HARLINGEN — Potential home buyers can learn how to qualify for a mortgage and see if they are eligible for up to $25,000 in down payment assistance at the Harlingen Homebuyers Fair.
The fair will be held from 5 to 7 p.m. Tuesday at the Harlingen Public Library at 410 76 Drive.
Zoraima Diaz-Pineda is manager of the La Puerta program with the Community Development Corp. of Brownsville. The agency is organizing the fair and will be providing professional advice.
“We’re trying to reach the home buyer or anyone who is interested in a home purchase,” Diaz-Pineda said. “That can be purchasing an existing home, constructing a new home, planning in the short-term if they’re ready today or planning for the long-term.”
The CDC is a nonprofit which helps prospective home buyers with negotiating the steps needed to purchase a home. Diaz-Pineda said the organization sees between 900 and 2,000 clients annually while serving Cameron and Willacy counties.
“We administer the down payment assistance for the City of Harlingen,” she said. “So individuals can qualify for up to $25,000 of down payment assistance, specifically in Harlingen.”
Much of what the CDC does is to smooth the way for prospective home buyers through counseling, credit advice and setting budget goals in order to save enough money for a down payment.
Counselors also discuss mortgage financing, refinancing, custom-built homes, in-house underwriting and credit repair.
Only about one in 12 clients is ready to buy, Diaz-Pineda said, and La Puerta’s goal is to help with the process of qualifying.
“A 640 credit score is required for an FHA loan, they have to have money saved for a down payment, and they have to have the capacity to take on a mortgage payment,” Diaz-Pineda said.
Most families aren’t ready, due to a combination of low credit scores, lack of a down payment or not having two years worth of work history, she said.
“As counselors, we work with families for anywhere between six or 18 months to reduce debts, improve credit scores and on saving up for a down payment,” she said.
If You Go
WHAT — Harlingen Home Buyers Fair
WHO — Low-income home purchasers
WHERE — Harlingen Public Library, 410 76 Drive
TIME — July 18 from 5-7 p.m.
COST — Free
SPONSOR — Community Development Corp. of Brownsville
For more information, go online to http://www.cdcbrownsville.org/
What to bring
Your last six paycheck stubs
Valid driver’s license or ID card or resident alien ID card
Original Social Security card for all members of household for each applicant
Current bank statements for checking/savings
Current income tax return
Proof of any other income: SSI, child support, unemployment, TANF, Medicaid, SNAP
Bring copies of original documents
Source: Community Development Corp. of Brownsville
