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Yes, your credit score will matter. Applicants will have to apply at one of the approved lenders for a mortgage loan; your credit score, credit history, and income will help the lender determine if you are eligible for the loan and the loan amount. If you are unsure of your credit score and history it would be in your best interest to visit Odessa Affordable Housing, Inc. (OAHI). OAHI will pull your credit report for a small fee and help determine whether you are ready to approach a lender for a mortgage loan.
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No, you do not have to be a resident of Odessa; however, the assistance is only available to households looking to purchase a home within the city limits of Odessa.
No, the home can only be purchased within the city limits of Odessa.
Yes, our program only offers down payment and closing costs assistance. The applicant would be responsible for paying the mortgage every month.
There are certain requirements that the banks must agree to in order to be a part of the program. We are always interested in expanding our list of participating lenders, and most banks have been contacted at some point in the past. If they agree to participate in the program, we will have them sign our Letter of Understanding, and then you could have your mortgage with this bank.
No, we do not provide a list of eligible homes. Approved applicants would need to work with a realtor to find a home in Odessa.
The seller will need to agree to making the needed repairs before we will assist the homebuyer with the purchase of the home.
The seller will need to be willing to have a lead-based paint conducted before we will assist the homebuyer with the purchase of the home. In the event that paint test positive for lead, the seller will have to agree to have the lead paint treated by a licensed lead-contractor. Depending on the severity and location of the lead paint, this can be expensive and the seller may not want to do this. In the case that the seller does not want to correct the lead paint issues we will not assist the homebuyer in the purchase of that home.
Unfortunately, mobile and manufactured homes are not eligible properties.
All assisted applicants will be required to report on an annual basis, typically on the anniversary month of the assistance. For those who purchased existing home they will be required to report annually for five years. For those who purchased a new home, they will report annually for ten years.
The total course is 8 hours. Odessa Affordable typically breaks this up into two, four hour sessions. Both of these sessions are held during business hours. All adults that plan to live in the house must attend this course.
Applicants must have a bank account to reflect two months of reserves of the mortgage payment.
It depends on the reason for not filing your tax returns. Were you considered exempt from filing according to the IRS definition? Or did you just forget to file? In the case of the latter situation, you would be required to file before we could give a final approval on the application. In any other situations the applicant would be required to sign an affidavit certifying that they did not file their taxes for legitimate reasons.
No, you will only need to income qualify for the initial approval.
We understand that this happens. However, please bring proof that the absent parent is to provide you with child support. This information can be obtained from the Attorney General’s office.
No. This is possible additional income that is due to the household for the children involved. This additional income may cause an otherwise eligible applicant to become ineligible.