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COH's Homebuyer Assistance Program

COH's Homebuyer Assistance Program

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by: KingwoodDotCom Active Indicator LED Icon 18 Site Admin  OP 
~ 8 years ago   Aug 25, '15 10:55am  
The City of Houston has made improvements to their Homebuyer Assistance Program!Press Release:Houston, TX- The American dream of owning a home just got easier, thanks to the City of Houston Housing and Community Development Department’s recently revamped Homebuyer Assistance Program (HAP). The HAP now offers greater efficiency and flexibility to eligible low- to moderate- income first-time homebuyers in the City of Houston and more opportunities to mortgage lenders.Less restrictive guidelines have created a prime opportunity to reinvigorate the program and allow Houston residents to capitalize on the city’s robust real estate market.  Applications are now processed electronically to expedite response time and allow applicants to be notified of their eligibility within 30 days. Applicants have the flexibility to work with the bank or lender of their choice whereas lenders previously had to be an authorized HAP partner.The HAP provides financial assistance through federal grants to help offset home-buying costs such as down payment and closing costs. Eligibility is based upon the applicant’s income, ability to obtain a mortgage loan and ability to meet the program guidelines. “The changes we have made to the HAP accurately reflect the original vision of this program and what it stands for,” said Brandi Sullivan, the program’s administration manager. “These changes allow us to have a smoother process where we can assist homebuyers more quickly.”HCDD believes the streamlined process will get more first-time low- to moderate- income homebuyers into homes.The program is now accepting applications. For program guidelines and eligibility requirements, visit www.houstontx.gov/housing/hap or call 832-394-6200. 4951
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donnatella Active Indicator LED Icon 13 Forum Moderator
~ 8 years ago   Aug 25, '15 11:09am  
Isn't this just prolonging the inevitable?  If they can't afford a down payment or closing costs, how will they afford a monthly mortgage?   Owning a home is not an entitlement just for breathing on American soil.  It's something people work for and work to maintain.  Giving them discounts or special allowances from the start gets them into a home, but that's just the beginning.  There are endless expenses that go along with homeownership and keeping the home out of default. 4951
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WskyTngoFxtrt Active Indicator LED Icon 10
~ 8 years ago   Aug 25, '15 11:10am  
I know I'm already derailing this thread, and I'm probably going to catch flack for this but...I think people that can't afford to buy a home, really shouldn't be buying a home. There is more to it than a down payment and making monthly payments. There's taxes, insurance, HOA fees, utilities, maintenance, repairs, furnishing the home, improvements/upgrades....it's literally endless. That's problem #1. Problem #2 is...
 
School taxes should not be tied to property ownership. Why do you get penalized for owning a home when people that live in an apartment or rent get to send their kids to the same schools for free? School taxes should be tied to whether you have kids in school or not. People that own a home and do not have kids have to pay school tax, when people that rent or live in an apartment can have multiple kids going to school and pay no school tax. That's messed up. 4951
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donnatella Active Indicator LED Icon 13 Forum Moderator
~ 8 years ago   Aug 25, '15 11:15am  
I know I'm already derailing this thread, and I'm probably going to catch flack for this but...I think people that can't afford to buy a home, really shouldn't be buying a home.
 
@WskyTngoFxtrt: You didn't derail anything.  That was my point.  This is one more handout that will set them up for failure later on.  Nobama kept saying over and over again in one of his speeches, "give them the homes they deserve."  People don't "deserve" a home just for being an American.  People deserve what they work for and can pay for by standing on their own two feet.I do believe in giving back to veterans who sacrificed their time and put themselves in harms way to defend our country, risking their lives for the greater good.  I will also support benefits to veterans.  Their actions cannot be thanked enough.
4951
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sweetie Active Indicator LED Icon 11 Forum Moderator
~ 8 years ago   Aug 25, '15 11:25am  
Here we go again. No one should buy a house they can't afford. Not only will they need mortgage, taxes, ins, but unexpected repairs. We just went through this. Houses will be dumped on the market and market values take a hit. It's great for those that flip houses and buy rentals. It's just the same crap again. Insanity- doing the same thing over and over and expecting different outcome. 4951
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Stealth83 Active Indicator LED Icon 16
~ 8 years ago   Aug 25, '15 11:26am  
Removed By Request 4951
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donnatella Active Indicator LED Icon 13 Forum Moderator
~ 8 years ago   Aug 25, '15 11:32am  

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>> I do believe in giving back to veterans who sacrificed their time and put themselves in harms way to defend our country, risking their lives for the greater good. I will also support benefits to veterans. Their actions cannot be thanked enough.
 
@donnatella:
This is where we disagree slightly.  Every employee has benefits and pay.  The military is no different.  Lifetime benefits just because someone chose one career over another, to me, is not fair.  Now of course there are exceptions - if you TRULY were in harms way during time of war, of course - but for many in the military they never see military action.Also while on this - lifetime benefits for legislators - OH HECK NO!!!!!As for making this process easier for people - totally agree, home ownership should NOT be easy.  It is not a right to own a home.  It should take effort.
 
@Stealth83: Even military training can be dangerous depending on what they are doing.  But, I see your point.  We can agree to disagree on that one.  We do agree on the no lifetime benefits for legislators.  That just promotes corruption as they attempt to add to it. This is going to be a local sub-prime-esque mess all over again.  I'm all for streamlining the application, the paperwork, the timeframe and the closing processes, for the sake of efficiency and time savings, but ABSOLUTELY NOT EASING FINANCE REQUIREMENTS.  You either have it or you don't. 
4951
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thetarget9 Active Indicator LED Icon 4
~ 8 years ago   Aug 25, '15 11:34am  
Where does it state they can't afford a house? I tell you what. When my wife and I bought our first house we used the first time home buyer program. Our combined income was iver $100k/yr so we had no problem affording the house we wanted. I'd rather have the money in my pocket than someone else's pocket. I think you are crazy if you turn down free money.
 
