Buying your own house is no small feat. It is a significant milestone that should be celebrated. You need to take certain factors into consideration before applying for a mortgage application. You need to assess your finances, schedule a meeting with your financial advisor, plan for the future, and set aside sufficient funds for a down payment. In a recent survey, around 40% of Americans have stated that the lack of proper funds for a down payment is holding them from buying their own house. With inflation on the rise and high interest rates, many continue to rent despite the increasing rates with each passing day. There is a silver lining, especially for first-time home buyers. With the down payment assistance program in Texas, you might just become a homeowner after all.
Let’s take a closer look at some of the down payment assistance program in Texas that can help you get the required funding for a down payment.
Texas State Affordable Housing Corporation (TSAHC) Program:
This down payment assistance program in Texas is established with the help of the Texan Legislature. It caters to both first-time home buyers and repeat buyers. When you apply for this program, you will be granted a non-repayable fund that would either be completely forgiven or deferred as a second lien loan. You can use that money to pay for your down payment. TSAHC offers two types of home buyer programs. With the help of your lender, you can check which down payment program you qualify for.
- “Homes for Texas Heroes” Program: This program is for professions such as teachers, educators, police officers, firefighters, EMS personnel, veterans, nurses and correction officers.
- “Home Sweet Texas” Program: This is for all those first-time home buyers who don’t fall in the first category.
Webinar Specials
As a bonus, webinar attendees will gain access to exclusive perks, including priority application review, a personalized consultation with Dream Home Mortgage experts, and a free e-book on navigating down payment assistance programs in Texas. This limited-time opportunity is your key to making homeownership a reality—don’t miss out!
Dream Home Mortgage, a project of Brazos National Bank, complements these programs by offering up to $25,000 in down payment assistance through their free webinar, Making Homeownership Achievable. Hosted by experts Hussein Panjwani and Sharmyn Panjwani, the webinar provides a step-by-step guide on eligibility, application processes, and exclusive resources to help Texans achieve their dream of homeownership. Don’t miss this opportunity—your dream home awaits! Register Now!
Neighborhood Housing and Community Development (NHCD) Program:
It is a first-come, first-serve basis down payment assistance program in Texas. It is offered by the Neighborhood Housing and Community Development (NHCD), which is a department of the city of Austin. The purpose of this assistance program is to offer a 0%-interest loan to eligible first-time home buyers. You can use that loan to pay your down payment and all closing costs. Through this program, you have two DPA loan options such as:
- Standard DPA: If you are eligible for this program, you will receive up to $14,999 with 0% interest. The amount might be deferred or forgiven. For this loan, you can’t have a debt ratio of 45%. There is no property age limit for this program.
- Shared Equity DPA: With this program, you will receive a total sum of $15,000 to $40,000. That can be used to pay off the pre-paid expenses, closing costs, and down payment. For Shared Equity DPA, your combined debt cannot be more than 45%. Any house or property that was built before 1978 won’t be eligible for the program.
Down Payment Assistance Program:
This down payment assistance program in Texas was implemented on 1st January 2023. It was designed for low-to-medium-income families who plan on buying their first home. To be eligible for the program, you will need to submit proof of 3 years’ worth of your rental history. If you are a divorced parent or displaced homemaker, you can also apply for this program. You can get in touch with a mortgage broker at Dream Home Mortgage for further information. If you live in the house for up to 5 years, your grant will be forgiven. You must be from the following list of states to be eligible for the program:
- Mississippi
- New Mexico
- Arkansas
- Texas
- Louisiana
Plan for the Long Haul with Dream Home Mortgage:
Despite the ups and downs that come with buying a house, it truly is a rewarding journey. Whether you are collecting the funds for the down payment, looking into different assistance programs, or checking in with lenders, it will all pay off when you get the keys to your house. If you want further information or simply need guidance for a down payment assistance program in Texas, you can get in touch with the experts at Dream Home Mortgage. Under the able leadership of Mr. Hussein Panjwani, thousands of Americans have overcome their hurdles and achieved homeownership. So, what are you waiting for? Book their 30-minute free consultation session and start your journey!