First-time homebuyers in Texas are eligible for a program that is administered by the Texas Department of Housing & Community Affairs (TDHCA). The program can help you purchase a home by paying 4% towards as down-payment assistance.
Important notes:
1. Income limits apply to this program as it is targeted at assisting lower income earners.
2. First-time homebuyers are defined as someone who has not owned a home as their personal residence for the past three years.
3. The first-time homebuyer criteria is waived for:
A. Purchasers who purchase in "targeted areas" AND
B. "Qualified veterans"! Income limits do apply to "qualified veterans" but basically those folks who have been honorably discharged - as evidenced by a DD-214 (discharge papers) - and have not previously used a TDHCA program will qualify.
Yesterday I wrote a post about a TDHCA program (TDHCA Texas First Time Homebuyer Program) that could save you about 20% on your monthly payment or enable you to purchase a property with a sales price that is 20% more than you qualify for. If you'd like to go back to that post (or if you haven't seen it yet but want to) you can find it here.
The focus of this post is about a second option that is afforded by the same TDHCA Texas First Time Homebuyer program. Instead of using the option that helps with lowering the monthly mortgage payment or enabling the qualification for a higher sales price, this option helps with down-payment assistance. You can go to the TDHCA website to find out more about the program but I highly recommend contacting a knowledgable Realtor for assistance. See the next paragraph.
Obviously it pays (or saves) to work with a Realtor and a lender who are knowledgable about the special type homebuyer programs that are specific to your locale. If you'd like to work with a Realtor in the Fort Worth, Arlington, Dallas area of North Texas - yours truly is available. A little levity never hurts a long blog post, eh! Alternatively, if you live in another part of Texas you can always go to the TDHCA website and look for a Realtor who has invested the time and effort to take the applicable certification program (Texas Affordable Housing Specialist - TAHS) to get educated about this and other helpful programs. As shown, this could mean some actual $$$ in your pocket!
If you think this blog post was valuable, you might want to leave me a comment and tell me so! Also, you might want to check for my blog post tomorrow where I will discuss another great program for Texas borrowers/buyers - the Texas Veterans program. It could save you - or someone you know and love - thousands of $$$. No kidding!
Disclaimer: This post is meant to be the start of getting educated about these special TDHCA programs and in no way is meant to be "all inclusive".
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