9, 2010
Wednesday, November 3, 2010
Bank of America back in the fold
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.
Wednesday, October 13, 2010
If you want down payment assistance, do not go to Bank of America
Bank of America is the second name on the list of approved lenders on the Department of Housing and Community Development web site.
Thursday, October 7, 2010
Ready to move in
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
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
Wednesday, October 6, 2010
Down Payment Assistance in Kingdom Come
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.
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 |
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