It looks like Congress is going to extend the homebuyer tax credit. That will give first-time homebuyers a few more months to benefit from this great incentive. The plan on the table will even provide a credit to many existing homeowners who purchase a home.

The bill passed by the Senate and on the way to the House allows first-timers to continue to receive up to an $8,000 credit, while current homeowners who have lived in their residence for five of the last eight years are eligible for a $6,500 tax credit when buying a home. The house must cost no more than $800,000, and there are income limitations above which the tax credit phases out, but those income limits have been raised as well. If the proposed bill passes, buyers must have a signed contract by April 30 and close the transaction by June 30.

This is certainly good news for people who are considering purchasing a home soon. Who wouldn’t want a hefty tax credit? But this is not the only financial help available for prospective homebuyers. There are dozens of programs that provide downpayment assistance or favorable interest rates. Some are offered to veterans, others are for teachers, police officers, and fire fighters. Many simply require a borrower to meet certain financial criteria. Some of these programs can be used jointly, though not all.

If so many programs exist, how come you don’t hear more about them? Many are not widely publicized. Also, programs come and go, and some are offered only in certain counties or cities, making it difficult to keep up with what’s available at any given moment.

One way to make sure you don’t miss out on assistance is to work with a knowledgeable Texas REALTOR®. In fact, many Texas REALTORS® now have the Texas Affordable Housing Specialist certification. These agents have taken classes to learn more about finding affordable-housing programs for their clients and helping those buyers be able to afford staying in their homes. You can search for a certified Texas Affordable Housing Specialist in your area.

Make sure you explore all options for assistance before you buy a home. Nothing is worse than finding out you could have qualified for a lower interest rate after it’s too late to do so.