If you are tired of seeing your money wasted on rent, and considering buying a home instead, then start your process by educating yourself on the various types of home loans on the market. Remember, you buy the loan just as sure as you buy the home. Give as much attention to the quality of your home loan as you do to the specifications and design of your home. If you live in Texas, then you are in luck. There are a host of programs geared specifically for first time home buyers in Texas.
Securing a Home Loan There are many programs for first time home buyers, especially in Texas. They include: ●My First Texas Home Program – Also known as the “Texas Mortgage Program (TMP)”, this program offers down payment assistance of up to five percent of the loan amount. ●Home Sweet Texas Home – If the accumulated annual income of you and your spouse is less than 80% of the Area Median Family Income. You can qualify for five percent of the loan as a grant to use towards a down payment and closing costs. ●Homes for Texas Heroes – If your income is higher than the limit specified above, you can still be eligible for the five percent grant if you are a Veteran, Peace Officer, School Counselor, EMS Personnel, Public Security Officer, Corrections Officer, Faculty of Nursing and Allied Health, Classroom Teacher, School Librarian, Teacher Aide, School Nurse or a County Jailer. ●TSAHC Program – TSAHC stands for Texas State Affordable Housing Corporation, which offers housing finance assistance specifically to first time homebuyers. TSAHC grants five percent of home loan amounts as a downpayment. ●5-Star Texas Advantage Program – The SETH or Southeast Texas Housing Finance Corporation offers this program, which is much like the TSAHC program, and also offers a five percent grant. However, unlike TSAHC, this benefit is not restricted to first time buyers. Also, a lower fee is charged in the SETH program for closing the loan. ●USDA, VA and FHA loans – The United States Department of Agriculture (USDA), Department of Veterans Affairs (VA) and Federal Housing Administration (FHA) also offer competitive rates for these mortgages that are available across the U.S. Whether you are looking for cost beneficial programs for first time home buyers in Texas or need assistance in obtaining a VA home loan despite your bad credit, start by doing your research. Reach out to the top rated mortgage companies in your area with expertise in Texas loan programs.
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AuthorDarrick encourages readers to post issues that need immediate attention in terms of home buying; such interactions will enhance reader engagement and provide a road-map for others Archives
November 2017
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