For Real Estate and Lending Professionals

Lenders and real estate agents may benefit from our regular monthly courses, which you can register for here. This course is not required, but it should help you understand the process more clearly.

Frequently Asked Questions

  • How long does the process take?
    4-6 weeks, provided there are no external delays.
  • Are there any fees to participate in the Homebuyer Assistance Program?
    No, the program does not charge any fees.
  • Do you follow FHA guidelines?
    No, the program sets and follows its own internal guidelines. Our underwriting includes calculating Debt-to-Income Ratio (45% back end ratio), ensuring there are no collections for government services or utilities, and no defaulted student loans.
  • Is there a cost for your inspection? And what does the inspection include?
    The inspection is a free service conducted by the Department. A copy of the inspection is available here. Please note that the City’s inspection does not replace the buyer’s independent inspection. The two are very different and we recommend that the buyer still obtain an outside, private inspection.
  • What is an environmental review and why is it needed?
    The U.S. Department of Housing and Urban Development (HUD) mandates that federal funds assist a home located in a flood way. Further, if located in a flood zone, flood insurance is required to complete the purchase. Note that if the home is new or undergoing construction, the mapper may not be able to locate the address. This is rare, but if it occurs the HCDD environmental team will have to map out the address during the application process for the final determination.
  • Who is the loan servicer?
    The HBAP loan is serviced internally with our Loan Servicing Division. The loan is not amortized, however, there is a 6% fee applied to the defaulted loan balance.
  • Can the HBAP funds be used to pay Realtor commissions?
    No, the funds are strictly for down payment, closing costs, pre-paids, and principal reduction. Should the buyer choose to pay a Realtor commission, they will have to do so from their personal funds.