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/ NeighborhoodLIFT Houston Program – Down Payment Assistance Program

NeighborhoodLIFT Houston Program – Down Payment Assistance Program

August 7, 2012 billedge

To help Houston overcome the effects of the housing crisis, the City of Houston is partnering with Wells Fargo banks and NeighborhoodWorks America to present NeighborhoodLIFTSM, a program designed to help communities attract qualified, prospective homebuyers to neighborhoods struggling with high inventories of unsold homes.

The Neighborhood LIFTSM program is available for homebuyers to use at Avenue Place located just north of downtown off I-45 on 12 acres of land.   Ninety Five new single family homes will be built with floor plans ranging from 1,614 square feet to 2,249 square feet.   These homes have also been approved for the Leadership in Energy & Environmental Design (LEED) program.

There may now be one less hurdle to homeownership. 

For a limited time, if eligible, you can receive up to $15,000 provided by the Wells Fargo Foundation and administered by NeighborWorks America Houston affiliate, Avenue Community Development Corporation for down payment assistance for the purchase of a primary, owner-occupied residence in the city of Houston. This amount you receive from the program is fully forgivable after you live in the home for five years.

 

Who can qualify?

The program is available if you are approved for home financing and your household income is equal to or less than 120% of the area median income. Whether this is your first home or you are ready to buy again, there are a number of homebuyer education requirements that must be completed prior to the home purchase.

Program Requirements

 

Program Repayment

0% interest rate. Assistance is forgivable 20% each year for five years.

The prorated balance due is repayable if the property is sold, refinanced, foreclosed, not owner-occupied as the primary residence or transfers title within the first 5 years.

The only exception is the refinance of the first mortgage to a lower interest rate. No cash out is allowed.

Borrower Eligbility

Interested homebuyers must meet specific program requirements to be eligible for down payment assistance and benefits.

  • You must be approved for home financing.
  • Your household income must be equal to or less than 120% of the area median income. You must attend homebuyer education sessions before your closing — the sessions are available through Avenue Community Development Corporation or a HUD-approved counseling agency.
  • You don’t have to be a first-time homebuyer.
  • If you currently own a home, it must be sold before closing, and it cannot be rented/leased

Income limits for Avenue Place LIFT Program:

Household size                                       Income

1                                                                   $56,175

2                                                                   $64,200

3                                                                   $72,225

4                                                                   $80,250

5                                                                   $86,700

6                                                                   $93,150

7                                                                   $99,525

8                                                                   $105,975

Get started — take these important steps

There are a number of required steps you’ll need to follow when buying a home with the NeighborhoodLIFTSM down payment assistance.

Your first step is to get a preapproval. It will determine your price range before you search for a home in the neighborhood. Contact your local Wells Fargo Home Mortgage consultant or Avenue Community Development Corporation to begin the process. You’ll be asked to provide documentation of your income and assets.

Your next step is homebuyer education.  Homebuyer or Landlord Education is required and must be conducted by Avenue CDC or another HUD-approved counseling agency prior to closing.

First Mortgage

Although Wells Fargo is the sponsor of the NeighborhoodLIFTSM program, you may seek financing for the remaining balance of the home purchase from any lender who accepts the NeighborhoodLIFTSM down payment assistance program.
The NeighborhoodLIFTSM program is a collaborative program of Wells Fargo Bank, N.A., Wells Fargo

To receive the down payment assistance, you must be approved for a first mortgage loan.

The five-year goal of the program is $3 billion in mortgage purchase loans by Wells Fargo, and a $9 million investment the bank is making this year for down payment assistance grants and homebuyer support programs that help consumers achieve successful, sustainable home ownership.

For more information contact Marc Eichenbaum at marc.eichenbaum@houstontx.gov. To learn more about the City of Houston and its services visit www.houstontx.gov.

Monika Galikova ,Homebuyer Counselor
Avenue Community Development Corporation
707 Quitman St.,Houston, TX 77009
Phone: 713-864-9099 ext. 251, Fax: 713-864-0027
monikag@avenuecdc.org,  www.avenuecdc.org

Call Bill Edge at 713-240-2949 to see Houston Homes in 24 hours or less.

Source:  Wells Fargo Mortgage Company, Avenue Community Development, City of Houston, NeighborhoodLIFTSM

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