What do I need to qualify for Down Payment Assistance Programs

Greetings! and congratulations on your efforts to find out as much as possible about the home buying process. Home Assistance programs, typically sponsored by various non-profit organizations, have been around for at least the past 20 -30 years and they come with various nuances. Some require you to be a "first time homebuyer" or not have owned a home within the past 3 years and others do not have this stipulation. Some require you to pay the grant back over time, and then again others are a "pure" grant that requires -no- repayment. Five things that the programs have in common are (1) the buyer's income must not exceed a certain level. One popular program currently available, have a maximum allowed income of $79,695 if the property is in the Greater Houston area. (2) all purchasers on the loan must have a middle FICO credit score of at least 640. (3) there is an upper limit to the sales price. One of the best programs currently available allows a maximum sales price of $250,000 for home in the Greater Houston area. It could be a bit higher or lower in other areas. (4) the interest rate for the programs are always FIXED rate mortgages but the interest rate is a bit higher than the prevailing interest rate on non-assisted mortgages. (5) buyers must complete a home owner education course prior to closing. On-line versions of the course are available. These programs can be a huge benefit for buyers who are short on cash, but have good credit and stable employment. For example, one of the best downpayment assistance programs now available offers as much as a 6% contribution towards downpayment and, or closing costs. So if the sales price IS the maximum of $250,000, that would be a grant of $15,000 to help you become a homeowner. There are a few other things to be aware of - feel free to give me a call or shoot me an email if you have additional questions. ... ALL THE BEST!

Visit www.txhomeprograms.org and you'll get information about down payment assistance programs. You can input your income and family composition and you'll find out if you qualify for the assistance.

Easy way to find Down Payment assistance programs and eligibility http://downpaymentresource.com/are-you-eligible/

Easy way to find Down Payment assistance programs and eligibility http://downpaymentresource.com/are-you-eligible/