Affordable Realtor In Dallas
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Assistance Programs That Can Provide Cash Grants & Gifts
Many home buyers, such as Gloria and Roberto, are taking advantage of programs designed to help buyers who can afford the monthly payment on a home and can qualify for a loan, but don’t have enough money saved for the down payment or closing costs.
These programs are very popular because they provide cash grants and gifts, helping buyers get into their first home with little money out of pocket. They also provide credit counseling and home buyer education programs in English and Spanish.
Below are links to some of the major home buyer assistance programs in the Houston area. But first, a little background information.
In general, all of these programs have some basic guidelines concerning the buyer’s income, the price of the home, etc. These guidelines are slightly different for each program, but generally they include the following:
Because these programs are designed to help low and moderate income families, there are some guidelines about income, based on family size and the location of the home you want to purchase.
There are also guidelines regarding the location. For example, some programs provide money in a specific city or county, so your new home must be located in that area.
With most programs, potential home buyers must take a class designed to help them understand the process of buying and maintaining a home.
The home buyer must agree to live in the property for a period of time that is agreed upon, usually from 5-10 years. If you sell your home early, you may be required to repay all or part of the assistance money received.
After familiarizing yourself with these programs, it is also a very good idea to ask your home builder, Realtor or lender about the ones that might be best for you.
LINKS TO HOME BUYER ASSISTANCE PROGRAMS
Houston HomeTown
Provided by the City of Houston, the Houston HomeTown campaign seeks to improve housing for Houston’s low and moderate-income residents. Eligible buyers may receive up to $9,500 for down payment, closing costs and prepaid items for a new home.
The Nehemiah Program
The Nehemiah Program provides gift funds ranging for down payment and closing costs to qualified homebuyers using an eligible loan program, such as FHA or a conventional loan that allows gifts from charitable organizations. Gift funds can range from 1% to 6% of the final contract sales price.
Partners In Charity
This nonprofit program offers down payment assistance ranging from 2% to 10% of the purchase price, depending on the needs of the home buyer. Partners In Charity believes that, “anyone who dreams of owning their own home deserves a chance of homeownership.”
Texas First Time Homebuyer Program
The First Time Homebuyer Program is offered by the state of Texas to help Texans buy their first home. The program provides low-interest rate home loans for eligible families and individuals.
Texas Veterans Land Board
The Veterans Housing Assistance Program provides financing up to $240,000 toward the purchase of a home to qualified Texas veterans.
About the Author:
Lisa C. Zapalac, Principal Partner and VP Public Relations for http://www.casanuevaguide.com has been actively working in the real estate and business industry since 1996; prior to opening her own public relations company Zapalac was named editor in 1991 for the Houston Chronicle Homeline and Real Estate sections.
Article Source: ArticlesBase.com – Home Buyer Assistance Programs
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