Buying a home is an important investment to decide upon after many painstaking years of getting oneself financially stabilized for the ablility to make a down payment and pay the monthly mortgage. For some working people, however, the savings just aren’t there. Thanks to a special grant in the state of Texas, first-time homebuyers may consider investing in real estate in College Station and other locations, to help pay for down payment and closing costs.
Some of the program’s major provisions are detailed in an article posted on PR Newswire.
As part of its first-time homebuyer programs, the Texas State Affordable Housing Corporation (TSAHC) is offering a grant to Texans interested in purchasing their first home. The programs will now offer a grant of 5% of the loan amount that the homebuyer can use towards down payment and closing costs. This grant is in addition to the programs’ low fixed mortgage interest rate of 4.00%. This new grant amount is effective on the Home Sweet Texas, Professional Educators, and Homes for Texas Heroes Home Loan Programs.
This first-time home buying program of the TSAHC is intended to benefit teachers, school nurses and librarians, police and corrections officers, war veterans, fire fighters, and low and moderate-income home buyers. The program’s main features include options for low interest rate loans and home down payment assistance. The first option provides an individual with a 30-year fixed interest rate of 4.75% on any FHA, VA, or USDA-sanctioned mortgage loan (including a down payment grant equal to 5% of the loan amount). The second option provides a 4.375% interest rate on a lower 30-year fixed rate, and down payment assistance equal to 3% of the loan amount.
Some key steps to qualify for said privilege include attending a local homebuyer’s education course. Taught by industry professionals such as lenders, real estate agents, and home inspectors, these courses teach basic home acquisition knowledge in an educational, non sales-oriented atmosphere.
The classes are offered statewide free-of-charge, usually on weekend evenings. Upon completion of the course, certificates are handed out to participants. These certificates are required from loan applicants who are also requesting for down payment assistance. Interested applicants can also choose to learn online, as the courses are also available on the web.
Acquiring real estate in College Station or other locations in Texas has never been easier for low and mid-level income people and selected professionals. The new grant is integrated into three important home assistance programs for Texans, namely the Home Sweet Texas Home Loan Program for low income families or individuals; the Homes for Texas Heroes for firefighters, security and EMS personnel; and the Professional Educators Home Loan Program for teachers and other school personnel.
(Source: Now Available: Grant to Help Texans Buy Their First Home, PR Newswire, January 12, 2012)