Eligibility
Eligibility Requirements
AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES PROGRAM (AHOP)
Eligibility Guidelines:
In order to buy a home through the AHOP program, you must:
1) meet the income eligibility guidelines, adjusted for family size;
2) have not owned a home during the past three years;
3) be willing to live in the home as your primary residence
for a period of at least five years;
4) qualify for mortgage financing to purchase the home; and
5) be able to pay for some or all of the downpayment and
closing costs.
Maximum Income Qualification Guidelines
|
|||
Family Size
|
To Buy a DAHC Home
|
For Upfront Assistance
|
For Maximum Assistance
|
1
|
$53,533
|
$37,250
|
$23,300
|
2
|
$61,180
|
$42,550
|
$26,600
|
3
|
$68,828
|
$47,900
|
$29,950
|
4
|
$76,475
|
$53,200
|
$33,250
|
5
|
$82,593
|
$57,450
|
$35,900
|
6
|
$88,711
|
$61,700
|
$38,550
|
7
|
$95,036
|
$65,950
|
$41,250
|
8
|
$100,970
|
$70,200
|
$43,900
|
You can view and print the PRE-QUALIFICATION INFORMATION FORM from this webpage. Just click on the link below to get the Pre-Qualification Information Form link to view the form.
Process:
1. Complete and return the enclosed Pre-Qualification Information Form to the Denton Affordable Housing Corporation at 604 N. Bell Avenue, Denton, TX 76209.
2. A list of participating local lenders is enclosed. You should make an appointment with the mortgage lender of your choice and let them know that you are planning to purchase a home through our program. They will determine whether you qualify for a mortgage loan, and if so, the amount they are willing to lend you. You will then know the price range of homes you should be looking for.
3. Contact DAHC again to see if we have homes for sale in the price range you have been prequalified for. Because DAHC is a charitable non-profit corporation, it prices its homes at an affordable level, typically well below what they would sell for on the open market. Arrangements can be made to show you any of the homes currently available.
4. Working with your lender, DAHC will determine whether you qualify for assistance in paying half of your downpayment and nearly all of your closing costs. In some instances, additional help can be provided in covering a portion of the purchase price of the home. For very low income buyers, DAHC may also be able to provide maximum assistance by reducing the cost of the home by up to $5,000, if necessary to enable them to qualify for a mortgage loan.
5. Once you have been pre-qualified by a lender, you can make an offer to purchase a home from DAHC by entering into an Earnest Money Contract where DAHC agrees to hold the home for you in exchange for a small deposit (earnest money).
6. Once an earnest money contract has been signed, final loan approval and closing can generally take place within 30 days.
*DAHC*
604 N. Bell Ave. Denton, TX 76209 940-484-7048 E-mail: dentondahc@aol.com or