I am looking to purchase my first home towards the end of the year, but doing research first. I am looking for a Down Payment Assistance, but for a

Asked by Msgoody, Houston, TX Mon Jan 18, 2010

single person make 50K it looks IMPOSSIBLE. I am recently divorced and when moving I will need to purchasae house hold stuff. I dont want to use all of my savings for down payment and closing. Does anyone know of any Down Payment Assistance programs that do not have an income requirement for a single person with no children?

Thanks for All Information

Thanks for any and all information!

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19
Dan Chase, Home Buyer, Texas City, TX
Mon Jan 18, 2010
BEST ANSWER
You can get a free credit report once a year free.

There is only one website that offers it.
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm (leads to) http://www.annualcreditreport.com/
Go there, look at your credit report (no fico score ding) and make sure it is correct. Fight any incorrect issues. See if anything could be improved. Take the report to a lender and ask them based on it what you could do to increase your fico score (without having it pulled then)

I wrote a couple of blogs that you might find useful.
Things to do when wanting to buy far in the future
http://www.trulia.com/blog/dan_chase/2010/01/i_want_to_buy_a…
ideas about creating a down payment on your own.
http://www.trulia.com/blog/dan_chase/2010/01/how_do_i_get_a_…
and finally, where to start in the house buying process when you have no clue. It is very a simple approach.
http://www.trulia.com/blog/dan_chase/2010/01/its_your_first_…

I hope that one or all of the above ideas will help. I am not a realtor or lender. I tried to cover the basics.
1 vote
T.E. & Naima…, Agent, Dallas, TX
Wed Jan 20, 2010
Msgoody,

Since you know that you are not buying for a long time, you can start saving some money. All you need is a minimum of 3.5% to qualify for an FHA loan.

Grant money is usually limited and runs out. So unless you are 90 days from buying, looking now would be informative but useless.

In addition, your credit score is not the only thing that a loan officer looks at, having your credit report pulled (all 3 bureaus) can help you find if there are any mistakes on there and give you time to take them off and therefore increase your score and buying power.

Getting a Realtor now is a good idea. I have one client like you right now and we look at a couple homes once a home in different areas so she knows what she can get in her budget in that area and plan accordingly.

Good luck,

Naima
Web Reference:  http://www.sumnerrealty.com
1 vote
Maya Thomas…, Agent, Key West, FL
Wed Mar 10, 2010
The sooner you get a Realtor the better. A local Realtor will know about the programs available to help you. In Key West Florida we have many programs. 1 of the programs allows you to borrow against the $8,000 first time home buyer credit to use the money toward your closing costs. We have a $45,000 down payment program, a $20,000 down payment program and we just finished giving out 2.8 million dollars in down payment assistance. Your home town may have similar programs. Get a good Realtor to help you and do the foot work for you. It's FREE!
0 votes
Ben Miller, , Alpharetta, GA
Fri Jan 29, 2010
Try the HUD 100 Program. It allows buyers to get into a HUD foreclosed home for $100 down instead of the typical 3.5% down when going FHA. You should go to the HUD website to find more info for HUD owned homes in your area.
0 votes
Dallas Texas, Agent, Dallas, TN
Sat Jan 23, 2010
You need to be qualified for a loan:
2 years employment
3.5 + for down payment
debt income ratio a balance

Have you considered a part time job assist .

We offer a program earn up 75% of our sales commissions

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

http://www.lynn911.com
0 votes
Carolyn Bash…, Agent, Panama City Beach, FL
Wed Jan 20, 2010
Msgoody,

Your local realtor is one of your best resources for information about the real estate market. Each market is different, and here, in Florida, we have found that USUALLY a local lender is going to be your best bet. for financing considerations Most of your realtors work closely with lenders, and depending on a person's circumstances, should be able to direct you to some lenders that may best work with your needs and provide you your options. Loan Programs are constantly changing, especialy in this market and the answer today may not be the same answer down the road.

For instance in the Florida area, we have certain properties that MAY qualify for a program that offers 100% financing, with very low interest rates, and no PMI. In our area, I have not found any time limit on when that money is available: But, it is only available on certain properties (some of which person's may not even think would qualify). There are also some great programs that some of the banks are now offering on distressed properties with very attractive lending terms - but, again, these may only apply to certain properties.

