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.
Avenue can also connect you with other down payment assistance programs like, City of Houston Down Payment Assistance, Harris County Down Payment Assistance Program, Harris County H.O.M.E. Program, Texas State Affordable Housing Corporation (TSAHC) Down Payment Assistance, TSAHC Mortgage Credit Certificate (MCC).
When assessing mortgage readiness, the factors taken into consideration are a client's Debts, Income, Savings and Credit (DISC). Overwhelmingly, the clients that we see lack sufficient savings to put money down on a house. Luckily, Down Payment Assistance programs are available to meet that need.
Most Down Payment Assistance programs work in the form of a forgivable second loan on a property. Meaning, the money is yours to keep if you stay in the property a designated number of years. The requirement is usually five (5) years but varies between programs. If the property is sold before the five years is up, a prorated portion is given back to the DPA program at closing. Keep in mind that the property also needs to be your primary residence. You can't receive DPA for rental or commercial properties or if you are an existing homeowner.
Eligibility for these programs is usually based on household income limits, neighborhood where the property is located, client occupation or some combination of these three. So don't feel like you can't qualify for Down Payment Assistance if you are not low income. One out every three homebuyers that completed the class and counseling with Avenue in 2018 received Down Payment Assistance, averaging over $12,000 per household.
Register today for our First Time Homebuyers Class to learn how you can get connected to Down Payment Assistance in the purchase of your new home.
The Department of Housing and Urban Development (HUD) sets the area median income limits that determine eligibility for certain programs. The income limit is the maximum amount of income a household can earn to qualify to receive assistance for various programs. A household's income is calculated by its gross income, which is the total income received before making subtractions for taxes and other deductions. The Houston area limits are listed in the table below.