Steps to Owning Your Own Home
Please review the following steps there are 9 steps to owning your own home.
Step 1: Credit Score
If your credit score is not above 580, please contact Odessa Affordable (OA). OA offers credit-counseling classes, which help you, get your credit score to where it needs to be. For more information, please contact them at 432-362-0415.
Step 2: Pre-Approval
Visit one of our approved lenders to get approved for a home mortgage loan:
1541 JBS Parkway, Suite 16
Odessa, TX 79761
FBC Mortgage, LLC
6010 E Highway 191
Odessa, TX 79762
Nations Reliable Lending Mortgage
5910 N Central Expressway
Dallas, TX 75206
American Momentum Bank
2525 N. Grandview Ave. Suite 900
Odessa, Texas 79761
Service First Mortgage
2521 N. Grandview Ave. Suite B
Odessa, Texas 79761
4555 East University Blvd. #D-5
Odessa, Texas 79762
Step 3: Homebuyer Application
Once you have been pre-approved for a mortgage stop by our office to pick up an application or print the application from this page. Start collecting the documents required for the application.
Step 4: Submit Homebuyer Application
Bring in your completed Application (PDF), along with all the required documents, your Mortgage Approval Statement issued by the lender and the credit report the lender pulled, to our office. Allow 7 to 10 business days for us to process your application. After review, you will receive a letter in the mail advising status of your application
Step 5: Approval
Applicants will receive an approval letter from our office stating the amount of assistance and the steps to follow. This approval letter does not guarantee the funds will be disbursed on behalf of the applicant; it gives the applicant an idea of the amount of assistance available should you follow through with the process. Upon final approval, you will need to attend a Homebuyer's Education Course provided by:
Odessa Affordable Housing, Inc.
3801 North Dixie
Odessa, TX 79762
Odessa Affordable Housing, Inc. Website
Step 6: Look for a Home
Start looking for a home! The HOME program allows the purchase of a newly constructed home that does not exceed 95% of the maximum allowed by the U. S. Department of Housing and Urban Development, or an existing home priced up to $270,632. Owner financed properties or manufactured or mobile homes are NOT eligible. The home must be located within the Odessa city limits.
Step 7: Before Making an Offer
When you have found a home you want to offer, you must contact our office. Homes considered for purchase must be pre-approved and meet the Housing Quality Standards. Also, a HUD notice to the seller must be submitted, and have the seller sign and return it to our office before you can sign a contract on the home. The Applicant, Lender, and Title company MUST inform the Housing Assistant via email before making any offers, executing any documents, and closing. Failure to comply with our requirements will result in the applicant not getting assistance and the lender being removed as an approved lender. Emails should include the Housing Assistant, Applicant, Lender, and Title company. Email Sonia Cantu at email@example.com
Step 8: Program Requirements
Potential Homebuyers must provide 1% of the purchase price of the home toward the purchase of the home. Homebuyers must have at least two months of principal and interest in a savings account prior to closing on the home. The City of Odessa, Community Development Department must be listed as the second lien holder on the Homeowners insurance policy and provide a copy of the Declaration Page reflecting this to our office located at:
City of Odessa
Community Development Department
P. O. Box 4398
Odessa, TX 79760
Step 9: Move-in
Make the home your primary residence, and report to our office on an annual basis.