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There are about 50 different ways to get a Mortgage with NO DOWN PAYMENT; some programs will also pay part or all of your closing costs, and some even pay down the principal amount of the loan! Many of these actually do not require you to pay any of it back after your meeting some simple requirements - that means that you are actually being paid to buy a home! Holy Toledo!
Some of the no down payment programs are commonly known:
Believe it or not, there are programs sponsored by Indigenous People Tribes that provide Down Payment Assistance and help with Closing Costs, and you don't even have to be a member of their tribe!
First Time Homebuyer? Don't get TOO excited, that just means that you haven't taken a mortgage deduction on your last 3 tax returns! Some of the Downpayment Assistance Programs require this, but not all of them! Give us a call so we can help you assess your situation. Remember, there is more than one way to skin a cat!
FHA has the Motherload of Downpayment Assistance and Homebuyer Grants! Some are distributed through cities, others through Counties, and many others through enrolled Mortgage Companies. Here is a short list:
The Southeast Texas Housing Finance Corporation (SETH) offers Texas residents the 5 Star Texas Advantage Program, which helps eligible applicants with down payment and closing cost assistance in the form of a grant.
This program is designed for homebuyers to purchase a home anywhere in Travis County, including the City of Austin, by helping them overcome the obstacle of down payment costs. A grant of up to 5 percent of the loan amount is applied towards the down payment or closing costs.
The Southeast Texas Housing Finance Corporation (SETH) offers Texas residents the Home Star Program, which helps eligible applicants with down payment and closing cost assistance. SETH provides up to 4 percent of the total loan amount in the form of a down payment assistance grant.
Homeownership Across Texas grants 5 percent of the loan amount with VA, FHA, or USDA financed loans. Borrowers with conventional loans receive 3 percent grants. Grants do not come with any repayment or recapture period, nor is there a first-time homebuyer requirement.
This initiative provides teachers, police and correctional officers, firefighters and EMS personnel, and veterans with down payment assistance between 3 and 5 percent of the loan amount and a 30-year fixed rate mortgage with several rates and loan options.
Along with competitive, fixed interest, 30-year home loan, the Texas Department of Housing and Community Affairs’ My First Texas Home’s Taxable Mortgage Program (TMP) offers down payment and closing cost assistance of up to 5 percent of the mortgage loan.
As you can see, there are so many types and varieties of assistance that it will keep you up at night for a month checking them out! Or.....
....you can call us! We know where to go and what to do when you get there - and we have been doing this for years and years. We will help you to understand which program is best for you and your family, and help to get you qualified so you can choose a home and close into Home Ownership! BUT...we ain't gonna help you make the payments, so hurry up and call now - you'll be glad that you did!