No Down Payment!!!! Find out how??? Down Payment Assistance for Everyone!!!!

Beat the Rush!!!!

The City of Houston has some great opportunities for Home Buyers (notice I didn't state First Time Home Buyers).  The City has really gotten aggressive in selling homes in Houston.  There is a huge difference in the program from years past and now anyone can take advantage of the Down Payment Assistance.  The program is for anyone who doesn't currently own a Home at the time of application.  So if you have a home and sell it before applying for the Down Payment Assistance you will not be disqualified for being a previous home owner.  You can apply within 1 week from selling your home can you apply for the Down Payment Assistance?  I know with FHA announcing there new more expensive Guidelines making it more expensive to buy it is nice to hear some good news.

City of Houston Home Buyer Assistance Program(s):

1. 50% off on HUD Homes (Houston Hope Areas only) Foreclosed Homes only HUD

2. Houston Hope Program $39,900 New or Used Homes (Community Employee's) Teachers, Police, Firemen

3. Workforce Housing $30,000 New homes only (Houston Hope Areas only)

4. Home Buyer Assistance Program $19,500 Properties that pay taxes to City of Houston

Now that you know the programs, we are going to tell you what each of them is looking for as far as qualifying.  I will not go over all of the specifics because there are so many exceptions to each rule that we will never finish.  I like to make it short and sweet so you can use it as a short guide but you must have a professional look at your documentation before you proceed and start negotiating your purchase of one of these homes.

50% off on HUD Foreclosures:

Step one: Assuming that you are qualified to obtain the loan (Lender) and the DPA program guidelines (Income for family size)

Step Two: Check to see if the house is in a Houston Hope Area. (www.houstonhopehomes.org)

Step Three: Make sure that it is a HUD Foreclosure (www.bidselect.com) Realtor will help you with this.

Step Four:  Make offer acknowledging the 50% off program to the appropriate Lender.

Houston Hope:

Step one: Assuming that you are qualified to obtain the loan (Lender) and the DPA program guidelines (Income for family size)

Step Two: Check to see if the house is in a Houston Hope Area. (www.houstonhopehomes.org)

Step Three: Please note that there will be inspections done by the City of Houston so there are things to look out for make sure that you work with a Professional who will help you with the process.  Note: Can't make offer on a house that has Renters, property must be Owner occupied or Vacant.

Step Four: Seller must be willing to make required repairs (Foreclosures may not be willing to do this).

Workforce Housing:

Step one: Assuming that you are qualified to obtain the loan (Lender) and the DPA program guidelines (Income for family size)

Step Two: Check to see if the house is in a Houston Hope Area. (www.houstonhopehomes.org)

Step Three: Please note that there will be inspections done by the City of Houston so there are things to look out for make sure that you work with a Professional who will help you with the process.  Note: Can't make offer on a house that has Renters, property must be Owner occupied or Vacant.

Step Four: Seller must be willing to make required repairs (Foreclosures may not be willing to do this).

Note: only difference between Houston Hope and Workforce is: New homes only for Workforce and Houston Hope are for Community Employee's only Teachers, Police, and Firemen etc...

Home Buyer Assistance Programs (HAP)

 Step one: Assuming that you are qualified to obtain the loan (Lender) and the DPA program guidelines (Income for family size)

Step Two: Check to see if the house pays taxes to City of Houston (www.hcad.org)

Step Three: Please note that there will be inspections done by the City of Houston so there are things to look out for make sure that you work with a Professional who will help you with the process.  Note: Can't make offer on a house that has Renters, property must be Owner occupied or Vacant.

Step Four: Seller must be willing to make required repairs (Foreclosures may not be willing to do this

I hope that this information will help you with home financing options... I would be more than happy to help you with your scenarios... I recommend that you work with someone who has done these before it could save you a lot of Time and Headachs.

Please note that these are the programs for the City of Houston Only.  There are more programs for (Fort Bend, Pasadena, Baytown, and others) I am working on part II of this post with all of there information as well.

This has been created by Frank Marta (Texas Home Loan Specialist)