Lenders won't approve a mortgage you can't afford. 4951
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Ray Active Indicator LED Icon 17
~ 8 years ago   Aug 25, '15 11:47am  
I have nothing to add. Donnatella has hit the nail on the head. ****** if you cannot afford a house, you should live cheaper or get a trailer. You have NO right to government funded housing paid for by others....Grrrrrrrrrrrrrrrrrr. 4951
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SenseOfHumor Active Indicator LED Icon 2
~ 8 years ago   Aug 25, '15 11:51am  
Not sure why y'all are fretting.  We, the tax-payers, will be here to bail them all out AGAIN!  I, for one, am sick of us catering to all.  We worked hard to get what we have and if they chose not to, or can't, it does not mean we owe them anything. 4951
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WskyTngoFxtrt Active Indicator LED Icon 10
~ 8 years ago   Aug 25, '15 12:31pm  
Lenders won't approve a mortgage you can't afford.
@thetarget9:
 
You are very naïve if you think that. The first time I bought a house, the lender told me how much I qualified for and it was WAY MORE than I ever would spend on a house. There was no way I'd be able to afford what they told me I could afford. And over the years, those lending guidelines have gotten worse.
  4951
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thetarget9 Active Indicator LED Icon 4
~ 8 years ago   Aug 25, '15 12:37pm  

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>> Lenders won't approve a mortgage you can't afford.
@thetarget9:

You are very naïve if you think that. The first time I bought a house, the lender told me how much I qualified for and it was WAY MORE than I ever would spend on a house. There was no way I'd be able to afford what they told me I could afford. And over the years, those lending guidelines�have�gotten worse.
 
@WskyTngoFxtrt:
 
Still boils down to debt to income ratio. They've tightened up since the crash too especially on predatory lending. 4951
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WskyTngoFxtrt Active Indicator LED Icon 10
~ 8 years ago   Aug 25, '15 12:40pm  

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>>
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>> Lenders won't approve a mortgage you can't afford.
@thetarget9: � You are very naïve if you think that. The first time I bought a house, the lender told me how much I qualified for and it was WAY MORE than I ever would spend on a house. There was no way I'd be able to afford what they told me I could afford. And over the years, those lending guidelines�have�gotten worse. �
@WskyTngoFxtrt: Still boils down to debt to income ratio. They've tightened up since the crash too especially on predatory lending.
@thetarget9: In Joe's original post, the term "Less restrictive guidelines" spells major trouble. 4951
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BooBear Active Indicator LED Icon 16
~ 8 years ago   Aug 25, '15 12:42pm  
My dd closes Monday on her first house. The bank qualified her for over 210,000. She bought at 175,000. She could have afforded it ON PAPER and with her current debt level. She has done it with zero financial help from anyone. Is doing FHA with only 3% but she could afford more and new guidelines on FHA will never remove PMI even when you get to 20% equity. Made more sense to keep her money than save $40 a month on payment. 4951
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thetarget9 Active Indicator LED Icon 4
~ 8 years ago   Aug 25, '15 12:45pm  

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>>
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>>
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>> Lenders won't approve a mortgage you can't afford.
@thetarget9: � You are very naïve if you think that. The first time I bought a house, the lender told me how much I qualified for and it was WAY MORE than I ever would spend on a house. There was no way I'd be able to afford what they told me I could afford. And over the years, those lending guidelines�have�gotten worse. �
@WskyTngoFxtrt: Still boils down to debt to income ratio. They've tightened up since the crash too especially on predatory lending.
@thetarget9: In Joe's original post, the term "Less restrictive guidelines" spells major trouble.
 
@WskyTngoFxtrt:
 
That I agree with....it needs to be more restrictive if anything. When we got that grant we had to take financial responsibility classes...even having a higher income and low d/i ratio. We also had to put a minimun of 20% down and agree to own and live in the home for 6 years. If we rented or sold it before 6 yrs were up the grant amount became due inmediately. 4951
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MTechnique Active Indicator LED Icon 4
~ 8 years ago   Aug 25, '15 12:59pm  
Lenders won't approve a mortgage you can't afford.
 
@thetarget9: I have to disagree with this as well. The house @mahm and I live in now is a prime example. I bought within $5k of the limit of what were were approved for on my sole income. Through some massive incompetence with the lender they wrote up all the paperwork without accounting for taxes as part of the monthly payment. My initially perfectly affordable payments went out the window after the first year when the lender realized the mistake come tax time with the escrow being thousands short. The lender pointed the finger at the title company and the title company pointed back at the lender. No one was responsible except the poor bastard holding the note (me)My payments went up something like $800 overnight to pay back the escrow and to adjust for the new payments. That increase was nearly 75% more on top of the original payment.I even asked the lender quite bluntly if I would have been approved for the home if they had not screwed up the paperwork. They said they *did not screw up the paperwork*, but no.. absolutely not.From the research I did at the time I found this to be a very common occurrence, and individuals at the country tax office stated the same. They see this sort of colossal screw up all the time.When I went back to the lender and threatened to go after them legally they promptly sold the loan to some no name mortgage tank.
4951
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