REAL TipS: BUYING

You might be a first-time homebuyer. Yes, you!

Some people do not even realize that they are first-time homebuyers. That’s because few have ever heard the definition. A first-time homebuyer is not someone who has never owned a home. It’s simply someone who has not owned a home in the last three years. But whether you’ve owned a home in the past or are trying to break into the housing market, coming up with money for a downpayment and closing costs, never mind the monthly mortgage, can be downright stressful. If you’re looking to purchase property, it may surprise you to learn that there are housing programs in the form of grants and low-interest loans specifically for you—the first-time homebuyer.

To get more Texans into homes and help them stay there, the Texas Association of REALTORS®, along with partners Fannie Mae, the Texas Department of Housing and Community Affairs (TDHCA), and the Texas Veterans Land Board, embarked on a program called United Texas: Housing Initiatives That Work. The program informs and educates Texas REALTORS® on the most-current downpayment and closing-cost assistance and low-interest financing programs around, including TDHCA’s First Time Homebuyer and Mortgage Credit Certificate programs, and Fannie Mae’s My Community Mortgage. For example, TDHCA’s First Time Homebuyer Program has two types of loans – assisted and unassisted. The unassisted loan provides qualified buyers with the lowest possible interest rate. The assisted loan gives buyers gift funds up to 5% of the mortgage amount for downpayment and closing cost assistance.

So if you are looking to buy a home and would like information on downpayment and closing cost assistance or low-interest loans, contact your Texas REALTOR®.

Texas Association of Realtors®