City of Houston WHP Program
Down Payment Assistance
Houston WHP Program
Location Served: Houston, TX
Provider: City of Houston
Approved Lender: New American Funding – (512) 524-8077
The Workforce Housing Program is the City of Houston’s Housing and Community Development Department’s new down payment assistance program available for qualified citizens. The WHP was created to provide Houston residents with the opportunity to purchase a new home in the Houston HOPE areas or any area/neighborhood designated by the Mayor of Houston for revitalization. Families whose combined annual gross income falls between 80 and 110 percent of the area’s median income will be provided with down payment, closing cost and pre-paid items assistance from the Workforce Housing Program. Each approved applicant will receive up to $30,000 of financial assistance.
- The Tax Increment Reinvestment Zone (TIRZ) will provide the available funding for Workforce Housing Downpayment Assistance Program.
- Direct financial assistance will be provided by the Workforce Housing Program to offset portions of the down payment, closing costs, pre-paid items and principal required for home purchase.
- In order to qualify, the applicant must complete at least eight (8) hours of HUD-approved homebuyer education from any participating Housing Counseling Agency.
- The applicant must purchase a newly constructed residential property. A new construction is defined as a property that is proposed, under construction, or has been completed less than a year according to the Certificate of Compliance.
- The property must be located in Houston Hope areas or any area/neighborhood designated by the Mayor of Houston for revitalization.
- HCDD Inspection Services Section is required to conduct an independent physical inspection on the property. Despite the HCDD’s inspector completing a physical inspection of the property, it is highly encouraged that the potential homebuyer gets his/her own TREC inspection.
- The sales price of the property cannot exceed $150,000.
- The applicant must invest at least $500 into the home buying transaction (i.e. earnest money, appraisal, etc.).
- The applicant must demonstrate that they have the ability to obtain a mortgage loan (financial, credit worthiness, etc.) and sustain ownership over the period of affordability of ten (10) years.
2012 Household Income Limits
|Family Size||110 % of Houston’s Median Income|