Teachers, peace officers, firefighters, veterans, and low to moderate income home-buyers can get down payment assistance for buying a home. Loan programs such as the ‘Homes for Texas Heroes’ and ‘Home Sweet Texas Home Loan Programs’ are intended to provide the much needed assistance to various home-buyers as mentioned above. A network of lenders across the state helps borrowers get the benefits of these programs. The benefits are as given below:
1. Borrower gets a fixed rate for 30 years payable at 4.75% interest on a VA, USDA-RHS, or FHA mortgage loan. The approved assistance for paying closing cost or down payment in this program is 5% of the mortgage. 2. Borrowers get a fixed rate for their mortgage at 4.25% spanning a 30-year period on a FHA, VA or USDA-RHS mortgage loan. The assistance for payment of closing cost or down payment for this program equals 3% of the mortgage. Thus, the down payment assistance comes with a lesser interest obligation for veterans, low income persons and others mentioned above who are looking to buy homes. Dallas County Down Payment Assistance Program If you are a first time home buyer looking to buy one in unincorporated Dallas County or one of the thirteen participating cities, you can get down payment assistance in the form of a $7500 loan. The best part about the loan is that it does not put you under any obligation of paying interest and closing costs. However, if you transfer the deed, don’t use the home as your primary residence or sell it, payment of the balance loan amount becomes due. In order to get this loan, you need to prove your eligibility on the parameters of purchase price, income, and home location. If you find difficulties in understanding various loan programs and loan procedures, down payment assistance programs, a reputed lending firm can assist you at every step including the paperwork and loan processing. Look for an expert lender that can help borrowers buy their dream home.
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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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