Sam,

As a first time home buyer you should qualify for the federal first time home buyer tax credit.

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

The maximum credit is $8,000, but it phases out between income of $75,000 ($8,000) and $95,000 ($0). At $80,000 gross income you would qualify for a $6,000 credit. There is a Texas program to provide a short-term loan so that you can use this for your down payment.

http://www.tdhca.state.tx.us/homeownership/fthb/down-payment…

You should consider an FHA loan which requires a 3.5% down payment. You can buy a $171,000 house with an FHA loan and a $6,000 tax credit.

There are other options available, but this may be your best choice. Give me a call at 214-288-6608 and I will discuss all of your options with you.

All my best,
Joe Kupke
214-288-6608

There are many options to you. Closing costs can easily be rolled in and some programs are still available with credit that good for 0 down. You work with me and let me show you anything you want and I will rebate you 20% of my commission at the close which will put about a 1/3 of that down payment back in your pocket immediately. Please contact me directly at 214-682-0598 or rj.avery@att.net

Thanks for your time
RJ Avery

Sam,

Depending on where you live and where you want to buy there may be programs available for you to use. The loan guidelines are changing all the time. The best thing to do at this point is get with a good loan officer and get prequalified and find out the various options they can work for you. I work with a couple of excellent loan officers if you would like a referral.

Bruce Lynn
Prudential Texas Properties
214-675-6992

Depending on where you want to buy there are programs available to provide a down payment to you as a first-time home buyer. The traditional seller-assisted down payment programs were outlawed a couple of months ago. This means that the seller of the property cannot give or loan you money to put down.
Conventional loans are only providing up to 95% of the value of the property, which would leave you 5-7% short, depending on how much the seller is willing to pay of your closing costs.
VA- and FHA-guaranteed loans can provide a smaller down payment. 3.5% for FHA and actually 0% if you're a veteran.
The good news is that true down payment assistance is not outlawed. You can still get a gift or loan from your family, and there are real non-profit and government agencies providing funds to cover the down payment, meaning the 5% or so.
The government versions or grants do have income limitations, which may preclude you, but you can always get family help.
You need to speak to a loan officer about your situation to determine your best course of action.
There are some other options I did not mention here.

Hi Sam,

You have some important factors in your favor. some Builders are willing to assist you with Down Payments/and you may also consider Seller's Second.

Contact me and let's discuss your options, we are a Full Service Firm with a Mortgage Company, Builder and Insurance. I also offer a rebate program for first time home Buyers.

Best regards,

Mattye P. Smith
Realtor

American Realtors

http://activerain.com/blogsview/863782/Use-a-6-month-gift-fr…

A friend of mine wrote a great article about this topic.

Let me know if you have any questions

Sam,

I am an agent and my team works just about anywhere in the DFW. In September of 2008 the Down Payment Assistance Program ended. With the DPA you were able to roll all closing costs and the down payment into the loan. I have been told that a similar program will be coming back in 2009. With your credit score and income you definitely qualify. There are also some builders that will allow you to roll in the down payment. You can get a great deal on a brand new home, especially if it is already built and the builder needs to get rid of their inventory so they can build more.

Hope this helps. Drop me an email if you need more info or would like to see some homes that are out there.