Houston Homebuyer Assistance

 

 

The City of Houston (City) Housing and Community Development Department (HCDD) has designed the Houston Homebuyer Assistance (HHA) to provide financial assistance to low-to-moderate income homebuyers in the incorporated area of the City.

 

• HCDD staff will administer the HHA according to the policy and procedures set forth in the administrative guidelines. (add link to Administrative Guidelines)
  
• Funding for HHA will be available through the HOME Investment Partnerships (HOME) Program, the Community Development Block Grant (CDBG) Program, the American Dream Down Payment Initiative (ADDI) and Tax Increment Reinvestment Zone (TIRZ).
  
• HHA will provide direct financial assistance to offset portions of the down payment, closing costs, pre-paid items and principal required for home purchase.

 

Eligibility Requirements

Please read the information below to help you determine if you are a qualified applicant for the program:

• The applicant must demonstrate the ability to obtain a mortgage loan (financial, credit worthiness, etc.)
  
  
• The family’s combined income must be at or below 80% of the area median income
  
  
• The applicant must complete at least eight (8) hours of in person homebuyer education from any participating HUD-approved Housing Counseling Agency (.xls, updated 03.22.2011).
  
  
• The sales price for the property cannot exceed the Single Family Mortgage Limits under Section 203(b) of the National Housing Act ($200,160).
  
  
• The property must be located in the taxing jurisdiction of the City of Houston
  
  
• The applicant must purchase a new or existing home. The following structures are approved for
  
  
  • HHA:
    
    • Single-family property (detached and attached 1-4 units)
      
    • Condominium unit/Townhouse
      
    • Modular home/Manufactured home
      
    • Cooperative unit
    • See Minimum Property Standards for New Constructions (.doc, 04.29.2009)
    • See Minimum Property Standards for Existing Properties (.doc, 04.29.2009)
      
      
• HCDD Inspection Services Section is required to conduct an independent physical inspection on the property. Despite HCDD’s inspector completing a physical inspection of the property, it is highly encouraged that the potential homebuyer gets his/her own TREC inspection
  
  
• The applicant must invest at least $500 into the home buying transaction (i.e. earnest money, appraisal, etc.)
  
  
• The applicant must live in the home for 10 years for assistance to be forgiven
  

 

Applicant(s) combined annual household income must be at or below the amounts listed in the Household Income Limits to qualify for HAP funds. The amount of the assistance is $19,500 for all families whose income is at 80% or below the area median income.

 

 

page last updated 01/03/2012

 

 

2012 Household Income Limits Family Size 80% of the Area Median Income 1 $37,450 2 $42,800 3 $48,150 4 $53,500 5 $57,800 6 $62,100 7 $66,350 8 $70,650     The calculator below will help determine if you qualify for HHA. However, the calculator result alone does not automatically qualify you for our programs. City of Houston Homebuyers Assistance Income Eligibility Calculator (THIS CALCULATOR ONLY AVAILABLE VIA INTERNET EXPLORER)   Household Size Household Income $         Qualify - Based on the information submitted you might qualify for the City of Houston Homebuyer Assistance Program. Please contact us at 713-522-HOME for further assistance. Over Income Guidelines - Based on the information submitted your income exceeds the area median income limits for this program.     For further information on HAP, please call 713.522.HOME (4663).