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Down
Payment Assistance and Grants for first time home buyers in
Texas. |
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We
have 64 programs in Texas in our database ranging from
$1,250 to $50,000 in down payment assistance and rates
as low as 5.25%. The average program has approx $10,000
in available assistance. All programs have different
guidelines and qualifications. Please click
here to get more information from your local down
payment assistance specialist. |
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Here
are some examples: |
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2.75% interest rate on 15 year loan with no down payment required- National Program |
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5.99%
intereste rate with 5% down payment assistance - State
Program |
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$10,000
Principal reduction, 95% closing cost assistance, 1/2 of down
payment paid for. City Program |
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$10,000
to $14,500 based on Area Median Income Percentage % City
Program |
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First-time
homebuyer program which provides principal reduction, down payment,
and closing costs assistance up to $10,000.00. Also, may provide
a grant of up to $1,500.00 for Minimum Housing Standards repairs.
City Program |
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$14,200
for new construction, $9,500 for resale properties, For new
houses in select target areas, participants may receive up to
$25,000 County Program |
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100% Financing in designated rural areas, no down payment required- National Program |
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FreeDownPayment.org is an orginization that assists buyers with finding free down payment assistance programs and grants. We put you in touch with local Realtors in your desired area who specialize in first time home buyers. Our agents can advise and help you with the various down payment assistance programs available. Most first time home buyers don't realize they may qualify for reduced interest rates and thousands of dollars in FREE money or grants to help them with obtaining the American Dream. |
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Top 5 First Time Home Buyer Questions Answered |
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1. What will a lender look at when I apply for a mortgage?
2. What does it mean to get pre-approved?
3. What if I have had credit problems?
4. What is the minimum down payment I can make on a home?
5. What down payment assistance is available? |
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1. What will a lender look at when I apply for a mortgage? |
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Lenders consider many factors in evaluating your loan application,
but they usually focus on four areas: |
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Income and debt. How much money you make
and what other bills you have to pay helps the lender determine
whether you can afford to make mortgage payments. |
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Assets. The lender needs to make sure you
have enough money to cover the costs of buying a home. |
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Credit. Whether you have met other financial
obligations helps the lender predict whether you will repay
your mortgage. |
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Property. The home you want to buy has to
be worth enough to act as collateral for the mortgage. |
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2. What does it mean to get pre-approved? |
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Getting pre-approved means you receive a loan commitment from
your mortgage company before you have found a home, based on
a review of your credit and finances. Having your credit pre-approved
shows sellers that you are a qualified buyer and helps you establish
a clear price range. The process is the same as a typical mortgage
application, except that your application does not include property
information. |
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3. What if I have had credit problems? |
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Your credit history is only one factor in qualifying for a
loan, and having made some late payments doesn't have to keep
you from buying a home. Someone who has consistently made payments
on time in the past may have more financing options than someone
who has not, but that doesn't mean a mortgage is off-limits
if you've had credit problems. We may be able to recommend a
variety of mortgage options to help people with less-than-perfect
credit become homeowners and leave credit challenges behind.
Most buyers need at least a 620 FICO score to qualify for federal
downpayment assistance. |
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4. What is the minimum down payment I can make on a home? |
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There is generally no minimum down payment required for buying
a home. Many first-time buyers believe they must be able to
put down as much as 20% of a home's purchase price in cash.
That may have been true in the past, but many of the mortgage
options available to today's home-buyers require little or no
down payment. With housing prices as high as they are in some
areas, homeownership would be impossible for many people if
not for these low-down-payment options. |
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5. What down payment assistance is available? |
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| There are down payment programs available for all types of buyers. If there is not an available program in your area, there is a nationwide program that you might qualify for. Contact us for more details. |
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