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/ HOYO – Mortgage help for the Disabled

HOYO – Mortgage help for the Disabled

August 7, 2010 billedge

Housing Initiative

Homeownership is as desirable for people with disabilities as it is for anyone else in America, yet it is estimated that less than one percent of Americans with disabilities are homeowners versus sixty-six percent of those without disabilities. Currently through the Home of Your Own Program (HOYO), UCP is closing on 10-20 homes per year for individuals with disabilities who are low income and first time homebuyers.

Home of Your Own (HOYO) Program Services:

  • Down payment assistance for people with disabilities (based on availability of funds)
  • HUD-certified Homebuyer’s Education classes open to ALL individuals
  • Pre and post-purchase housing counseling Financial Literacy Counseling

Down Payment Assistance Funds Available: From $7,000-$25,000

Down Payment Assistance Available

$ 10,000 per family

• Funds may be combined with the Harris County (DAP) program or SETH

• Individual must qualify for a FHA or Conventional fixed-rate loan through a lender of their choice.

• Other eligibility guidelines apply as listed below.

$7,000 per family

• Funds may be combined with any other down payment program in the Greater Houston Area, including (HAP), (DAP) and (SETH)

• Individual must qualify for a Conventional fixed-rate loan through an Amegy Bank lender.

• Other eligibility guidelines apply as listed below.

Eligibility Guidelines:

• At least one member in the household must have a disability.

• Total household income must be below 80% AMI.

• Individual must not have owned a home within the last 3 years.

• Individual must qualify for a 30-year fixed rate first mortgage loan.

• Individual must attend a Homebuyer’s Education Class.

• Home must be located in Harris County, Ft. Bend County, or Montgomery County, and pass.

HOME OF YOUR OWN (HOYO) DOWN PAYMENT ASSISTANCE PROGRAM

APPLICATION PROCESS

  1. Attend Down Payment Assistance Workshop
  2. Secure a pre-approval for a Conventional 30-year fixed rate mortgage.
  3. Attend a HUD-certified Homebuyer’s Education Class.
  4. Submit HOYO Application to:

Katy Thorstenberg

HOYO Coordinator

4500 Bissonnet, Suite 340

Bellaire, TX  77401

5.         Submit application to Austin with all required documents:

  • Six (6) months of checking account statements  (all adults 18 yrs or older)
  • Most recent savings account statement
  • Most recent statements for any other accounts (assets) if applicable
  • Three (3) months of pay stubs for any household member over 18 years of age
  • Award letters for SSI, SSDI (if applicable)
  • Verification of disability form if not receiving disability benefits
  • Income verification for any income received by member  of the household (child support, social security, pension, or any other benefits)
  • Pre-approval letter from lender for CONVENTIONAL MORTGAGE
  • Homebuyer’s education Class Certificate
  • Divorce decree (if applicable)

 

6.        Letter of Conditional Commitment of Funds is mailed to buyer within 1 week from receipt of application and all required documents

7.         Buyer has 6 days from receipt of approval of funds letter to secure signed purchase contract on a property.  (Contract CANNOT be signed before receipt of approval latter.)

8.         Purchase contract is faxed to Austin offices.  Closing date is set a minimum of 45 days from receipt of sales contract.

9.         Inspections on the home are conducted and all repairs completed.

10.       Funds are wired to the buyer at closing

PROGRAM DISCLOSURE

Down payment assistance is always subject to availability of funds.

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Related Posts

  • The Dream Makers Program
  • HAP Houston Assistance Program
  • NeighborhoodLIFT Houston Program - Down Payment Assistance Program
  • Harris County Assistance Program
  • Planning for Home Ownership

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