Downpayment assistance is available to qualified buyers for homeownership.
The minimum requirements for the Harris County Downpayment Assistance Program:
DAP: $14,200 for new construction, $9,500 for resale properties
built within the current ten (10) years. You must live in the house
for five (5) years, which is the affordability period.
DAP for disabled borrowers: $14,400 for new construction
and $14,400 for resale properties built within the current ten (10) years. You must
live in the house for five (5) years, known as the affordability period.
Homebuyer Information:
Checklist to insure that you meet the minimum DAP requirements:
-
Buyer must meet income requirements (see income chart below)
-
Maximum sales price of homes must not exceed FHA 203(b) limits in Harris County
-
Home must be in an unincorporated area of Harris County (cannot be in the City
of Houston, Pasadena, or Baytown) -
Homebuyer must be a 1st time homebuyer, or not have owned a home for
three years prior to applying for assistance, or have lost previous
home in extenuating circumstances such as a loss due to a fire, flood,
or hurricane - Buyer must be credit and program approved through one of Harris
County’s approved mortgage lenders. -
Buyer must have at least $350 or 1/2 of lenders required down payment to
invest in the purchase -
Buyer must have at least one credit score of 620
-
Buyer’s debt to income ratio (DTI) cannot exceed 42%
-
Buyer cannot have more than $10,000 in liquid assets
-
Everyone in the household must be a U.S. Citizen or permanent resident alien
- To begin the DAP process, all applicants must attend a homebuyer certificate program from a HUD approved homebuyer education course provider and select a Harris County approved mortgage lender.
- To participate in this program, you must live in the new or pre-owned house
for a minimum of five years