Becoming a first time home buyer is probably one of the most nerve wrecking stages in life. There are so many outcomes that hinge on this one decision. Not only that, the questions are endless. Where should I apply for a loan? What should I be looking for? How do I know how much I can afford for a mortgage? At El Paso Homes Realty we take great pride in helping all of our clients find their dream home. One of the first things we do is find out if our client qualify for down payment assistance.
What is Down Payment Assistance?
Many of our clients are not familiar with Down payment assistance. Many of these same clients actually qualify and don’t even realize that. Down payment assistance is offered by many government agencies to help family better afford home ownership. This help comes in the form of grants and other forms of monetary assistance.
How Does Down Payment Assistance Help First Time Home Buyers?
The basic rule of thumb says that first time home buyers should put down at least 20 percent at the closing of their first home. Many people might be discouraged from even thinking about home ownership due to this simple fact. They don’t have the means to make this kind of savings and decide to continue renting instead of planning on buying a house.
However, several nonprofit and government agencies make it possible for first time homeowners to find the right property for their family.
Agencies in Texas That Offer Assistance
The Texas State Affordable Housing Corporation – This is a nonprofit organization that offers assistance. They even have mortgage credit certificates for teachers, veterans, firefighters, police officers, EMS workers, and corrections officers. They offer help to low and moderate income households as well.
Texas Department of Housing and Community Affairs – This agency offers assistance and advising to low to moderate income households buying a home for the first time. Certain requirements are waived for veterans as well.
Federal Housing Administration – This is a branch of the U.S. Department of Housing and Urban Development. There is a program available that provides loans and streamlines the process for families that normally might not have the opportunity to buy a home.
Contact Us Today
If you are a first time home buyer interested in down payment assistance contact us today. We are more than happy to help our clients take the steps necessary to find their dream home.