Texas continually hits “Top Lists” because of the booming economy, job and housing markets. The Greater Austin area is definitely seeing this growth with the tech jobs coming in, Houston and Dallas areas experienced big boom with the oil and gas industry. There comes a point when these migrating workers decide they are going to hang around a while, and are ready to give up the renter’s lifestyle and put down some roots, especially with the pace of increasing rents. There are many affordable home options in the Greater Austin Area, taking away the incentive to continue paying $1,500-$2,000 per month in rent, don't you think? First time home buyers meeting the program’s criteria may qualify for a 4% GRANT administered by 360 Mortgage Group to pay their down payment/ closing costs with by utilizing SETH:
Home Star Program
This program offers borrowers up to a 4% down payment grant and a 30 year fixed rate FHA, VA, USDA, or conventional mortgage loan. The borrower is required to make an investment of 0.50% of their own funds. The home to be purchased must be owner occupied and located anywhere in the state of Texas, except the cities of El Paso, Grand Prairie, McKinney and Travis County.
Program Details:
- · Max DTI 50% for credit scores 660 and above / 45% if below 660
- · Home purchase price cannot exceed $250,200 on FHA, VA, or USDA
- · Home purchase price cannot exceed $320,400 on conventional mortgage
- · Income limits restricted by county regardless of family size
Even if rising prices are pushing a buyer’s monthly budget, or price increases are trumping the savings they are setting aside for down payment and closing costs, with the right combination of programs they just might be able to get into a home they can afford.
Are you a buyer thinking about taking the plunge? Call me, and we’ll put our heads together and see how to reach your goals.
See you out there!
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