Harris County Downpayment Assistance Program Helps Lower-Income Families Purchase Homes

By
Real Estate Sales Representative with Keller Williams Katy @ Cinco Ranch

The Community Services Department Downpayment Assistance Program (DAP) can financially help you purchase your dream house in Harris County if you are income eligible and a first-time homebuyer. This money is available on a first-come, first-served basis. Contact me at 713-818-2404 for a referral to a lender who can tell you if the program has current funding.

Guidelines:

  • $14,200 for new construction, $9,500 for resale properties, built within the current ten years. You must live in the house for five years, which is the affordability period.
  • Maximum purchase price of homes not to exceed FHA 203(b) limits in Harris County.
  • The home you buy must be in an unincorporated area of Harris County which includes these zip codes and service area and cannot be located with Houston, Baytown or Pasadena since these cities have their own programs. Contact me for a list of approved lenders who can tell you if funds are currently available.
  • To begin the DAP process, all homeowners must take a homebuyer certificate program from a HUD approved homebuyer education course provider.
  • To participate in this program, you must live in the new house or the pre-owned house for a minimum of five years, depending on the amount of the award.
  • Buyers must have at least $350 or 1/2 of the lenders downpayment as required toward the purchase price to invest in the house.
  • Buyer cannot have more than $10,000 in liquid assets such as stocks, cash or bonds.
  • Buyer must have a least one credit score of 620.
  • Buyers debt to income ratio (DTI) cannot exceed 42%.
  • Buyer must be credit and program approved through one of the listed mortgage lenders and Harris County to receive downpayment assistance. (To work with an approved lender, contact me for a referral.)
  • In order to qualify for downpayment assistance, you must be a first-time homebuyer or not have owned a house for three years prior to applying for assistance. You must be income qualified per the figured below.
  • Every member of the household must be a U.S. citizen or Permanent Resident Alien.

As of May 2010, the total family gross income cannot exceed the following:

Number of Family Members  =  Gross Family Income

1  =  $36,500

2  =  $41,700

3  =  $46,900

4  =  $52,100

5  =  $56,300

6  =  $60,450

7  =  $64,650

8  =  $68,800

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