City of Houston & Houston Community Land Trust Homebuyer Choice Program
City of Houston & Houston Community Land Trust Homebuyer Choice Program
Program Category
Additional Options
Max Amount
N/A
Agency Website
Contact Info
Compete application online at www.houstonclt.org or by contacting HCLT at (713) 512-5575.
Program Details
Buyer contribution type
$
Income calc method
First mortgage types
Freddie Mac,Freddie Mac Home Possible,Fannie Mae,Fannie Mae HomeReady,FHA 203(b),VA
First mortgage terms
Fully Amortizing,Fixed Rate,30-year
Property types
Single Family Detached, Townhome/PUD
Repayment triggers
Loan Forgiveness
Program Guide
Guidelines:
https://houstontx.gov/housing/plans-reports/guidelines/hcp/HCP_Guidelines_V3-022123.pdfFlyer:
https://houstontx.gov/housing/hcp/HCP-Key-Steps-Final-081121.pdfApplication:
https://www.houstonclt.org/apply-nowLimitations
At closing, HCLT must take title to the land beneath the home and the Homebuyer must sign the HCLT Ground Lease, agreeing to the Ground Lease's permanent affordability and use restrictions on the home, including the resale price formula and primary residence requirements.
Homebuyer applicant must obtain a Loan Pre-Approval letter from an HCLT-approved lender.
The applicant must be represented by a licensed Real Estate Agent in the home purchase transaction in accordance with HCLT's Buyer Representation Policy.
Applicant and Co-Applicant cannot be registered sex offenders
Applicant and Co- Applicant cannot be delinquent on child support payments
Applicant and Co-Applicant must provide legal guardianship paper work for all household members under the age of 17
The homebuyer must meet the minimum loan or financing requirement of $70,000 to receive the HCP subsidy.
If interest in an inherited property or sole ownership is determined, then the Homebuyer must file a Quit Claim Deed to relinquish ownership or sell the property.
Homebuyer applicant must obtain a Loan Pre-Approval letter from an HCLT-approved lender.
The applicant must be represented by a licensed Real Estate Agent in the home purchase transaction in accordance with HCLT's Buyer Representation Policy.
Applicant and Co-Applicant cannot be registered sex offenders
Applicant and Co- Applicant cannot be delinquent on child support payments
Applicant and Co-Applicant must provide legal guardianship paper work for all household members under the age of 17
The homebuyer must meet the minimum loan or financing requirement of $70,000 to receive the HCP subsidy.
If interest in an inherited property or sole ownership is determined, then the Homebuyer must file a Quit Claim Deed to relinquish ownership or sell the property.
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