Down payment assistance for your buyers

by Tim Herriage

Down payment assistance for your buyers

by Tim Herriage

by Tim Herriage

 

GENERAL BUYER REQUIREMENTS

• Families may qualify for up to $30,000 for down payment, closing costs, and/or gap financing based on need

• *Buyer must purchase a foreclosed property

• Texas NSP funds are available to eligible persons who do not currently own a home

• Applicants do not have to be first-time homebuyers

• Total family income must be 80% or less than the Area Median Family Income (AMFI) based on family size

• The property must meet Housing Quality Standards (HQS) (See Texas NSP Website)

• The homebuyer must attend a HUD approved homebuyer education class

• Up to $3,000 of funds can be used for minor “make ready” repairs on the house as required by HQS

• Funds are available now through August 31, 2010, on a first-come, first-served basis

 

*HUD expanded the definition of foreclosure to include: 1) Properties that have mortgages at least 60 days delinquent, 2) Properties that have tax payments

more than 90 days delinquent, 3) Properties upon which foreclosure proceedings have been initiated; and 4) Properties upon which foreclosure proceedings have been completed.

Enterprise Community Partners, Inc. (NMLS #327660)

2201 Main Street Suite 1299 Dallas Texas 75201 214.651.7789 214.651.7231 Fax

UP TO $30,000 AVAILABLE TO

HELP YOU PURCHASE A HOME!

TEXAS NSP NEIGHBORHOOD STABILIZATION PROGRAM (NSP)

MORTGAGE ASSISTANCE PROGRAM

HELP WITH DOWN PAYMENT, CLOSING COSTS, AND GAP FINANCING

80% OR LESS AMFI TABLE

                                 Family Size

City  1 2 4 5 6

Cedar Hill
Duncanville
DeSoto
Lancaster 38,300 43,750 49,200 54,650 59,050 63,400

Midlothian 38,300 43,750 49,200 54,650 59,050 63,400

Waxahachie 38,300 43,750 49,200 54,650 59,050 63,400

Granbury 36,500 41,700 46,900 52,100 56,300 60,450

Greenville 38,300 43,750 49,200 54,650 59,050 63,400

Cleburne 37,750 43,150 48,550 53,900 58,250 62,550

Forney 38,300 43,750 49,200 54,650 59,050 63,400

Corsicana 27,250 31,150 35,050 38,900 42,050 45,150

Weatherford 37,750 43,150 48,550 53,900 58,250 62,550

Rockwall 38,300 43,750 49,200 54,650 59,050 63,400

Income figures as published by HUD in May 2010

HOW TO GET STARTED

1. Find the city you are interested in and family size on the table shown. If your total family income is less than the amount shown, you may qualify for the program.

2. Call 1-877-839-6771 to apply for the program.

– Texas NSP Contacts: Richard Pine, Sylvia Gonzalez, and Tammi Southall

3. Attend home buyer education at one of the HUD Approved Homebuyer Education Providers on our website.

4. Contact a lender to apply for a mortgage loan.

5. Locate a Realtor to help you find a home (Must be a foreclosure*).

 

SUBSIDY REQUIREMENTS & TERMS

􀂃 Households at 80% AMFI or less

􀂃 Must be pre-approved by a mortgage lender

􀂃 Fixed rate mortgage

􀂃 0% interest – 0% APR

􀂃 Forgivable loan – 5 to 10 years based on loan amount

􀂃 Minimum Down Payment: $500

1-877-TEX-NSP1 (1-877-839-6771)

Visit our website

www.enterprisecommunity.org/txnsp to see if you qualify!

Tim Herriage
DFWInvestors.com
tim@new2020rei.wpengine.com
214.607.1227

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