Home Buying in Houston>Question Details

Ivillarreal39, Home Buyer in Roma, TX

Is there a program with help with down payment for first time home buyers?

Asked by Ivillarreal39, Roma, TX Sun Apr 21, 2013

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I would suggest speaking to three different types of lenders. A broker, banker and a family member. There are specific loans that help you in specific situations. Ask yourself several questions. Are you going to live there less than 4 years? Will you rent the house after the 5th year? Did you safe enough money to fix the house. Are you buying a fixer upper? Do you have a relative with some cash that would like to get 5% return on their cash for 2 years instead of .02% if they have the money in savings.

Don't sign any documents until you have more than one opinion.

Let me know if I can help an any way.

Steve Santos
0 votes Thank Flag Link Tue Apr 23, 2013
There are several including 3 1/2% down on FHA, zero down for veterans using a VA loan and others with city and government programs.

Most will accept lower credit scores, but good scores are still important. Keep in mind many sellers will assist with closing cost for a buyer in exchange with a full price offer. Your buyer's agent will assist you with determining the best approach. Speak to several lenders and make sure they have worked with first time buyers. I have several on my web site if you would like to speak to them. http://www.markknowshouston.com/res_list.php?cat=12282&c…

Give me a call to discuss your options. Always a good idea to be fully prepared BEFORE you start looking for your 1st home!!

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
0 votes Thank Flag Link Sun Apr 21, 2013
We offer the TDHCA program which is 5% down payment assistance for first time homebuyers. The loans go FHA and the minimum credit score is 640. Please let me know if you need more infomation.


Anna Maria Durr, NMLS 266699
Codemark Financial
2626 Richmond Ave., Houston, TX 77098
281-592-0667, anna@codemarkfinancial.com
0 votes Thank Flag Link Sun Apr 21, 2013
There are several such programs (though not as many as in past years), but participation is limited. You need to meet income, credit, employment and other requirements, and the process can be a bit tedious. If successful, you'll be subject to a price limit. You may also discover that some programs may have already used their allotted funds. I've been involved in several such transactions ... the success rate seems to be about one in three. The website that Howard provided should help you considerably. Best of luck.

Al Geffon
(713) 213-6350
al@geffon.net
Web Reference: http://www.har.com/algeffon
0 votes Thank Flag Link Sun Apr 21, 2013
There are lots of programs for buyers, depending on income, location, family size, and first time home buyer status. Check this website out to see which you might qualify for, then contact a REALTOR® to find properties that would meet your requirements.

http://www.txhomeprograms.org/
0 votes Thank Flag Link Sun Apr 21, 2013
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