How to Apply with HLB- New Home Development

To qualify for the New Home Development Program, which offers a non-traditional path to homeownership, there are specific eligibility criteria to consider:

1. Income Limit: Your gross household income must be at or below 80% of the area median income (AMI). This ensures the program is accessible to individuals and families with moderate incomes.

2. Homebuyer Education: Completion of an eight-hour certificated homebuyer education course is mandatory. This course must be conducted by a HUD-approved agency, providing essential knowledge and skills for successful homeownership.

3. Citizenship: Applicants must be U.S. citizens, ensuring eligibility for participation in the program.

4. Loan Qualification: You must be able to secure a 30-year fixed loan, demonstrating your ability to manage mortgage payments over the long term.

5. Asset Limit: Applicants cannot have more than $30,000 in liquid assets, ensuring the program targets those who may not have substantial savings but are committed to homeownership.

If you meet these criteria and are interested in the New Home Development Program, I encourage you to reach out to the program administrators at 281-655-4600. Be sure to mention my referral when you call, and they'll be happy to assist you further in your journey towards homeownership.

Your Texas Affordable Housing Specialist