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 Program
The 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 3% of the purchase price of the home, up to $12,500. 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.
A borrower seeking East West Bank Down Payment Assistance must:
- 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 criteria 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-served basis.
How To Apply
- Get a Purchase Contract on a house
- Get a Loan Estimate from East West Bank – Linda Martinez, 832-919-4290,; NMLSR ID#: 1521034 with the estimated REACH funding included
- Determine if Income Qualification Process is required for that house
- 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/ (if you haven’t already completed the in-person class with Avenue!)
- Complete the REACH Program Eligibility Questionnaire and submit the required income documents to
Avenue will issue a Grant Commitment letter if income restrictions are met
To apply, submit a complete Income Qualification Packet to which includes Income Qualification Checklist and Program Eligibility Questionnaire available below.