Thursday 7 August 2014

Know your options amidst the Boom in the Texas housing market

First time homebuyer Texas
The home buying market in many parts of Texas is booming, limiting options for first time home buyers. Home prices rose by nearly 10% in 2013 in Texas, and the trend continues today. Properties are selling very quickly, many over the asking price with multiple bids driving prices even further upwards.

In the current scenario, home buyers have to make buying decisions quickly, while some others are left too afraid to take the risk. The last recession left such an impact on buyers that many have become tentative to invest in home buying, despite good credit scores. These buyers could benefit from learning about the various state and federal home loan assistance programs. In fact, there is more assistance available now than ever before.

Home finance options for first time home buyers in Texas
Some home loan programs make home buying easy for the Texas first time home buyer include:

Texas First Time Home buyer Program or Bond Program – This program gives a home mortgage to a qualified borrower at a competitive interest rate. Assistance for down payments and closing costs are also a part of this program. A person with low or moderate income can apply for this program.

Texas Mortgage Program or TMP-79 – This program offers home loan mortgages to Texas home buyers at a lower interest rate than other programs, as well as lower down payment and closing cost assistance.

Texas Department of Housing and Community Affairs (TDHCA) – If making a down payment is a problem, the “My First Texas Home” program can help you with down payment assistance. Borrowers with a credit score of 640 or higher with a total debt-to-income ratio of less than 45%, and a price which falls under the stipulated income and purchase price limit (county wise) are eligible for this program.

Assistance by the Texas State Affordable Housing Corporation (TSAHC) – The assistance from TSAHC for home buyers in Texas also aims at lowering their down payment and closing cost burden. However, interest rates offered by them are on the higher side.

To make sure that there are no regrets after you buy your first home in Texas, you need to consult a reputed mortgage company. In this way, the market conditions, pressure sales tactics or other reasons won’t affect your home buying process. Find a reliable mortgage company that will guide you in every step. Such a company can advise you on the most favorable government assistance options.

No comments:

Post a Comment