Right Way Realty & Investment Services

Down Payment and Housing Assistance Information Guide

 

In an effort to help potential home owners, I have composed a summary list of many of the "DOWNPAYMENT ASSISTANCE" programs being offered. For more information, contact Sonya L. Roberts directly at (832) 687-9953.

1.TDHCA First Time Homebuyer Program: This program is designed to provide low interest home loans for eligible families and individuals through the sale of exempt mortgage revenue bonds. The State of Texas also offers down payment and closing cost assistance for eligible buyers when funding is available.

2.Subsidized Home Loan Program: This program offers a second lien mortgage loan to help with the purchase of a home.

3.SETH: This program provides assistance for closing cost for individuals outside of the city limits.

4.FannieMae: FannieMae provides financial products and services that increase the availability of housing for low, moderate and middle-income Americans.

5.Housing Opportunities of Houston (HOH): This program contracts governmental agencies to administer funds of up to $9,500 for a new home and up to $3,500 for a pre-existing home.

6.Harris County Community Development Agency: This program, along with HOH, provides down payment assistance is for families in Harris County.

7.Fort Bend County Community Development Agency: This program is similar to HOH, except these funds are allotted for Fort Bend County residents.

8.Mortgage Credit Assistance Program: This program provides a federal income tax credit of 20% of the mortgage interest, which pays up to $2,000 per year for the life of the mortgage.

9.Houston Housing and Community Development Department:This program provides help for potential homebuyers to buy a new or existing home.

10.The Texas Home of Your Own Program (HOYO): This coalition provides down payment assistance and architectural barrier removal funds to low-income homebuyers with disabilities.

11.Homebuyer Assistance Program for Veterans:

a.  Through the Texas Veterans Land Board, home loans may be obtained directly if they are $45,000 or lower. The Land Board also provides assistance to Texas Veterans by guaranteeing home loans, setting below market interest rates and avenues to lower the interest rates for loans up to $200,000.

b. $5,000 Grants for First-Time Military Buyers. Active duty personnel, veterans, retired members of the military, and employees of the U.S. Department of Defense and the Department of Homeland Security are eligible to apply for up to $5,000 in down payment and closing costs in the purchase of a first home. The national nonprofit Pentagon Federal Credit Union Foundation is offering the assistance through its Dream Makers program and says the grants can be applied to a mortgage from any financial institution.  

12.Zero Percent Loan Program: This program provided assistance to low and moderate- income households to purchase new homes. The loan must be repaid in 10 years, but has no interest.

13.Savings Program: When approved for this program and you save $1,000, the program will match 2:1 and give you $2,000.00 in addition to the money you saved for a total of $3,000. There are very strict income guidelines.

14.U.S. Department of Agriculture, Rural Development (USDA): This program has a "Loan Program" that helps low-income individuals and families purchase homes in rural areas.

15.Certified Teachers Program: This program provides 5 ? percent down payment. You must be a certified teacher and have taught in Texas for 3-5 years.

16.Housing Trust Fund: This program provides assistance for the acquisition, rehabilitation, and new construction of affordable housing.

17.Texas City First Time Homebuyer Assistance Program: This program provides up to $5,000.

18.Charitable Nonprofit Down payment Assistance Programs: There are several programs that fit under this umbrella. They include Nehemiah, Genesis, Texas Care, and Ameridream, to name a few. Usually these programs do not require you to be a first-time homebuyer, have no income, asset or geographical restrictions, and there is no repayment of the gift funds.



Sonya Roberts
Sonya Roberts
Sales Executive