Down Payment Assistance

//Down Payment Assistance

Avenue administers a few different Down Payment Assistance Programs to help you attain your goal of homeownership. The following is an outline of the programs available through Avenue. For questions, call 713-864-9099 or email DownPaymentAssistance@avenuecdc.org.

Avenue Place DPA

Avenue offers down payment assistance for a limited number of homes at Avenue Place for buyers who are at or below 120% Area Median Income (see AMI chart below)

 

About the Program

The vision for Avenue Place is to create a mixed income community of opportunity. To that end, Avenue provides Downpayment Assistance, in the form of subordinate loans, to make the homes at Avenue Place affordable to income eligible families earning 120% or less of the Area Median Income. For Phase 8, buyers who income qualify at <120% AMI are eligible to receive a $26,000 forgivable loan over 10 years (10% per year). Avenue also has an additional $20,000 deferred loan for the first six eligible buyers which would be due upon sale or in 30 years (with a portion of the appreciation also to be paid to Avenue).

The Avenue Subordinate Loans will supplement first loans provided by conventional and FHA lenders. All requirements of the first loan must be met. For FHA borrowers, the minimum 3.5% buyer down payment and upper income limit of <115% of AMI still apply. Avenue Subordinate Loans may be used in combination with subsidies provided by other funders if the other funders allow. The intention of these loans is to make the eligible homebuyer’s monthly payments more affordable.

Download the Avenue Place Down Payment Assistance flyer to learn more about the way the down payment Program works.

Who Qualifies

Prospective homeowners who:

There are a limited number of homes available with our down payment. Prospective homebuyers are added to a list of qualified buyers for these resources based on the date/time they submit a complete Income Qualification Packet.

How To Apply

To apply, submit a complete Income Qualification Packet to DownPaymentAssitance@Avenuecdc.org which includes Income Qualification Checklist and Program Eligibility Questionnaire available below.

East West Bank REACH DPA

Avenue administers the Down Payment Assistance Program for East West Bank as a non-profit subordinate lender. The program is made available on a first-come-first-serve basis to qualified buyers buying a home in the greater Houston area utilizing a HomeReady loan product through East West Bank.

About the Program

The REACH Program is sponsored by East West Bank. Avenue is the administrator for the Down Payment Assistance. Eligible customers can receive Down Payment Assistance of 2% of the purchase price of the home, up to $5,000. The assistance comes in the form of a forgivable subordinate loan and will be forgiven after 12 months. It can be layered with other assistance.

Who Qualifies

Borrowers seeking the EWB Down Payment Assistance must:

  • Qualify for the Fannie Mae HomeReady Conventional loan product through East West Bank
    • Provide 3% down payment
    • Have 620 credit score or higher
    • Cannot currently own a home, but does not have to be a first time home buyer
  • Meet the income restrictions for the area that the home is located in
    • If the home IS in an income restricted area (address based), the borrower must then meet the specified income requirement. Borrower will need to complete the Income Qualification Process with Avenue.
    • If the home IS NOT in an income restricted area, the only income restriction that applies is that of the loan product.

East West Bank has allocated $100,000 total for this program. The funds are limited. Interested borrowers completing the loan application and completing the income qualification process (if applicable) will be added to the list of qualified recipients for these funds on a first-come-first-serve basis.

How To Apply
  • If required, you must complete the Income Qualification Process below.
  • If not required, you can skip the Income Qualification Process.
  • Complete the Pre-Purchase Homebuyer’s class online http://avenue.frameworkhomeownership.org/
  • Complete the REACH Down Payment Assistance (Subordinate Loan) Application – David Rosales, 713-864-9099 x252, DavidR@avenuecdc.org

To apply, submit a complete Income Qualification Packet to DownPaymentAssitance@Avenuecdc.org which includes Income Qualification Checklist and Program Eligibility Questionnaire available below.

Pre-Purchase Education

Participants in these HUD Certified courses will learn about the home buying process and gain the tools and knowledge necessary to help them select the right home for themselves and their families. The classes are geared to first time homebuyers who are ready to begin the home buying process. Learn More
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HUD FY2016 Income Guidelines