$125,000 Forgivable Down Payment Assistance for First Time Home Buyers
,Hello and welcome to Houston First Time Home Buyers Edition, where we provide useful information to help Houston first time home buyers make the most informed decision when it comes to buying, decorating, and maintaining their first home. We know you're busy with life, so, we always like to get to right to the point. Today, we are just touching, really quickly on one of the largest forgivable down payment assistance amount available in Houston for first time home buyers and we can help you with it. While there are more information regarding this program, here are 13 initial things to know:
Have lived in Houston on August 25, 2017, with a home address inside city limits? if the answer is yes, you may qualify.
Must be a U.S. citizen or legal permanent resident (includes co-applicant and non-purchasing spouse)
Must be a first-time home buyer or have lost your home due to Hurricane Harvey.
Complete an 8-hour HUD-approved home buyer education course.
You must be able to qualify for a fixed-rate mortgage from a recognized lender.
Have a household income at or below 120% of the Area Median Income.
Cannot be a registered sex offender.
This is a no interest loan.
This loan is fully forgiven if you live in the home for a set number of years which is based on a tiered system.
$50,000 will be forgiven if you live in the home for 5 years.
$50,000.01 - $75,000 will be forgiven if you live in the home for 8 years.
$75,000.01-$125,000 will be forgiven if you live in the home for 10 years.
Flood insurance must be maintained on the home.
If you are a first time home buyer and you want to know more about this program or any other down payment programs, please call us at 713.208.8013. You can also email us or speak with your Realtor.
As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana
