How does a person qualify for down payment assistance?
My credit is good and I have been a teacher for nearly 5 years now. I really want to buy instead of rent. However, I hear that nowadays you have to have a significant amount of money for a down payment, plus enough money to left over to pay all of the escrow fees. Is there really down payment assistance programs out there that are accessible to a person in my situation? by mayer21_291_955 from Houston, Texas. Aug 15th 2011
George DeVIne (gdevine)
#7 ranked lender in Rhode Island - 46 contributions
Call a local mortgage professional. He or she should be able to direct you to agencies that may offer down payment assistance, or below market interest rates. I did a simple google search Tx down payment assistance and found the state agency http://www.tdhca.state.tx.us/homeownership/fthb/down-payment-assistance.htmYou might also want to look into an USDA loan
Brad Cahoone (info@globalhomefinance.com)
#87 ranked lender in Texas - 1,042 contributions
Hello my name is Brad. I am a licensed Mortgage Broker in TX, NMLS ID 184176. There are 100% programs via USDA Rural Development and the VA for no down payment and typically the seller will pay the fees for you if the realtor structures the contract correctly. FHA is only 3.5% down and we would request that the agent structure the contract with the seller paying up at least 3% of the fees so they can even pay to establish your escrow account paying essentially for part of your 1st years taxes and the entire first years homeowner's insurance! Give me a call or email. Brad Cahoone - 972-724-3222 ext 227 - bcahoone@globalhomefinance.com - http://globalhomefinance.com
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