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NEW CONSTRUCTION ON OVER HALF AN ACRE!! No City Taxes, Low Medina County Taxes, and Medina Valley Schools, Yet only 15 … [Read More...]
Geronimo Loop is a beautiful 1 acre tract, with mature oak trees and level terrain. This lot has been cleared and is ready … [Read More...]
Home Buyer’s Tips and Advice
Texas First Time Buyers Down Payment Assistance Program
Homeownership is recognized as the primary means of accumulating wealth for most Americans. However, homeownership is about more than wealth; it is an intangible force that holds neighborhoods together. When the majority of Americans own the homes in which they live, households tend to be more stable, schools perform better, economic opportunities increase, and communities become more viable. These are the driving factors behind the Texas First Time Homebuyer Program.
ABOUT THE TEXAS FIRST TIME HOMEBUYER PROGRAM
The Texas First Time Homebuyer Program provides competitive interest rates and down payment assistance to low to moderate income eligible borrowers seeking to purchase their first home. The program allows borrowers the opportunity to qualify for mortgage loans with monthly payments that might otherwise be beyond their reach.
BENEFITS
• Safe, 30-year fixed rate mortgage loans
• Down payment and/or closing cost assistance for income-eligible borrowers.
ELIGIBLE HOMEBUYERS
• Meet income and purchase price requirements*;
• Have not owned a home within the past three years;
• Meet the qualifying underwriting requirements of the mortgage loan;
• Use the home as principle/primary residence; and
• Must complete an approved pre-purchase homebuyer education course prior to loan closing.
ELIGIBLE HOMES
New and existing:
• Single family homes
• Townhouses
• Condominiums
• Manufactured housing (with certain restrictions)
ELIGIBLE LOANS
The 30-Year fixed rate mortgage loan, available through a network of participating lenders, must be underwritten according to Federal Housing Administration (FHA), US Department of Veterans Affairs (VA), US Department of Agriculture Rural Housing Service (USDA/RHS), or conventional loan criteria.
DOWN PAYMENT ASSISTANCE
Assistance is available in the form of a Grant. The Grant Amount is 5% of the purchase price and can be used for Down Payment or Closing Costs associated with the purchase. The assisted loan does have a slightly higher interest rate of 1/2% higher than the unassisted rate.
EXAMPLE
•Location: Bexar County
•Family Size: 3
•Adjusted Annual Income: $67,390 for Firefighter / EMT / Peace Officer or Teacher; All others $46,880
•Maximum Purchase Price: $299,250