If you are a homebuyer in our market and are curious about down payment assistance, we’ve got you covered. Damon Sorrell of Academy Mortgage was gracious enough to stop by and answer a few common questions on this subject for us, so we’d like to share his responses with you today.
What down payment assistance programs does Academy Mortgage offer?
They offer both local programs, like the Homebuyer Assistance Program (HAP) that is available in Houston and greater Harris County, as well as statewide programs, which apply to residents in Houston and the surrounding areas.
What are the income and credit requirements for qualifying for these programs?
For the local programs, your credit score must be at least 580, and your income cap depends on how many people are in your household. For statewide programs, your income cap is $86,000 if you have three or four people in your household. There is also a conventional down payment assistance program that allows you to make as much as $114,000 per year and still qualify.
How do you apply for a down payment assistance program?
That is easy—just give Damon a call at (832) 956-6000. You can also visit his website, www.damonsorell.com, to apply.
If you have any other lending questions or real estate needs, please feel free to call or email me anytime. I will be happy to assist you.