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Cutberto Salas' Blog

By Salas Home Team | Agent in Plano, TX
  • City of Dallas-Asistencia para Compradores de Casa-(MAP)

    Posted Under: General Area in Dallas County, Home Selling in Dallas County, Financing in Dallas County  |  November 11, 2011 9:58 AM  |  463 views  |  No comments
  • City of Dallas-Down Payment Assistance (MAP)

    Posted Under: Home Buying in Dallas County, Home Selling in Dallas County, Credit Score in Dallas County  |  November 11, 2011 9:55 AM  |  479 views  |  No comments
  • Arlington-Tarrant County-TX- Down Payment Assitance

    Posted Under: Home Buying in Tarrant County, Financing in Tarrant County, Credit Score in Tarrant County  |  November 11, 2011 9:26 AM  |  551 views  |  1 comment

    Homebuyer Financial Assistance

    For First-Time Homebuyers

    As a leader in the effort to make quality, affordable housing accessible to all, Tarrant County Housing Partnership administers a number of programs that provide down payment, closing cost or principle reduction assistance for low and moderate income individuals and families.

    Each program varies: in some instances, assistance is only available for specific properties, in other instances, assistance is open to homebuyers in specific communities. A brief overview of each program’s key components and eligibility requirements follows.

    Important note: You must at least attend a TCHP Orientation Class in order to be considered for assistance. Attending TCHP’s other homeowner classes is strongly encouraged, and in some instances, may be required in order to receive your funding. Your counselor can provide additional information. View a class schedule.

    Arlington Homebuyer Assistance Program (AHAP)

    • For first-time homebuyers purchasing a home in Arlington only.
    • This program provides up to $7,500 in down payment/closing cost assistance. Up to $10,000 of assistance is available for qualified Social Security Income recipents OR for purchase of properties located in the NSRA target area.
    • The home purchased must meet minimum property standards.

    Learn more about this program.

    Development Corporation of Tarrant County (DCTC)

    • This program provides up to $10,000 in down payment/closing cost assistance and principle reduction for first-time homebuyers who are purchasing DCTC-owned properties, which are located throughout Tarrant County.

    Learn more about this program.
    View DCTC homes available for purchase.

    For First Time or Repeat Homebuyers

    Tarrant County Neighborhood Stabilization Program (TC-NSP)

    • This program provides up to $7,500 in down payment/closing cost assistance and principle reduction for qualifying homebuyers who are purchasing TCHP-owned properties in Forest Hill, Saginaw, Watauga, North Richland Hills, Hurst, Mansfield or Haltom City.

    Learn more about this program.

    Arlington Neighborhood Stabilization Program (Arlington NSP)

    Through the Neighborhood Stabilization Program, the following properties are available for purchase with substantial homebuyer incentives. The City of Arlington’s Neighborhood Stabilization Program will provide $10,000 or $20,000 in principle reduction, depending on homebuyer income, and cover all closing costs. Extensive upgrades were recently made to each property including such items as new interior / exterior paint, new wall to wall carpet, new vinyl flooring, new energy efficient appliances, and much more! Homebuyers are assured of a move-in ready, quality home!

  • Plano TX-Down Payment Assistance Program for First Time Homebuyers

    Posted Under: Home Buying in Plano, Financing in Plano, Credit Score in Plano  |  November 9, 2011 5:32 AM  |  832 views  |  No comments
    Who is a First Time Homebuyer?
    • An individual not having owned a home in the last three years; or
    • A displaced homemaker who previously owned a home with a spouse or lived in a home owned by the spouse.

    Individuals making at or below 80% of the median Income. Income eligibility guidelines.

    All applicants receiving financial benefits must be a US citizen or a Temporary/Permanent Resident Alien as defined by Federal regulations. 


    What properties are eligible?

    • ONLY properties located within the city of Plano limits.
    • Single-family residences that are new or pre-owned, attached or detached dwellings.
    • Lender-approved insurable properties, including condos and town homes, are eligible.  HUD foreclosures are eligible.

    In addition, if the purchaser buys a home needing repairs, the City may make available funds for a low-interest rehabilitation loan. 


    Are there property requirements?

    Yes. All homes to be purchased:

         1. Must have a working smoke alarm;
         2. May not be located in a flood-prone area; and
         3. If built before 1978, pass a City lead-based paint test.


    Are there additional Program requirements? 