Find you a realtor in your area that is willing to answer your questions and provide you some direction. In our area, most realtors working with a buyer, have their commissions paid through the seller - so the service, in most cases in our area, is a service a realtor can provide a buyer without cost to the buyer. Don't know Aa realtor to call? First recommendation, is to check with friends and co workers for a reference.
Web Reference:  http://CarolynBasham.com
0 votes
Linn Wright, , 77043
Wed Jan 20, 2010
There are some programs out there for various professions. Also, the $8000 tax credit is still out there for first time homebuyers. For homebuyers that have owned a home in the last 2 years, there is a $6500 tax credit. To qualify for these credits, homes need to be purchased by Feb 28 and funding approved, closed and funded by April 30, 2010. I am an Affordable Housing specialist and am happy to answer any questions you may have--no obligation to use me as your realtor. It would be helpful to know a bit more about your circumstances-- where you wish to buy a house (area of Houston) & when, how much in dollar terms you feel comfortable putting down, the size house / # bedrooms & bathrooms you need, etc. That way I can point you in the right direction. If you want you can contact me at linn@linnrealty.net. Regards, Linn Wright
0 votes
Lilly Hughes, Agent, Humble, TX
Wed Jan 20, 2010
It's not too early to start looking for a REALTOR(r) to work with. All of the down payment assistance programs that I am aware of have income limitations, but some of the limits are higher than others. In the end, you may qualify for at least a mortgage credit certificate, which gives you a tax credit in an amount equal to your annual mortgage interest paid up to $2,000 for as long as you are the owner occupant. See MyFirstTexasHome.com for more information.
Lilly Hughes 7130628-4211, Accredited Buyer Representative; Texas Affordable Housing Specialist; Short Sale Foreclosure Resource.
Web Reference:  http://www.lillyhughes.com
0 votes
, ,
Tue Jan 19, 2010
The best you can do is talk to a local realtor or lender and see if there are any local programs.

http://www.tdhca.state.tx.us/homeownership/fthb/index.htm

Above links to State programs
0 votes
Dan Chase, Home Buyer, Texas City, TX
Tue Jan 19, 2010
You asked " Do you think it is to early to get a Realtor, too? I have been very hesitant on this as well. The feeling of not wanting to waist there time and getting pressured fom them"

The answer is both yes and no.

No, it is not to early to have a realtor help you even if you are going to be a year before buying. They can send you daily emails showing you houses in your expected price range. That gives you a chance to see you market's idea of what you can afford. They can teach you what you need to learn before buying. They can help you understand the process.

Yes, it is to early. But not because you have a year before buying. It is to early because you need to learn more before deciding on what a realtor needs to be able to offer you. Once you read more on here, and ask more questions you should have a good feel for what realtors could have to offer. As in all professions you have the good, the bad, and the acceptable. You need to learn how to find the great realtors. Once you are able to figure out which realtors would be a good fit for you even if it is tomorrow it would no longer be to early.

Realtors have had many clients who wanted to buy a year or more from when they were first contacted. Just let them know what your time frame and requirements are. A good realtor will appreciate a commission check in 15 months as well as one tomorrow. In the meantime, you have to learn as much as possible. The problem is there are so many factors involved it is confusing trying to put them all together. Interest rates, foreclosures, unemployment, they all affect house prices and buying ability.

If you would like to look at more things to consider look at my blogs. I tried to cover things I believe could (or should) affect the buying decision. I may not be perfect, things may go differently than I expect. But I looked at various factors and tried to put them into perspective.
http://www.trulia.com/voices/profile/Home_Buyer-04401-657306/blog/
0 votes
Msgoody, Home Buyer, Houston, TX
Mon Jan 18, 2010
WOW... I am so glad I stumbled onto this site.

Do you think it is to early to get a Realtor, too? I have been very hesitant on this as well. The feeling of not wanting to waist there time and getting pressured fom them has caused me to just gather names and numbers. I wish I could find a Realtor like Sandra Rinomato on HGTV. I wouldn't feel like I had to worry about anything with her. When I think of my realtor, I think of someone whom I have laid all the details out there for and they now have Ms. Goody vision. Does that make sense? LOL I know there are some good realtors out there and I hope to find one that truly has my best intrest in mind.

