Depending on the income level of the homebuyer, DAHC can also provide financial assistance with up-front costs, which include up to half of the down-payment and closing costs such as appraisal, credit report, lender’s origination fee, legal documentation, survey costs, inspection fees, and a portion of tax and insurance premiums. In addition, for very low-income homebuyers, DAHC is often able to provide “gap financing” to reduce the principal amount of the buyer’s loan, thereby reducing their monthly payments. The total amount of assistance provided to the Buyer is structured as a zero percent forgivable loan, secured by a Promissory Note and Deed of Trust. The term of the loan is generally five years. If the Buyer remains in the home for the full five years, the entire loan is forgiven. If the home is sold before that time, a pro rata share of the assistance award must be repaid to DAHC.
The funding for these homebuyer assistance loans comes from one or more of the following sources: the Federal Home Loan Bank of Dallas, HOME funds awarded by the City of Denton or DAHC will absorb the cost from the proceeds of the sale.
AHOP Sales To Date
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Community
# Units
Denton
57
The Colony
21
Sanger
13
Lewisville
10
Corinth
7
Aubrey
6
Pilot Point
4
Little Elm
2
Flower Mound
1
Shady Shores
1
Hickory Creek
1
Krum
1
Lake Dallas
1
Total AHOP Units
125
