The Housing & Community Development Down Payment Assistance Program (DAP) can provide financial assistance to help you purchase your dream home in Harris County.
Applicant Eligibility Criteria
- First-time homebuyer that has not owned a home for three years prior to applying for assistance
- Buyer is income qualified (see chart below).
- Buyer must have at least one credit score of 580.
- Buyer must be credit approved through one of the participating mortgage lenders .
- Buyer front-end ratio (debt) cannot exceed 39% and the back-end ratio or Debt-to-Income ratio (DTI) cannot exceed 42%.
- Buyer is required to successfully complete an 8-hour homeownership education course before applying for DAP assistance. Course must be:
o provided by a HUD approved homebuyer education course provider.
o performed by a Certified Counselor
o and buyer is required to submit a final signed household budget from their HUD approved provider.
- Buyer must contribute a minimum of $1000 towards the purchase of the home.
- Buyer cannot have more than $15,000 in liquid assets, such as stocks, cash, or bonds.
- Borrower(s) and/or Non-Participating Spouse are required to be a U.S. Citizen or Permanent Resident Alien.
Total family gross income cannot exceed the following:
