The Downpayment Assistance & Mortgage Credit Cetificate Programs can benefit REALTORS® by widening their market segment to include individuals who, with down payment and closing cost assistance, can now afford to own a home where previously this was not possible.
REALTORS® will likely have two main issues to deal with in order to facilitate HFC assistance loans to their buyers: 1) Determining if the property qualifies for Targeted vs. Non-target/ Designated Area down payment assistance to the buyer and, 2) getting the buyer to one of the participating lenders. For a list of lenders participating in this program, see the “HFC Participating Lenders” section and “Frequently Asked Questions” section.
Determining if the property qualifies for Targeted vs. Non-target/Designated Area assistance
The following census tracts are located in the target area where income limits and purchase price limits are higher.
Targeted Census Tracts
El Paso HFC
DPA/MCC Program 2013
Qualified Census Tracts (2013)
To find out what census tract a property is in go to www.ffiec.gov/geocode/default.htm and enter the property address information.
The first time homebuyer provision is waived if the buyer is purchasing in the Targeted Areas. So, buyers within the stated income limits can take advantage of the program even if they already own a home or recently owned one.
The participating lenders should be able to answer any questions about how a property and a buyer qualify for assistance.