Down Payment Assistance Options For First Time Homebuyers

Down Payment Assistance Options For First Time Homebuyers

Buying your first home can be a somewhat daunting task; however, It may be easier than you think! There are several misconceptions about down payment assistance programs, including the belief that programs are only available for first-time home buyers and that programs aren’t available in your community or county.

But the truth is there are many programs available, so you may be eligible for assistance without even realizing it. The smartest way to find out if you qualify for a down payment assistance program, is to speak with a mortgage specialist. My top loan officer is Shane Davis with First United Mortgage. You can visit his site here at www.shanedavishomeloans.com

The most basic qualifying materials are listed below.

Home Buyer Criteria

1. Income and Financial Requirements. You must meet certain income, credit and debt requirements to qualify for down payment assistance. If you do not meet the credit portion of the qualification, do not fear, we have amazing resources available to help with this.
2. Profession. There are certain professions that you will be able to obtain assistance with. There are programs that provide down payment assistance specifically to teachers, police officers, fire fighters, EMS personnel, corrections officers, and veterans. You do not have to only work in these professions to obtain assistance.
3. First-Time Home Buyer Status. You do not necessarily have to be a first time homebuyer to obtain assistance. However, if you are a first-time home buyer you can also qualify for a special income tax credit program known as a Mortgage Credit Certificate (MCC) which is an amazing benefit to home ownership.

Home Criteria

1. Primary Residence. Down payment assistance is only for the purchase of a primary residence. You cannot obtain assistance on a second home or investment property.
2. Sales Price of the Home. There are certain limits that the sales price of the home cannot exceed. This is dependent on the county of the home. Contact Shane here to inquire
3. Location of the Home. All down payment programs are statewide, so you can use our programs to purchase a home anywhere in Texas.