If you’re a first-time homebuyer, Origin Bank’s new Home Assist Program (HAP) is worth checking into. With funding from the Federal Home Loan Bank (FHLB), HAP provides money to cover much of the upfront cost.
As a qualified borrower, you pay the first $500, and HAP chips in up to $8,500 for a down payment and closing costs.
Nick Marascia, Senior Vice President and Texas Regional Production Manager for Origin’s Texas home lending team, says HAP can be the difference-maker for many first-time buyers.
“This program is about making homeownership possible and enriching the lives of people in the communities where Origin does business,” Marascia says. “HAP is an opportunity for people who otherwise might not be able to purchase a home.”
Your household income must fall below a certain amount to qualify for HAP, and the limit amount varies according to where you live. Origin’s HAP experts can help you identify whether this is the right option for you and will guide you through the process.
Marascia says that where he lives in Dallas, for example, the maximum qualifying income for a family of three is about $56,000, and the maximum qualifying purchase price of a home is roughly $225,000. Qualified candidates will go through a standard loan underwriting process, and if approved, HAP provides money for the down payment and closing costs.
Marascia points to a recent success story of an actual Origin customer. The borrower provides all income for his family of five. They were renting for six years and had been saving for several months to buy a home.
Origin reviewed all his options for down payment assistance. Once HAP became available, the bank reviewed the customer’s case and found he was a perfect match. Through Origin’s help, he qualified for $5,500 in down payment assistance with an attractive interest rate.
“He has a monthly payment he’s more comfortable with. He also had money left over after closing for any emergencies that come up or for furnishing his home without taking on additional debt,” Marascia says.
One last thing to keep in mind ‒ Origin has a limited amount of HAP funding through 2019. Funds are subject to availability on a first come first serve basis for qualifying applicants.
“There’s definitely a sense of urgency,” he says. “Even if you’re not sure whether you qualify, it’s worth it to call your local Origin banking center.”
To learn more, call us at (833) 660-0779 or submit a contact form, and our HAP experts will contact you shortly.