The following are qualification steps toward home ownership in this
- You must complete an in-person 8 hour HUD approved homebuyer education class.
Please see list of homebuyer educators.
- You must be pre-qualified for a fixed rate loan by one of the
H.O.M.E. approved lenders. (You should receive a Pre-qualification Letter.)
- The following income documentation should be provided to a H.O.M.E. Approved Lender to forward to Harris County Lending Services:
- Current two (2) months of checking and savings bank statements.
- Current two (2) years of income tax returns (include W-2’s, 1099’s, etc.).
- Current two (2) months of payroll stubs on everyone in the household 18 years old or older.
- Any other supportive income information, such as child support, alimony, social security benefits, retirement accounts (IRA’s, 401K, etc.), disability or worker’s compensation.
- Birth certificates on everyone that will be residing in the home.
- Divorce papers, if applicable.
- Lender needs to provide tri-merged Credit Report on all adult members in the household.
- Homebuyer Debt To Income ratio cannot exceed 39/42.
- Homebuyer must have at least one credit score of 580
- You must not have owned another home in the U.S. within the
last 3 years (except a mobile home).
- You must be a U.S. Citizen or Permanent Resident Alien
- Your lender will need to provide a Verification of Rent
- Homebuyer's liquid assets may not exceed $25,000.
- Seller to contribute up to 6% toward buyer's closing
- Your income level must not exceed 120% of the median
income. See table below: