Financing in San Antonio>Question Details

Josh L, Home Buyer in San Antonio, TX

What incentives are available to first-time homebuyers? Down payment assistance, etc.

Asked by Josh L, San Antonio, TX Thu May 2, 2013

I have a credit score of 644, which I know isn't so great. I'm awaiting a rescore from a lender I've been seeking an approval from who works with the My First Texas Home (TMP 79) program which pays closing costs and 5% down payment. Is there anything similar I could pursue?

I'm also wondering if builders offer any incentives that might be worthwhile. The maximum I can afford is about $150,000. Thanks in advance for any advice you can offer!

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Christine Henderson’s answer
That sounds like a great option -- 100% financing and no down payment for a ZERO investment up front for you!

The short answer is YES... Depending on where a new home is, there is the possibility it might fall under USDA guidelines for zero down payment if you fit in their income parameters. Plus the builders who have starter homes also have similar programs with their in-house lenders. They also offer incentives to be used as either closing costs or upgrades.

What area of town do you want to pursue? Let me know so I can do the research for you. That way I can find the right home to fit your needs!

Christine Henderson
Changing Real Estate Dreams Into Reality Since 1985
Better Homes & Gardens Real Estate
Bradfield Properties
ePRO, CRS, Green Specialist
Do you know someone who is interested in buying or selling real estate in the San Antonio market? I would appreciate the referral. I represent clients with new home builders, land sales or purchases, bank foreclosures and individual owners. If you know someone who is relocating away from the San Antonio area, I can refer them to a qualified agent in their new area to help them get settled.
0 votes Thank Flag Link Thu May 2, 2013
I actually just learned of a Centex community, Highland Grove in New Braunfels, where my payment for a new 4 bedroom home will be almost the same as my rent for the 2 bedroom apartment I'm living in now. It really seems like a dream come true. I wonder what kind of incentives they might be able to offer. A finance advisor from their mortgage company is supposed to call me today.
Flag Fri May 3, 2013

In today's market it isn't difficult to ask for 6% seller contribution to cover closing costs. Also If you are willing to be out of the city a bit you could find a home that was USDA eligible which USDA loans allow 100% financing.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years

We also have a DIY service.
1 vote Thank Flag Link Thu May 2, 2013
Hello, To give you a well informed answer, I need to ask you a few more questions. Give me a call to discuss, there is no obligation. I'll provide some options and info for you pronto!

Erick Taylor

"Northwest San Antonio Specialist"

(210) 667-0742

Fil-Am Realty
9910 Kents Store
San Antonio, TX 78245

Ask me for a new home buyers mp3
1 vote Thank Flag Link Thu May 2, 2013
As long as you have a 620 or better, you're good to go. Better than the TMP 79 program Is a bond program that my lender uses all the time.

Go here: - She is by far the best lender in Texas. She is had the lowest interest rates in the state for 15 years. You'll thank me for that one later.

Plus, I can pull you a full list of all the homes that fit exactly what you're looking for In the area you would like to be in. Make your life a ton easier :-)

I am exceedingly good at getting the seller to pay all of your closing cost.

Give me a call, shoot me a text, or send me an email.

Jason C Campbell
Platinum top 50 finalist
Option one real estate
1 vote Thank Flag Link Thu May 2, 2013
You credit score is high enough to purchase a home and I know some lenders that have programs for first time buyers. Many new home builders have great incentive programs that will pay your closing cost and more. I would like to work with you help buy your first home. Call me at 210-422-3775.
1 vote Thank Flag Link Thu May 2, 2013
I can help you look at all options, to see what is best for you. New Home Builders have lots of incentives also. The majority of my career was spent working with several of the big ones. Send me an email

All the best in your home search.
0 votes Thank Flag Link Thu May 2, 2013

Ray is correct about your score. 640 is the score quite a few banks look for when they average the 3 bureaus. I would also recommend Ray Blankenberg as a detailed agent that would take good care to help you through the purchasing process.
0 votes Thank Flag Link Thu May 2, 2013
Give me a call I have helped many buyers in similar situation as you.

Best Regards

Johnny E Williams
Web Reference:
0 votes Thank Flag Link Thu May 2, 2013
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