Odessa Affordable Housing Helping to Improve Home Buyers Credit to Get Higher Priced Loans 4/25/13
April 25, 2013
Odessa Ciy Council raised the cap price that home buyers can recieving assistance with, at the request of the Deparmtnet of Community Developement. The original cap was $95,000, but the oil boom has caused home prices top rise and now adequate homes typically cost more than $1000,000. The new cap is $120,600, which is the cap set by the Department of Housing and Urban Developement. Odessa Affordable Housing says that while the cap needed to be raised, it creates a double edged sword as the home buyer must qualify for higher priced loans. They wrok with home buyers to increase their credit.