    Yes. Program participants must:

    Required Homebuyer Class:

    All applicants, spouses and any other person whose income is used to qualify for the mortgage must attend the City of Plano Homebuyer Education class. Instructors are certified by the Texas Department of Housing and Community Affairs as Homebuyer Education Providers.
     
    This class is usually held on the third Saturday of each month at the Plano Municipal Center, 1520 K Avenue. The class hours are 8 a.m. to 3:30 p.m.  

  • The City of McKinney Homebuyer Assistance Program

    Posted Under: Home Buying in McKinney, Financing in McKinney, Credit Score in McKinney  |  November 9, 2011 5:09 AM  |  601 views  |  No comments

    The City of McKinney HOMEBUYER Assistance Program

    HOME Investment Partnerships Program Grant Funds City of McKinney HOMEBUYER Assistance Program

    The City of McKinney Homebuyer Assistance Program provides down payment and closing cost assistance to low-to-moderate-income first-time homebuyers within the City of McKinney. Assistance is provided up to $10,000 as a 0% interest 5-year forgivable loan for down payment and non-recurring closing costs associated with the purchase of the new home. The loan is repayable only if you refinance, pay off the first mortgage, sell or otherwise convey title to the property within the 5-year period.

    These funds are made available through a grant from the Texas Department of Housing & Community Affairs' HOME Investment Partnership Program.

    You are Eligible if:

    • You are a first-time homebuyer. A first-time homebuyer is an individual or household who has not owned a home in the last three years or is a displaced homemaker.
    • You are able to provide proof of U.S. citizenship or permanent legal resident alien status.
    • You are able to qualify for a mortgage loan with a private lender.
    • The debt-to-income ratio (“back-end ratio”) may not exceed 45%.
    • The housing ratio ("front-end ratio") must be at least 25%.
    • You will reside in the home as your principal residence.
    • The home is located within the city limits of McKinney, Texas.
    • Your income does not exceed 80% of the Area Median Income.
    • You complete a HUD and City of McKinney approved homebuyer counseling workshop.

    Application Process:

    • The buyer contacts a private lender of their choice.
    • The buyer signs an accepted real estate purchase contract with the Seller. Proof of Earnest Money paid must be included.
    • The buyer completes and delivers a Homebuyer Assistance Program Application together with all required documentation to the McKinney Housing Services Office. Completed applications must be received by the Housing Services Office no later than 45 days prior to expected closing on the property.
    • Only completed applications will be considered. Within 5 business days of receipt of an incomplete application, notice will be sent to the homebuyer detailing items still outstanding. Applications that are still incomplete 30 days after initial submission will be denied.

    If you would like to find out if you qualify, click the link to print an Application.

    Please note:

    Submission of the Application does not automatically qualify you for assistance under the program. It is the applicant's responsibility to make arrangements for the home purchase should it be determined by the McKinney Housing Services Office that the applicant does not meet program guidelines.

  • Frisco,TX. Down Payment Assistance and closing cost for teachers and all city of frisco employees

    Posted Under: Home Buying in North Dallas, Financing in North Dallas, Credit Score in North Dallas  |  November 8, 2011 11:43 AM  |  576 views  |  No comments

    The City of Frisco has a very attractive down payment program to assistant the City of Frisco Employees and Frisco ISD Employees with the purchase of their first home.   It's a FORGIVABLE loan for qualified buyers for $5,000.00 that can be used for:

    • Down Payment
    • Closing Cost and
    • Pre-Paids

    The loan has a zero percent interest rate and is forgiveable if you own the property for at least five years.  If you sell the home before the five year period you will have to pay back that portion.  However, each year you live in the home $1000.00 is forgiven.  During the five year period the home must remain as your homestead.

    Qualifications for the Frisco Down Payment Assistance Program:

    • Income limit for 1 -2 person household $66,500.
    • For a household greater than 3 income level $76,475.
    • Home Purchase Price not to exceed $170,000.
    • At east one adult household member is a full time employee, for at least 6 months with City of Frisco or with the Frisco ISD.
    • First Time Home buyer, have not owned a home in three years (other exceptions apply)
    • Be able to have at least 1% of own funds into the deal.
    • Purchase a home within the city limits of Frisco.
    • Attend a home buyer education course and counseling session.
    • Primary Residence
    • All of above items are reviewed by the housing authority of Frisco for final approval
    Please call if you have any questions.
 
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