November 2011

Attention First Time Home Buyers in Texas!

Effective Immediately!! 

Here are the Highlights of the new programs for First Time Home Buyers in Texas:

• $10,000 for down payment and/or closing costs assistance for the acquisition of a SINGLE FAMILY HOME, TOWNHOME, AND CONDOMINIUMS ONLY
• This is an INTEREST FREE LOAN with a 5 or 10 year loan term
• First payment will be deferred for 5 years from closing date
• Borrowers must be a first time home buyer (could not have owned a home in the past 36 months)
• Minimum credit score of 640
• Borrower(s) cannot have total family income over $55,280 (varies by county)
• Borrower(s) liquid assets in the bank (excluding retirement and or 401(k) accounts) cannot exceed $15,000
• Value of home purchased may not exceed $271,050
• Requires borrower(s) to attend first time home buyer counseling class
• CAN BE COMBINED WITH THE SPECIAL FEDERAL TAX CREDIT FOR FIRST TIME HOME BUYERS

To recap.  If you have at least a 640 credit score and can provide income documentation at or below the maximum income allowance, then you could get a $10,000 interest free loan to apply towards your downpayment and closing costs for your first home.

Remember, a first time home buyer is someone who has not owned a home in the past 36 months only.  If you owned a home 37 months ago, then you would still qualify. 

We also have a special federal tax credit in addition to the $10,000 program that will allow you to reduce your federal tax liability up to $2,000 per year as long as you are in the home paying interest on your home loan.  Great program as well.

Give our office a call at 214-710-1258 right now to see if you qualify.  We look forward to making your dream home a reality!