Home buying assistance programs help buyers with loans to reduce the down payment and, ultimately, the upfront costs of a home. If you qualify, you can receive a low-interest loan or an outright grant to cover your down payment. Some funds can also be used for closing costs.
This guide will discuss different home buying assistance programs in Texas and how to qualify for them.
Homeowner Assistance Fund by TDHCA
Texas Homeowner Assistance Fund, launched by The Texas Department of Housing and Community Affairs, is available for qualified homeowners who need help managing past-due mortgage payments and other associated expenses due to financial constraints.
TDHCA also offers several programs for buyers affected by the COVID-19 pandemic. The assistance gives access to services that help stabilize eligible households.
Texas State Affordable Housing Corporation (TSAHC)
TSAHC is a housing provider in Texas offering assistance programs for both repeat buyers and first-time home buyers. It provides 30-year fixed-rate mortgage loans, second liens, mortgage interest tax credits, and down payment assistance grants.
To check whether you qualify for their assistance is to take an online eligibility quiz that takes a few minutes, and you don’t need special paperwork. The quiz will determine if you meet the program’s requirements and the kind of assistance you qualify for. Homebuyers must have a credit score of 620 to qualify.
Mortgage Credit Certificate (MCC)
A mortgage credit certificate (MCC) is a federal tax credit for a percentage of annual mortgage interest. The credit can equal 20% or 30% of the interest, based on how much you borrowed for your mortgage.
The MCC can be combined with a My First Texas Home loan offered by (TDHCA), but you don’t need that type of loan to be eligible. It’s available only for first-time homebuyers and veterans with income and purchase limits.
Get Property Investment Advice to Qualify for the Home Buying Assistance Program
The professionals at Z Finance Solutions not only help buyers streamline their home buying process but also ensure that they qualify for a home-buying assistance program. Whether you’re buying a home to generate a regular income or for residential purposes, they can help you secure a loan in Texas.
They also provide property investment advice in Texas to help you buy and sell a house. Schedule a meeting with their team to learn more.
Get in touch with them today for more details!