In today’s market the more information you have about mortgage loans and the process of buying a home the better off you are. Keep in mind that the government wants you to own a home because that stabilizes the economy, and for that reason they have put in place many programs to aid those who might need some assistance. The following are links to some of those programs. The Texas First Time Homebuyer Program provides below market interest rate mortgage loans through a network of participating lenders to eligible families and individuals who are purchasing their first home or who have not owned a home in the past three years. Two types of loans are available under this program. An “Unassisted Rate” loan typically offers our lowest interest rate available and does not provide funds for down payment and closing cost assistance. For borrowers needing assistance with their down payment, an “Assisted Rate” loan is offered to income-eligible borrowers that provides grant funds up to 5% of the mortgage amount. These loans are offered at a slightly higher interest rate. www.myfirsttexashome.com Great Information that any buyer should know before purchasing a home provided by HUD:
http://www.hud.gov/buying/index.cfm First Time Home Buyers, Texas Loan Star Program:
http://www.tdhca.state.tx.us/homeownership/index.htm For Active Military: You may be eligible for a VA Loan which requires no money down.
Find out if you are eligible here:
http://www.homeloans.va.gov/eligibility.htm Professional Educators, Fire fighters, and law enforcement programs:
http://www.tsahc.org/single/ Program for Texas Veterans:
http://www.glo.state.tx.us/vlb/vhap/index.html Single family Housing Programs:
http://www.rurdev.usda.gov/tx/sfh.htm Minority Homeownership:
http://www.fanniemae.com/initiatives/minority/index.jhtml?p=Initiatives&s=Minority+Homeownership Texas Low Income Housing Information Services:
http://www.texashousing.org/ Here is a Local El Paso Site - Mortgage Credit Certificate Programs:
http://www.elpasotexas.gov/commdev/hfc_default.asp Informacion en espanol:
http://www.elpasotexas.gov/commdev/hfc_default_esp.asp You as a buyer have the option to have an agent represent you in your buying transaction.
Once you are ready to start looking for the perfect home, make sure you use a Realtor. A Realtor, will not only have access to all the listings in the area, but will also help you negotiate the best price, write the contract to your benefit, and make the whole transaction a lot smoother at no cost to you. Please contact Saul Carrasco, a local El Paso Realtor, for more information. Saul Carrasco - Bachmann & Luthi Real Estate (915)875-9052 saulrealtor@yahoo.com |