Avenue administers several 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 .
Avenue administers the Down Payment Assistance (DPA) Program for East West Bank as a nonprofit subordinate lender. The program is made available on a first-come-first-served basis to qualified buyers buying a home in the greater Houston area, utilizing a HomeReady loan product through East West Bank.
About the ProgramThe REACH Program is sponsored by East West Bank, with Avenue serving as 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 QualifiesA borrower seeking East West Bank Down Payment Assistance must:
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-served basis.
- Qualify for the Fannie Mae HomeReady Conventional Loan Product through East West Bank
- Provide 3% down payment
- Have a credit score of 620 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 where the home is located
- 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.
How To Apply
To apply, submit a complete Income Qualification Packet to which includes Income Qualification Checklist and Program Eligibility Questionnaire available below.
- Get pre-approved for the Fannie Mae HomeReady loan with East West Bank (contact Linda Martinez; 832-973-6316; )
- Get a purchase contract on a house
- Determine if Income Qualification Process is required for that house
- If required, you must complete the Income Qualification Process outlined below.
- If not required, you can skip the Income Qualification Process.
- Complete the Pre-Purchase Homebuyer’s class online
- Complete the REACH Down Payment Assistance Application (Income Eligibility & Subordinate Loan Application).
Avenue offers down payment assistance (DPA) 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 ProgramThe vision for Avenue Place is to create a mixed-income community of opportunity. To that end, Avenue provides Down Payment Assistance, in the form of subordinated loans, to make the homes at Avenue Place affordable to income-eligible families earning 120% or less of the Area Median Income. For Phase 9, 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 which would be due on sale or in 30 years (with a portion of the appreciation also to be paid to Avenue). Avenue Subordinate Loans will supplement first loans provided by conventional and FHA lenders. All requirements for 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 Down Payment Assistance Flyer to learn more about the way the down payment program works.
Who QualifiesProspective homeowners who:
There are a limited number of homes available with our Down Payment Assistance Program. 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.
- meet the income restrictions of being at or below 120% AMI (see AMI chart below)
- attend Avenue’s Pre-Purchase Homebuyer Education class and subsequent one-on-one counseling, and
- are pre-approved through an approved lender for the Avenue Place Down Payment Assistance Program.
- Amegy Bank; 713-232-2408
- Amegy Bank; 713-232-1048
- Whitney Bank; 225-376-4512
- Bank of America; 832-317-0952