Home Buying in 77088>Question Details

Blanca, Home Buyer in Houston, TX

is it true that if you have down payment assistance you need to find a home ten years build.?

Asked by Blanca, Houston, TX Thu Oct 23, 2008

is it true that if you have down payment assistance you need to find a home ten years build.?

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Down payment assistance from the state of Texas does not require a particular age of house, but they have rules about energy efficiency that the property will have to meet. Mostly, you will find the older homes just can't meet the guidelines. Other DPA programs don't have energy requirements, as far as I know.

As far as the other comments below about no DPA, DPA still exists. What the Feds outlawed was seller-funded DPA. You can still receive gifts from family, friends and non-profit organizations, including the government. Gifts from family and friends would have to age restrictions, obviously.
Web Reference: http://www.SumnerRealty.com
1 vote Thank Flag Link Fri Oct 24, 2008
You will need to check with your lender and also the down payment assistance provider.

Some do want you to be in a home that was recently built or rehabbed for safety and lower utility costs.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Sun Oct 26, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
The only down payment assistance programs i know of are offered by states housing authorities or similar agencies that work in conncetion with fha or similar loans. you should go on the texas state website or even seek out a local and trusted mortgage broker who can answer your questions one on one. good luck Blanca
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Oct 24, 2008
As far as I know there aren't any more down payment assistance programs as of Oct. 1. The government did away with them when they reformed their FHA program.

I wrote a blog about it here: http://www.houstonicon.com/blog/?p=83
and a little more about it here: http://www.houstonicon.com/blog/?p=147

If anyone has seen other 100% financing options out there, I'd love to hear about them.
Web Reference: http://www.houstonicon.com/
0 votes Thank Flag Link Fri Oct 24, 2008

That is a new one to me. Currently there are only a very select few programs where you can obtain 100% financing and the ones that I've heard of have never specified a specific age that house has to be. HOwever, it may be a bit different over there in Houston than it is in San Antonio; you may want to seek advice from a reputable mortgage lender of there. If you can not find one; I do know of one that has done great things over there in Houston, just let me know.

Best of luck.
God Bless,
Web Reference: http://www.eXposedHomes.com
0 votes Thank Flag Link Thu Oct 23, 2008
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