HCHFC Downpayment Assistance Program (DAP)

Home.HCHFC Downpayment Assistance Program (DAP)

Learn More About  HCHFC Down Payment Assistance Program

We are pleased to announce the down-payment assistance program (DAP) for Harris County to be used in conjunction with the TDHCA single family mortgage program. DAP is subject to available funds and will be available to the first 50 approved applicants.

Program Highlights

  • A $1000 grant per household is available to eligible low-to-moderate- and middle-income homebuyers for down payment and closing cost assistance
  • Must be used with TDHCA single family mortgage program

Eligible Households

Applicant must be utilizing the TDHCA single family mortgage program through a participating lender. Therefore, must meet the guidelines listed below:

  • Purchase a home (Single-family detached, condominium or townhouse) in Harris County, Texas
  • Must have a minimum credit score of 580
  • Must have a debt-to-income ratio: 39/42
  • Must be a United States citizen, or an eligible legal immigrant/resident
  • Property must be the principal residence of the Homebuyer(s)
  • Maximum purchase price of an existing home (built after 1978) cannot exceed $200,000
  • Maximum purchase price of a new home cannot exceed $238,000
  • Must be able to secure a first mortgage loan from a financial/mortgage institution as the first lien, or from another applicable local/national lender (must also agree to a 2nd lien Deed of Trust with Harris County CSD as the trustee)
  • Must not have owned residential property within the past 3 years
  • Must complete home buying education course and receive a certificate from a HUD approved provider
  • Current liquid assets (cash) cannot exceed $15,000.00
  • Gross income of all individuals executing the Deed of Trust cannot exceed the maximum income limits:

 

Household

80% AMI

1

$44,150

2

$50,450

3

$56,750

4

$63,050

5

$68,100

6

$73,150

7

$78,200

8

$83,250

 

  • Meet standard mortgage underwriting requirements with FHA, VA, Fannie Mae, Freddie

Mac or USDA-RHS, as applicable demonstrating credit worthiness

  • A Review Fee of $225 and a Fee of 1% of the mortgage loan amount should be collected. May be paid by borrower, seller or lender, as allowable by FHA, VA, Fannie Mae, Freddie Mac or USDA-RHS.

Program is subject to available funds. Please contact Rene Martinez at Rene.Martinez@csd.hctx.net for additional program information.

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