Last year’s federal tax credit was a well-publicized and popular incentive to purchase a home. But did you know there are plenty of other types of assistance available?
That’s right. Such programs come from many sources – your city or county, state agencies, local housing finance corporations – and are designed for buyers with different needs.
If only …
Wouldn’t it be great if there were one place to go to find all of these programs?
Well, it turns out that there is a place for Texans to go, TxHomePrograms.org. It’s an interactive database of all assistance programs available throughout the state. The site, envisioned, implemented and maintained by Texas Realtors®, is the realization of five years of work.
When you visit www.TxHomePrograms.org, you can browse all available programs or enter information about your specific situation, such as the number of people in your household, your total expected income, the area of the state and whether or not you’re a first-time homebuyer. Using these criteria, the site returns any known housing assistance program for which you may qualify.
One stop, many assistance options
Here are the kinds of help you can find at TxHomePrograms.org:
• Closing-cost or downpayment assistance – financial assistance in the form of a grant or gift to offset some of the closing costs or helps with the required downpayment to get a loan
• No-downpayment financing – a loan that does not require a downpayment (also called 100% financing)
• Reduced-rate mortgage – a loan that is available at below market rates, which means lower monthly payments or a larger loan
• Relaxed qualifications – loan programs for potential buyers who may have trouble qualifying for a traditional loan due to past credit issues or income under a certain level
• Employer/occupation program – special arrangements for potential buyers who work in a certain industry or for a certain employer
• Purchase rehabilitation - funding or loans used to purchase property in need of repair, generally undertaken post-closing.
What’s more, the site offers a guide to the homebuying process, provides a useful real estate dictionary and other tools, and keeps the public aware of real estate-related consumer issues, like predatory lending, the importance of good credit in the homebuying process, and more.
You still have options
Take a look at TxHomePrograms.org to see if you qualify for a housing-assistance program – you never know what’s out there until you look. While you’re there, take time to notice the other great features of the site and get educated about the homebuying process.
When you’re ready to make a purchase, find a program that’s right for you and contact a Texas Realtor. With interest rates still low, it’s still a good time to buy a home, especially if you can get a little help getting your foot in the door.
For other great information about buying or selling, visit www.TexasRealEstate.com.
For your real estate needs, contact RE/MAX Genesis at 830-833-2000.