The Home Buyer Tax Credit offered hope to would be home buyers. After it came and went, many are still saying, "Show Me the Money!" Even if you were not ready to purchase a home at the time, all is not lost. There a several programs available that provide first time home buyers with access to funds for down payment and closing cost assistance. Qualified buyers may be eligible for up to 5% of the purchase price or a specified dollar amount depending on the program.
Some programs specifically target low to moderate income households. Others focus on Workforce Housing to encourage people in certain occupations buy homes in the communites they serve. These programs target:
Professional Educators: Defined as a full time Classroom Teacher, Teacher Aide, School Librarian, School Nurse or School Counselor employed by a public school district in the state of Texas; or a full time faculty member of either an undergraduate or graduate professional nursing or allied health program in the State of Texas;
Texas Heroes: Defined as a full time, paid Firefighter, Emergency Medical Services Personnel, Peace Officer, Corrections Officer, Juvenile Corrections Officer, County Jailer, or a Public Security Officer working in the State of Texas.
Finding money to buy a home is only a small part of the process. In order to maintain a long-term investment buyers must practice sound financial literacy principles. There are several organizations that provide home buyer education programs to assist prospective buyers with preparing to purchase (and keep) a home.
The National Housing Benefit Alliance offers a step-by-step plan through its HomeBuyers Club to assist first time home buyers with getting ready to buy a home. Participants are assigned to a personal Housing Counselor after completing a free four hour workshop.
For more information about available down payment assistance programs or the NHBA HomeBuyers Club visit www.nhballiance.com or call 832-626-7738. You may also find information about Texas down payment assistance programs at www.texasrealestate.com or by contacting a Texas Affordable Housing Specialist.
Toni Ellis, Realtor®, TAHS, EAH, EHO
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