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@rosiep33 thank you for tour response. I did reach out to live help who in turn emailed my mc and his manager. Just like a previous question, I have not received a response.
@nelsont that applies to all low income or just in certain targeted areas? I was under the impression that it was certain cities.
@nelsont Hi I am a little confused by your .50 statement. I thought only in certain cities when you are below the msa you receive that reduction. Please tell me I am wrong.
@kristijay I am considering new construction. Were you able to get them to contribute to reducing your interest rate?
The grant is through the City of Houston.
There is a repayment stipulation and Naca is listed as one of the hud approved agencies (you are required to go through a 8 hour home buyer program). I figured since they are listed we could use it.
Here are some takeaways:
• Assistance will be provided in the form of a zero-interest forgivable loan, secured by
placement of a lien in the highest allowable position on the applicant property. Homeowners are required to maintain principal residency in the assisted property throughout the length of the compliance period. Cash-out refinancing, home equity
10 Harvey Homebuyer Assistance Program Guidelines (DR-17)
loans, are not allowed during the compliance period. A violation of this policy will
activate the loan repayment terms.
• Program participants must agree to compliance period and lien requirements. The
compliance period of homes purchased will be based on the amount of assistance provided: five (5) years for $30,000 of assistance. The lien on the property will be removed upon completion of the terms and conditions of all documents related to the program and completion of the compliance period.
• Forgiveness of the loan provided will be prorated over the course of the determined compliance period. The proration percentage will depend on the length of the period, with 100% of the loan being forgiven and the lien satisfied at the termination of the compliance period. Should the homeowner use the property as, sell, or otherwise convey their ownership interest in the property during the compliance period, the remaining prorated amount of assistance will become immediately due and payable. Should a homeowner convey ownership interest of the assisted property, HCDD will enforce recapture provisions through a lien.
• Program participants must maintain insurance for the assisted property. Hazard, flood, and windstorm (if applicable) insurance will be monitored during the length of
Thank you for your fast response. I am so grateful you take so much time out of your day to help us during this process. I got that shock alright.
Does your action plan show your next appointment date? If they have not notified you by email of who your mc is I would believe the next step is to call your local office.
- This reply was modified 2 years, 1 month ago by ltooks.
@ttrumble I pay around 80 a month. I took the loan out for my daughter. I have a current balance of 7K. I just paid the other one I had off. I wanted to bring my monthly debt down so I could qualify for more house. Paying down wont change my monthly payment so I figured paying down about 1-2k and refinancing may help me in obtaining a smaller monthly payment.
@nelsont if you fall under the 80% the .50 is reduced from the rate shown on NACA’s website?
@firsttimephilly88 I actually like the payment Of 1400 as taxes are high in Houston Texas and surrounding counties. I just dont wont to be too disappointed when we have to lower the mortgage payment amnt due to inaccurate information.
@Nelsont and @firsttimephilly88 I feel like my mc overshot the mtg payment I qualify for as my income is 52k and student loans monthly debt is 136 but my action plan only shows debt as 25.00. Not sure if im missing something with the way he came to the mtg pymnt of 1400.
Thank you very much response! I am very appreciative. There is not a lot of information on the web when it comes to truck drivers attempting to purchase a house.