Thanks again...
0 votes
Joe Ann Green, Agent, Houston, TX
Mon Jan 18, 2010
Hello. Yes, I am aware of a program that your income will qualify for. The problem is will there
be any funds by the end of the year! It's possible, I will look to see the status of the program funds.
By now you should have done your reseach on how much you can afford and your debt to income
ratio. You can have good credit, but have a debt problem. If you are OK in all areas of qualification
by the end of the year, the program should work for you. Email me and I will discuss in more detail.
0 votes
Robin Hines, Agent, Houston, TX
Mon Jan 18, 2010
You are definitly on the right track! Continue to do what you are doing in building your credit score. In my opinion a lender is not necessary yet because you are proactive in handling your business regarding knowing your credit and financial situation. Take advantage of the free credit report as stated earlier and if you want to talk to a lender communicate your concerns and have them use this report to guide you tho this is not the credit report they pull. When you are ready they along with your Realtor will be a resource for any current downpayment assistance programs. Your Realtor may also be able to negotiate contributions from the seller to assist you!
Have fun with the process!
Robin Hines
RE/MAX Grand
281-687-3411
0 votes
Msgoody, Home Buyer, Houston, TX
Mon Jan 18, 2010
Thanks so much for the INFO. I had already looked into the City of Houston and those are a no go because I am not wanting to be in a Houston Hope areas or any area/neighborhood designated by the Mayor of Houston for revitalization. I am looking on the East side of Town in the Channelview area. Sonoma Ranch, New Forest, Sterling Green and areas like that.

Another question, If I don't plan on making this purchase until the end of the year is it even necessary for me to find a Lender as I am not ready NOW. I hope this isn't asking to much, I am just a serious planner and this is SERIOUS business for me. I want NO ONE pulling my credit because I want to be at a FICO of 750, which can be accomplished by that time. I am not trying to waist anyones time so, the bulk of my research is done on HAR and other website that I look at property on. I know the area and what I am looking for.

Again, I do appreciate all of your responses. It makes this entire process not seem so scary.
0 votes
Robin Hines, Agent, Houston, TX
Mon Jan 18, 2010
Morning! Congratulations on such an exciting decision! Depending on where you are looking to buy the City of Houston's Workforce Housing Downpayment Assistance Program may work for you. Combined income for a single person must be between 80-120 percent of the area median income, which may fall within. Of course there are qualificatiions - three of which are you must not currently own property, you must be loan approved using their approved lender and the property must pay taxes to the city. Make sure your Realtor KNOWS the program and is a Texas Affordable Housing Specialist, this will help you get through the bumps!!
Robin Hines
RE/MAX Grand
281-687-3411
0 votes
Jairo Rodrig…, Agent, HOUSTON, TX
Mon Jan 18, 2010
Hi Mrs. Goody the City of Houston has a program of DAP(down-payment assistance program)that will give you $19,500 but this program will not last for long and the income limit for family size is: family of one is $53.625 or less,family of two is $61,275 and so on.
The web pages is: http://www.houstonhousing.org to get more info and find a good lender that work with this programs.
I hope this help you.
Jairo Rodriguez
281-658-8263
Web Reference:  http://www.jairoyourhome.com
0 votes
Richard Leci…, , Tucson, AZ
Mon Jan 18, 2010
You might want to also call a few real estate agents. In many area there is grant money to help you with a down payment. In Az there are several and I would think there is in Tx as well
0 votes
Carole Haider, Agent, Houston, TX
Mon Jan 18, 2010
Ms Goody

I agree with the previous answer find a reputable lender to discuss your options and what type of financing would be best for your situation along with your credit score. After you establish your financing options meet with a Realtor to start looking at properties so you know what your affordability will buy you. A reminder to you is that the government is offering a tax rebate up to $8000 direcrly to a first time home buyer if you have a contract signed by April 30,2010 and close by the end of June. The tax rebate will be a great asset to you.

I will offer my services to you when you are ready to start looking for your home.

Carole Haider
Prudential Gary Greene
Houston, TX
281-615-6200.
0 votes
Jerry Lorenz, Agent, Strongsville, OH
Mon Jan 18, 2010
Ms Goody

I understand that you are looking to purchase at the end of the year which and trying to do some up front research. I would call a couple of good lender in the area and see what they have to offer at this time. Tell them to keep you informed about new programs coming up in the future. Loans and loan requirements have been changing a lot and will continue to change and you never know when the right one may become available.

Jerry A. Lorenz
Russell Realtors
Cell: 440 724 4402
Web Reference:  Http://www.lorenz-543.com
0 votes
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