Many first time home buyers in Texas may find it difficult to buy a home, despite the thriving housing market there. These difficulties are not because of high monthly payments, but the required down payment and the closing cost. Many first time buyers struggle to come up with 5-10% of the purchase price in advance. In order to afford such expenditure, they need mortgage assistance programs offered by the US government. These programs are intended to help any first time home buyer the hurdles of a lump sum down payment and monthly payments to own a home. In the first quarter of 2014, the housing market in Texas did not pick up as expected. Although real estate agents, economists and home experts cite various reasons for the sluggish market, a lack of information about mortgage assistance programs is another major factor. Need for Texas mortgage assistance programs According to the Wall Street Journal (WSJ) the entry-level homebuyers in the U.S. have been going through a rough phase due to the tight lending standards, high prices and the slow economy. All of these reasons are creating a major hurdle in the loan approval process. The stringency to have a good credit score, and requirement to submit various supporting documents can be overwhelming, especially to those who are buying their first home. Thus, knowing about various loan programs and down payment assistance programs offered by the state can be helpful. One such program is called “My First Texas Home” that is available for first time buyers as well as those who have not bought a home within the last three years. Apart from these qualifying conditions, some others include:
In order to realize your dream of owning a home in Texas, you can hire an expert lending firm. Such a firm can provide you with complete information about various types of mortgage assistance programs, which one is suitable for you considering your current financial condition.
0 Comments
Leave a Reply. |
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
Categories |