Texas Down Payment Assistance in Dallas-Fort Worth, TX

Texas Down Payment Assistance Programs

Don’t Let Your Down Payment Keep You From Buying a Home

You’ve found the house you want.

Your income is good. Your credit may be good. You can afford the monthly payment.

But you don’t have enough cash for the down payment and closing costs.

If that’s what’s keeping you from buying a home in Texas, don’t give up just yet.

There are Texas down payment assistance programs designed to help qualified homebuyers with some of the upfront costs of purchasing a home.

One of the programs we work with is offered through the Texas State Affordable Housing Corporation (TSAHC).

And you may qualify for assistance even if you don’t consider yourself a traditional “first-time homebuyer.”

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How Much Help Could You Get?

Depending on your circumstances, TSAHC programs can provide down payment and closing-cost assistance of up to 5% of the mortgage loan amount.

That can potentially make a significant difference in the amount of money you need to bring to the closing table.

For example, if you’re buying a $300,000 home, even a few thousand dollars of assistance could make the difference between:

“We’re not ready to buy yet.”

and

“We can actually do this.”

The exact amount of assistance depends on the program, your loan amount and your individual qualifications.

That’s why it’s worth having me run the numbers for you.

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Home Sweet Texas

Home Sweet Texas is one of TSAHC’s primary homebuyer assistance programs.

Qualified Texas homebuyers may be eligible for:

• Down payment assistance
• Assistance toward eligible closing costs
• 30-year fixed-rate mortgage options
• Options for both first-time and repeat homebuyers

The program is designed to help eligible buyers who might otherwise have difficulty coming up with the cash needed to purchase a home.

You may be closer to homeownership than you think.

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Are You a Texas Hero? There May Be Even More Help.

If you’re a qualifying teacher, firefighter, police officer, EMS professional, corrections officer, veteran, or other eligible Texas Hero, the Homes for Texas Heroes program may be worth exploring.

Qualified buyers may be eligible for down payment assistance and other benefits designed specifically for Texas Heroes.

And there’s another benefit that could make the program even more attractive:

Eligible buyers may also qualify for a Mortgage Credit Certificate (MCC).

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What Is an MCC?

A Mortgage Credit Certificate is different from down payment assistance.

Instead of helping with your cash needed at closing, an MCC can potentially provide an annual federal income tax credit based on a portion of the mortgage interest you pay.

For an eligible homeowner, that can potentially put more money back in your pocket each year.

In some situations, you may even be able to combine an MCC with down payment assistance.

It’s one more reason not to assume you know what you qualify for until someone looks at your complete financial picture.

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Do You Have to Be a First-Time Homebuyer?

Not necessarily.

This is one of the biggest misconceptions about Texas down payment assistance.

Some TSAHC programs are available to repeat homebuyers, not just people purchasing their first home.

There are specific requirements and exceptions, so your eligibility needs to be determined based on your individual circumstances.

The important thing is not to rule yourself out before we take a look.

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What Are the Basic Requirements?

Like any mortgage program, Texas down payment assistance programs have eligibility requirements.

These can include:

• Credit score
• Household income
• Purchase price
• Property location
• Loan type
• First-time homebuyer status, depending on the program
• Occupancy requirements

For example, TSAHC’s programs generally have minimum credit-score requirements, and income limits vary depending on the program and where you’re buying.

But you don’t need to figure out all of those rules yourself.

That’s what I’m here for.

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Is Down Payment Assistance Right for You?

Here’s something important:

Down payment assistance isn’t automatically the best option for every buyer.

Depending on your credit, income, available cash and loan situation, a conventional, FHA, VA or USDA loan without assistance may sometimes be a better financial choice.

That’s why I don’t simply look for a program that will get you to the closing table.

I’ll compare your options and help you determine which approach makes the most sense for you.

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Don’t Assume You Don’t Qualify

Maybe you think you make too much money.

Maybe you’ve owned a home before.

Maybe you’re worried your credit score is too low.

Maybe you have some money saved, but not enough to cover everything.

You may still have options.

The only way to know for sure is to look at your specific situation.

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Let’s See What You May Qualify For

I’ll personally review your situation and help you determine:

• Whether you may qualify for Texas down payment assistance
• Which TSAHC program may fit your situation
• How much assistance you may be eligible to receive
• How much money you’ll actually need to bring to closing
• Whether an MCC could benefit you
• Whether FHA, conventional, VA, USDA or another option makes more sense
• And what your estimated monthly payment could look like

No guessing. No trying to decipher complicated program guidelines on your own.

I’ll explain your options in plain English and help you determine the best path forward.

Ready to Find Out If You Qualify?

If you’ve been putting off buying a home because you don’t have enough cash for the down payment, let’s talk before you assume you can’t afford to buy.

Call me directly at 302-222-2064

Or email me at larry@1stcapitolmtg.com

Tell me a little about what you’re looking to buy, and I’ll personally take a look at your situation.

We’ll determine whether you may qualify for Texas down payment assistance, how much help you may be able to receive, and what your best financing options are.

You may be closer to buying a home than you think. Let’s find out.