The City of Houston Homebuyer Assistance Program (HAP) has recently released some new changes to its Down Payment Assistance program. For our clients that have participated in Avenue's First-Time Homebuyer Program, we wanted to communicate this information to you early in your home buying process:
- The HAP program will not be changing its income guidelines for the time being. Income Guidelines will remain at 80% AMI for the foreseeable future.
- Down Payment Assistance funds are now being restricted to borrowers that lived in a Harvey-Impacted area in August 2017. The entire City of Houston and surrounding areas are considered Harvey-Impacted areas.
- There is no longer an Asset Cap to how much a borrower can have in liquid funds at the time of applying.
- Clients are highly encouraged to apply with the City before they go under contract on a property.
- Processing time has increased due to additional review processes put in place. Expect a 2-3 weeks wait time when you initially apply and then approximately 4 additional weeks from the moment you go under contract on a property.
Please note that this list does not contain all of the eligibility guidelines/changes/updates. For more information, you can visit the City of Houston Homebuyer Assistance Program website
Do I qualify under the new Income Guidelines?
If you have already completed Individualized Counseling:
- Please reach out to your counselor or our office for more information on your eligibility under the new guidelines
If you have not already completed Individualized Counseling:
- Please give our office a call at 713-864-9099 to schedule your Pre-Purchase Counseling Session to find out which programs you may qualify for
If you know of anyone else that would like to apply for Down Payment Assistance, but has not completed the Homebuyer Education requirement, they can register for a class at the link provided below.