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You Really can Afford to Buy a Home
By Texas Assoc. of Realtors
Wednesday, August 7, 2013 • Posted August 8, 2013 4:10 PM

You’re probably hearing that mortgage rates are at favorable levels and that now’s the time to buy a home. But maybe you’re also thinking, “I’ll never be able to afford a mortgage.”

Many potential homebuyers feel this way, but the good news is that there is help available. Homebuying-assistance programs at the local, state, and federal level make homeownership accessible for more buyers. This could be in the form of low- or no-interest loans, help with closing costs or even mortgages that don’t require a down payment.

Help is out there

Assistance programs are available for a variety of qualifying buyers, such as first-time buyers or low-income buyers, and there are even programs available for specific types of homes. And if you don’t qualify for one program, you may meet the criteria for another.

When you decide to buy your next home, the best first step is to talk to a Texas REALTOR®. He’ll have the latest information about assistance programs and their eligibility requirements, and will know about any changes to existing programs.

Here are a few examples of homebuyer-assistance programs in Texas that you may not know about.

Get rewarded for doing your job

In Texas, there are homebuyer programs that certain professionals—educators, law-enforcement officers, fire fighters and military veterans—might qualify for.

In addition, some Texas cities and counties have partnered with local employers to offer housing incentives for employees who buy a home within the city or county limits. Your Texas REALTOR® will know if these options are available in our market.

The property itself may qualify

Instead of the buyers, some homes could meet eligibility requirements for certain state or federal assistance programs. For instance, the U.S. Department of Agriculture has a program to encourage development in rural communities.

Or, if you’re willing to put some work into a home, the property may qualify for the U.S. Department of Housing and Urban Development’s rehab program for properties in need of repair or updating.

Where to start

The list of assistance programs is extensive and varies for each buyer’s situation. You can visitTxHomePrograms.org to search for local, state and federal homebuyer-assistance programs to get an idea of the many programs available. Then, when you’re ready to make that move, ask your Texas REALTOR® to help you find which programs you may qualify for

For more information on buying or selling property in Texas, please call Waymond Lightfoot at (210) 386-5201.

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