Common question, each program is different. Some require $500 to participate, some offer up to 6% towards closing cost, but each one has it''s own requirements. They do follow "Fha" guidelines so you will need a minimum 640 credit score. If you aren''t there and need some help or want to find out more go to our website and find out more and how we can help. God''s Property Realty Faith 281-743-0243 Faith@godspropertyrealty.com www.godspropertyrealty.com

Greetings! and congratulations on your efforts to find out as much as possible about the home buying process. Home Assistance programs, typically sponsored by various non-profit organizations, have been around for at least the past 20 -30 years and they come with various nuances. Some require you to be a "first time homebuyer" or not have owned a home within the past 3 years and others do not have this stipulation. Some require you to pay the grant back over time, and then again others are a "pure" grant that requires -no- repayment. Five things that the programs have in common are (1) the buyer''s income must not exceed a certain level. One popular program currently available, have a maximum allowed income of $79,695 if the property is in the Greater Houston area. (2) all purchasers on the loan must have a middle FICO credit score of at least 640. (3) there is an upper limit to the sales price. One of the best programs currently available allows a maximum sales price of $250,000 for home in the Greater Houston area. It could be a bit higher or lower in other areas. (4) the interest rate for the programs are always FIXED rate mortgages but the interest rate is a bit higher than the prevailing interest rate on non-assisted mortgages. (5) buyers must complete a home owner education course prior to closing. On-line versions of the course are available. These programs can be a huge benefit for buyers who are short on cash, but have good credit and stable employment. For example, one of the best downpayment assistance programs now available offers as much as a 6% contribution towards downpayment and, or closing costs. So if the sales price IS the maximum of $250,000, that would be a grant of $15,000 to help you become a homeowner. There are a few other things to be aware of - feel free to give me a call or shoot me an email if you have additional questions. ... ALL THE BEST!

Greetings! Thanks for your question. In the Multiple Listing System (MLS) that the Realtor''s Association uses, there are several statuses that listings of properties can fall within. First, of course is the ACTIVE listing - when the property is totally free from any contracts and is open to offers from potential buyers. Second, is the OP / Option Pending status. This is where the seller has accepted an offer from a buyer and there is a fully executed/signed and legally binding contract - BUT, the buyer has paid a small option fee to the seller, for the right to opt-out within a certain agreed upon period. Option periods are typically between 7 -15 calendar days and buyers can Opt out / terminate the contract for any reason during that period. Typically during the option period, buyers will have inspections, and then negotiate repairs with the seller. If things change from the original contract, a Contract Amendment must be agreed to by both buyer and seller and signed before the option period expires. If the buyer elects to proceed beyond the option period, THEN, the listing agent has the choice to change the status to either PS (pending, continue to show) or P (pending, no more showings). During these stages, the buyer is often finalizing their mortgage financing. A home with a PS status will still be visible and accessible on all internet, home listing websites, whereas a home with (P) pending, no more showings status, will no longer even be visible to consumers. Most sellers decline showings of the home during this time. Though it is possible that a listing in PS or P status can still come back on the market, the odds are greater that it will not and that the transaction will proceed to final closing. Thus, the buyer will need to decide if they should move on and focus on those Active listings or wait the 30-60 days to see if that listing in PS or P status falls through, giving them a chance for a contract with the seller. Best wishes!

what is the difference between pending and option pending

Greetings! Thanks for your question. In the Multiple Listing System (MLS) that the Realtor''s Association uses, there are several statuses that listings of properties can fall within. First, of course is the ACTIVE listing - when the property is totally free from any contracts and is open to offers from potential buyers. Second, is the OP / Option Pending status. This is where the seller has accepted an offer from a buyer and there is a fully executed/signed and legally binding contract - BUT, the buyer has paid a small option fee to the seller, for the right to opt-out within a certain agreed upon period. Option periods are typically between 7 -15 calendar days and buyers can Opt out / terminate the contract for any reason during that period. Typically during the option period, buyers will have inspections, and then negotiate repairs with the seller. If things change from the original contract, a Contract Amendment must be agreed to by both buyer and seller and signed before the option period expires. If the buyer elects to proceed beyond the option period, THEN, the listing agent has the choice to change the status to either PS (pending, continue to show) or P (pending, no more showings). During these stages, the buyer is often finalizing their mortgage financing. A home with a PS status will still be visible and accessible on all internet, home listing websites, whereas a home with (P) pending, no more showings status, will no longer even be visible to consumers. Most sellers decline showings of the home during this time. Though it is possible that a listing in PS or P status can still come back on the market, the odds are greater that it will not and that the transaction will proceed to final closing. Thus, the buyer will need to decide if they should move on and focus on those Active listings or wait the 30-60 days to see if that listing in PS or P status falls through, giving them a chance for a contract with the seller. Best wishes!